CC PACKET 05231989 - Laserfiche WebLink

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• registration noted on the Note as the absolute owner thereof, whether or not overdue, for the purpose of receiving payment of or on account of the principal or interest and for all other purposes , and all such payments so made to the registered owner or upon its order shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid, and the HRA shall not be affected by any notice to the contrary. 3 . 06 . Prepayment . The principal of the Note shall be subject to optional and mandatory prepayment as provided in the _ form of Note set forth in Section 2 hereof . In the event more than one Note is outstanding , at the time of any prepayment in part, all of the Notes shall be prepaid pro-rata on the basis of their outstanding principal amounts . ' 3 .07 . Delivery. The Note shall be delivered to Evergreen Development as provided in the Redevelopment Agreement . Section 4 . Security Provisions . 4 . 01 . Bond Fund. The principal of and interest on the Note shall be payable from the Tax Increment Financing District No . 2 Ramsey County Bond Fund (the "Bond Fund" ) . So long as the Note is outstanding and any principal thereof or interest thereon unpaid, .the Executive Director of the HRA shall maintain the Bond Fund, as a separate and special account to be used for the payment of the principal of and interest on the Note . The HRA hereby irrevocably appropriates to the Bond Fund the Tax Increments to be received from the District . Until payment in full of the Note amounts on hand in the Bond Fund shall be applied in the following order : first, to pay or reimburse the HRA and City for payment of any administrative expenses paid or incurred by the City or HRA in connection with the approval, establishment and operation of the Redevelopment Plan, the Redevelopment Project, the .Tax Increment Financing Plan and the District and the preparation, execution, delivery and performance of the Redevelopment Agreement, together with interest on any moneys advanced by the City or HRA to pay such administrative expenses at the rate of twelve percent ( 12°x) per annum from the date of such payment until reimbursed from the Tax Increment; second, to pay interest on the Note when due; and third, to the payment of principal on the Note when due. On each January 1, commencing January 1, 1991, any moneys remaining in the Bond Fund following the payment of all expenses of the HRA or City, together with any interest thereon, and interest then due and payable on the Note, shall be applied by the HRA to prepay the principal of the Note in whole or in part without premium. So long as the Note is -8-