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• Section 3 . Terms of Note, Execution and Delivery. 3 .01. Terms of the Note. The terms of the Note shall be as set forth ' in the form of Note contained in Section 2 here of and the Note shall be issued in the principal amount of the lesser of (i) $250, 000 or ( ii) the costs of the Soil Corrections, as defined in the Redevelopment Agreement, as set forth in statement delivered to the HRA under Section 3(a) of the Redevelopment Agreement . 3 .02 . Date of Note. The Note shall be dated as of the date of receipt by the HRA of the statement to be delivered to the HRA by Evergreen Development pursuant to Section 4 . 3 of the Redevelopment Agreement . 3 .03 . Execution. The Note shall be executed on behalf of the HRA by the signatures of the Chairman, Secretary and Executive Director, and shall be sealed with its corporate seal . In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery thereof, such signature - shall nevertheless be valid and sufficient for all purposes . 3 .04 . Mutilated, Lost and Destroyed Note. In case the Note shall become mutilated or be destroyed or lost, the • HRA upon compliance by the registered owner thereof with any applicable provision of law shall cause to be executed and delivered a new Note of like outstanding principal amount and tenor in exchange and substitution for and upon cancellation of the mutilated Note, or in lieu of or in substitution for such Note destroyed or lost, upon the registered owner ' s paying the reasonable expenses and charges of the HRA in connection therewith, and in case the Note is destroyed or lost, its filing with the HRA evidence satisfactory to it and compliance with any applicable provisions of law. 3 .05 . Registration of Transfer. The HRA will cause to be kept at the office of the Executive Director a Note Register in which, subject to such reasonable regulations as it may prescribe, the HRA shal provide for the registration or transfer of ownership of the Note. The Note shall be transferable upon the books of the HRA by the registered owner thereof in person or by its attorney duly authorized in writing, upon surrender of the Note together with a written instrument of transfer satisfactory to the Executive Director, duly executed by the registered owner thereof or its duly authorized attorney, together with (i) an executed investment letter from the new registered owner in the form attached hereto as Exhibit A, (ii) an opinion of counsel addressed to • the HRA and in form satisfactory to the HRA that such transfer -7-