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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 City Note,whether or not the City 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 City Note as requested by the Borrower. The <br /> City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the <br /> City Note, or issue the City Note in an amount less than the amount referred to herein, should the City at <br /> any time prior to issuance thereof determine that it is in the best interest of the City not to issue the City <br /> Note, or to issue the City Note in an amount less than the amount referred to in Section 4.01 hereof, or <br /> should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of <br /> 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 11th day of August, <br /> 2014. <br /> J Flaherty,Mayor <br /> Attest: <br /> Jim Ericson, City Administrator <br /> 447996v2 JAE MN475-38 4 <br />