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and to the extent that on a future Note Payment Date there are Tax Increments in excess <br />of the amounts needed to pay the accrued interest then due on the Note. <br />(6) The City's obligation to make payments on the Note on any Note Payment <br />Date or any date thereafter shall be conditioned upon the requirement that (A) there shall <br />not at that time be an Event of Default that has occurred and is continuing under this <br />Agreement and (B) this Agreement shall not have been rescinded pursuant to Section <br />4.2(b). <br />(7) The Note shall be governed by and payable pursuant to the additional terms <br />thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the <br />Note and the terms of this Section 3.2, the terms of the Note shall govern. The issuance <br />of the Note pursuant and subject to the terms of this Agreement, and the taking by the <br />City of such additional actions as bond counsel for the Note may require in connection <br />therewith, are hereby authorized and approved by the City. <br />Section 3.3. No Business Subsidy. The requirements of the Business Subsidy <br />Law, Minnesota Statutes, Sections 116J.993 through 116J.995, do not apply to this <br />Agreement by reason of the exception for assistance of housing. <br />1160667.1 <br />Page 221 <br />