Laserfiche WebLink
. . <br /> Developer and of the rights of the EDA thereunder, and said <br /> 1111 provisions are hereby incorporated by reference into this Note to <br /> the same extent as though set out in full herein. The execution <br /> and delivery of this Note by the EDA, and the acceptance thereof by <br /> the Developer, as the initial Registered Owner hereof, shall <br /> conclusively establish this Note as the "EDA Note" (and shall <br /> conclusively constitute discharge of the EDA' s obligation to issue <br /> and deliver the same) under the Development Agreement. <br /> [9] This Note is not any obligation of any kind whatsoever of <br /> any public body, except that this Note is a special and limited <br /> revenue obligation but not a general obligation of the EDA and is <br /> payable by the EDA only from the sources and subject to the <br /> qualifications and limitations stated or referenced herein. <br /> Neither the full faith and credit nor the taxing powers of the FDA <br /> are pledged to or available for the payment of the principal of or • <br /> interest on this Note, and no property or other asset of the FDA, <br /> save and except the above referenced Available Tax Increments, is <br /> or shall constitute a source of payment of the EDA' s obligations <br /> hereunder. <br /> [10] This Note is issued by the EDA in aid of financing a <br /> project pursuant to and in full conformity with the Constitution <br /> and laws of the State of Minnesota, including the Tax Increment <br /> Act. <br /> 1110 [11] This Note maybe assigned but u <br /> g upon <br /> such assignment the <br /> assignor shall promptly notify the EDA thereof in writing, and the <br /> assignee shall surrender this Note to the EDA either in exchange <br /> for a new fully registered note or for transfer of this Note on the <br /> registration records for the Note maintained by the EDA. Each such <br /> assignee shall take this Note subject to the foregoing conditions <br /> and subject to all provisions stated or referenced herein. <br /> [12] This Note has been issued as a taxable and not as a tax- <br /> exempt obligation, and the EDA makes no representation, express or <br /> implied, that the interest on this Note is or may be excludable <br /> from gross or taxable net income of the Registered Owner for income <br /> tax purposes . <br /> [13] IN WITNESS WHEREOF, the Mounds View Economic Development <br /> Authority has • caused this Note to be executed by the manual <br /> signatures of its President and its Executive Director and has <br /> caused this Note to be issued and dated as of , <br /> 1997 . <br /> President Executive Director <br /> 4110 <br /> 346932.2 B-3 <br /> i <br />