05-09-1994 EDA WS - Laserfiche WebLink

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Reference is hereby made to the provisions of the Development Agreement for a fuller statement of the obligations of the Developer and of the rights of the EDA thereunder, and said provisions are hereby incorporated by reference into this Note to the same extent as though set out in full herein. The execution and delivery of this Note by the EDA, and the acceptance thereof by the Developer or its designee, as the initial Registered Owner hereof, shall conclusively establish this Note as the 11EDA Note" (and shall conclusively constitute discharge of the EDA's obligation to issue and deliver the same) under the Development Agreement. [9] This Note is not any obligation of any kind whatsoever of any public body, except that this Note is a special and limited revenue obligation but not a general obligation of the EDA and is payable by the EDA only from the sources and subject to the qualifications and limitations stated or referenced herein. Neither the full faith and credit nor the taxing powers of the EDA are pledged to or available for the payment of the principal of or interest on this Note, and no property or other asset of the EDA, save and except the above referenced Available Tax Increments, is or shall constitute a source of payment of the EDA's obligations hereunder. [10] This Note is issued by the EDA in aid of financing a project pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including the Tax Increment Act. [11] This Note may be assigned but upon such assignment the assignor shall promptly notify the EDA thereof in writing, and the assignee shall surrender this Note to the EDA either in exchange for a new fully registered note or for transfer of this Note on the registration records for the Note maintained by the EDA. Each such assignee shall take this Note subject to the foregoing conditions and subject to all provisions stated or referenced herein. [12] This Note has been issued as a taxable and no exempt obligation, and the EDA makes no representation, implied, that the interest on this Note is or may be from gross or taxable net income of the Registered Owner tax purposes. t as a tax- express or excludable for income [13] IN WITNESS WHEREOF, the Mounds View Economic Development Authority has caused this Note to be executed by the manual signatures of its President and its Executive Director and has caused this Note to be issued and dated as of , 1994. President 262545.1 B-3 Executive Director