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effect from the date of execution and delivery thereof. The Agreement shall be <br />substantially in the form on file with the Authority which is hereby approved, with such <br />omissions and insertions as do not materially change the substance thereof, or as the <br />President and the Executive Director, in their discretion, shall determine, and the <br />execution thereof by the President and the Executive Director shall be conclusive <br />evidence of such determination. <br />2. The TIF Note. <br />2.01. The Authority hereby approves and authorizes the President and Executive Director to <br />execute the TIF Note. The Authority hereby delegates to the Executive Director the <br />determination of the date on which the TIF Note is to be delivered, in accordance with <br />Section 3.6 of the Agreement. <br />2.02. The TIF Note shall be in substantially the form set forth in Exhibit B of the Agreement, <br />with the blanks to be properly filled in and the principal amount and payment schedule <br />adjusted as of the date of issue: <br />2.03. The TIF Note shall be issued as a single typewritten note numbered R-1. The TIP Note <br />shall be issuable only in fully registered form. Principal of the TIF Note shall be payable <br />by check or draft issued by the registrar described herein. Principal of the TIF Note shall <br />be payable by mail to the owner of record thereof as of the close of business on the <br />fifteenth day of the month preceding the Payment Date (as defined in the Agreement), <br />whether or not such day is a business day. <br />2.04. The Authority hereby appoints the Executive Director to perform the functions of <br />registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and <br />the rights and duties of the Authority and the Registrar with respect thereto shall be as <br />follows: <br />(a) The Registrar shall keep at its office a bond register in which the Registrar shall provide <br />for the registration of ownership of the TIF Note and the registration of transfers and <br />exchanges of the TIP Note. <br />(b) Upon surrender for transfer of the TIF Note duly endorsed by the registered owner <br />thereof or accompanied by a written instrument of transfer, in form reasonably <br />satisfactory to the Registrar, duly executed by the registered owner thereof or by an <br />attorney duly authorized by the registered owner in writing, the Registrar shall <br />authenticate and deliver, in the name of the designated transferee or transferees, a new <br />Note of a like aggregate principal amount and maturity, as requested by the transferor. <br />Notwithstanding the foregoing, the TIF Note shall not be transferred to any person other <br />than an affiliate, or other related entity, of the Developer unless the Authority has been <br />provided with an investment letter in a form substantially similar to the investment letter <br />submitted by the Developer or a certificate of the transferor, in a form satisfactory to the <br />Authority, that such transfer is exempt from registration and prospectus delivery <br />requirements of federal and applicable state securities laws. The Registrar may close the <br />books for registration of any transfer after the fifteenth day of the month preceding each <br />Payment Date and until such Payment Date. <br />(c) The TIF Note surrendered upon any transfer shall be promptly cancelled by the Registrar <br />and thereafter disposed of as directed by the Authority. <br />2 <br />517969v2 JAE MU205-47 <br />