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447996v2 JAE MN475-38 4 <br /> 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 /> <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 /> <br /> Section 7. Effective Date. This resolution shall be in full force and effect from and after its <br />passage. <br /> <br /> <br /> Approved by the City Council of the City of Mounds View, Minnesota, this 11th day of August, <br />2014. <br /> <br /> <br /> <br />Joe Flaherty, Mayor <br /> <br /> <br />Attest: <br /> <br /> <br /> <br />Jim Ericson, City Administrator <br /> <br /> <br />