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Section 5. Costs. The Borrower will pay the administrative fees of the City and pay, or, <br /> upon demand, reimburse the City for payment of, any and all costs incurred by the City in connection <br /> with the Project and the issuance of the Subordinate Note,whether or not the Subordinate Note is issued. <br /> Section 6. Commitment Conditional. The adoption of this resolution does not constitute a <br /> guaranty or firm commitment that the City will issue the Subordinate Note as requested by the Borrower. <br /> The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue <br /> the Subordinate Note, or issue the Subordinate Note in an amount less than the amount referred to herein, <br /> should the City at any time prior to issuance thereof determine that it is in the best interest of the City not <br /> to issue the Subordinate Note,or to issue the Subordinate Note in an amount less than the amount referred <br /> to in Section 2.01 hereof, or should the parties to the transaction be unable to reach agreement as to the <br /> terms and conditions of any of the documents required for the transaction. <br /> Section 7. Effective Date. This resolution shall be in full force and effect from and after its <br /> passage. <br /> Approved by the City Council of the City of Mounds View, Minnesota, this 23`d day of <br /> September,2013. <br /> oe Flaherty, ayor <br /> (ATTEST) <br /> JO/n c.e1)Yv <br /> James,Ericson City Administrator <br /> (SEAL) <br /> 431774v2 JAE NR380-1 3 <br />