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• <br /> • <br /> The City's payment obligations hereunder shall be further <br /> conditioned on the fact that there shall not at the time have <br /> occurred and be continuing an Event of Default under the <br /> Development Agreement, and, further, if pursuant to the occurrence <br /> of an Event of Default under the Development Agreement the City <br /> elects to terminate the Development Agreement, the City shall have <br /> no further debt or obligation under this Note whatsoever. <br /> Reference is hereby made to the provisions of the Development <br /> Agreement for a fuller statement of the obligations of the <br /> Redeveloper and of the rights of the City thereunder, and said <br /> 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 City, and the acceptance thereof <br /> by the Redeveloper, as the initial Registered Owner hereof, <br /> shall conclusively establish this Note as the "Revenue Note" and <br /> shall conclusively constitute discharge of the City's obligation to <br /> issue and deliver the same to the Redeveloper) under the <br /> Develo ment Agreement and::::::::>:::<: : <::>::::;sha:l <:::>:::•.:: : .;<::::>: :-:::; .: ::::; ::<::: ::.; `: ;::>::; :::::,.,-~ <br /> .ii;:::::::::. ii':: :i::i -:. :::. �i:•i:.:..:;;:::: a :iii -..::.:•i:•::: :::.':: ':t .:: :'.,-•..:•i:•i s:.> :.....:.:......>:::::::•:::. ::i.:. •:.::..,i_;:;,....:0 <br /> '.:.:i:i::;i'.: -:j:i?:..; + .::in:.:.: .:.:.:. -: -:ii:i::i::i:?:•iii -:.}.}. v:'.' .:ii::.:::.:tiri ':i:::i .ii:' .: v.:...�:}....:...:..vii.::}'i::..........:...: ...viii....: i::y: -:.:e <br /> :.::;�::�y:;:.::.; �:?!����f..:::::: <br /> a: :.. � �: :..:.::.:.::;. . . .. .. ::.>::.;... ;;:••.;:�:.:.:.;. ;.:....,-•ii:•i:;:::�•<<. ::i::: .:•:-;•;•i:•i;:-;: ;.�.;::..;:.::.;::::;:: .i::;•:•:.:•;::i:•:i•:;i>-::;<::i:.:.::..:::.:.:>:::.:.:...::.i::.;:.i:.;;:;.;;;:.>:.;:.;:.::.::;:.;:.i::;:::..:::,i:<:.i:.ii: <br /> ':ree• .:>::> mezn »::>::>;th : :.>.::<:: <:i:<:i ii .. :i:«:::> .:: :;:ii::: . : ; . ,:::: : :::.:<::.::::>:i <br /> -:iigiiii:.:i:::-:::•;i.;-:::::::.:.k."::1:•. ::-:::.: ; 4.t..:::.:::a ::::::tl 9.;:.:;.i#7waf .tex er..;:.;::.iof;;:-:::.ma§0::.r .. <br /> vm <br /> : gnigxs.::.i €.;:; : . . :az.:.t: :es::.: o::.i a t ttgat.ei;i:�:. •:;.ism . :.. :::i: . :.::: .: .. ,.;:.... <br /> • Atum:s.�::�':�ii:-..::;..:: . : <br /> an :::::: ..:.:. ..: :::.�:. . ::.:�:. . . :..:...:.::..:...:.:..... ...:...�::: . ::::::::.::..�:::.>:.ii::..i:.;:.;:.:;.;:.iso:.::;:.:.;::.;::.:.::...;:.ii:.:--;'r;:::::.:::::::>:.:i;:•.:::.:::.;ii:.;:.i:.:::.i: <br /> : .i::>::;..:t:.: :.;ii::>:::;:..:.;: :.::<:::;::::<.:..i:::.;": is i,::. ....ii:::i:.. ':. t •::::..: , . . ..'.: <:;:i:::»:i>:::..:.::::: : :..:..:;...::::ii .::................ <br /> i::::is :..::...::: �:...::.:...<:.>: .:.: .:.:;.::.::::.::':'::#:..-::.:::...:.............:��:.i>:�.::..:.:::;:..::::.. :.,.:::::..>:..:>:•i;: .::::..:. .::,::;:.>:�.:;<.:::•: ::::i�;•::;.:;:�:.:�-.:::;.>s:.>:.:�:;.:::.::...:.i:•::->:.:.»::.:::;:.:.:;:<::.:'•:::: <br /> limitat: on::i::ithe:i;::; :t:.::.:;> :::::.::.::;•..::,.:::i>::: :::: ': .:.:.:::. :i:>::::.:.i::<::::.. >:; : ::>:.;:. :.:..:: :: ::'.::ii:<: :::i::: : '.... <br /> :.;:.:.;.:;.;:.:;:.;:.;;�::.;:;•:::.:�:: ::.�:.�:::. :.�:::::: :.:�:.-f:::i�.::::r.�..: <br /> oE:fset:::;t heiii>:taxi :.guarant . ;::; .:::: .:::.�.::::.the o : ::.;. a_.y <br /> :: g' ......e�::::x�es�r.�,kzedii<:z�:.ii:.S.e�trl:onii:::6::�i�':i::i:the.:.: .. :.::::....::::...... . <br /> . <br /> PLS...................... <br /> This Note is not any obligation of any kind whatsoever of any <br /> public body, except that this Note is a special and limited revenue <br /> obligation but not a general obligation of the City and is payable <br /> by the City only from the sources and subject to the qualifications <br /> stated or referenced herein. Neither the full faith and credit nor • <br /> the taxing powers of the City dre pledged to or available for the <br /> payment of the principal of or interest on this Note, and no <br /> property or other asset of the City, save and except the above <br /> referenced Tax Increments, is or shall constitute a source of <br /> payment of the City' s obligations hereunder. <br /> This Note is issued by the City in aid of financing a project <br /> pursuant to and in full conformity with the Constitution and laws <br /> of the State of Minnesota, including the Tax Increment Act. <br /> • 22309 <br /> 3 <br />