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The City may deem and treat the person in whose name the Note <br />is last registered upon the books of the City with such <br />registration noted on the Note, as the absolute owner hereof, <br />whether or not overdue, for the purpose of receiving payment of <br />or on the account, of the Principal Balance, redemption price <br />or interest and for all other purposes, and all such payments <br />so made to the Lender or upon his order shall be valid and <br />effective to satisfy and discharge the liability upon the Note <br />to the extent of the sum or sums so paid, and the City shall <br />not be affected by any notice to the contrary. <br />12. All of the agreements, conditions, covenants, <br />provisions and stipulations contained in the Resolution, the <br />Mortgage, the Assignment of Leases and Rents, the Loan <br />Agreement, the Pledge Agreement and the Construction Loan <br />Agreement are hereby made a part of this Note to the same <br />extent and with the same force and effect as if they were fully <br />set forth herein. <br />13. This Note and interest thereon and any service <br />charge or premium due hereunder are payable solely from the <br />revenues and proceeds derived from the Loan Agreement, the <br />Mortgage, the Guaranty and the Assignment of Leases and Rents, <br />and do not constitute a debt of the City within the meaning of <br />any constitutional or statutory limitation, are not payable <br />from or a charge upon any funds other than the revenues and <br />proceeds pledged to the payment thereof, and do not give rise <br />to a pecuniary liability of the City or, to the extent <br />permitted by law, of any of its officers, agents or employees, <br />and no holder of this Note shall ever have the right to compel <br />any exercise of the taxing power of the City to pay this Note <br />or the interest thereon, or to enforce payment thereof against <br />any property of the City, and this Note does not constitute a <br />charge, lien or encumbrance, legal or equitable, upon any <br />property of the City, and the agreement of the City to perform <br />or cause the performance of the covenants and other provisions <br />herein referred to shall be subject at all times to the <br />availability of revenues or other funds furnished for such <br />purpose in accordance with the Loan Agreement, sufficient to <br />pay all costs of such performance or the enforcement thereof. <br />14. It is agreed that time is of the essence of this <br />Note. If an Event of Default (as that term is defined in the <br />Mortgage, the Assignment of Leases and Rents, the Construction <br />Loan Agreement or the Loan Agreement) shall occur, then the <br />Lender shall have the right and option to declare, upon ten <br />(10) days written notice, the Principal Balance and accrued <br />interest thereon, immediately due and payable, whereupon the <br />same, plus any premiums or service charges, shall be due and <br />