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said defenses, offsets and counlcrcl;1ims heist- then waived insofar as saki <br /> indehtedlws`s and slid Holder, its successors and assil;ns are concerned. Nothing <br /> herein shall Affect or impair the oblilrntion of'the City to pay and any prior Holder <br /> of this Note to collect any acl(litional interest which Imly hrlve Accrued hereunder <br /> prior to the Purelmse I)ate as a result of 11 Determination of Taxability as provided <br /> for herein, however, any such prior IIolder shall have no rights or' remedies under <br /> the Mortgage, Loan Agreement, or Assignment nor in' the Project or Premises <br /> referred to therein. <br /> Notwithstanding .anyth►n�, to the contrary contained in this Note, the Holder <br /> hereof shall have the right to calll the entire balance of the OUtstr111clint, principal <br /> and accrued interest on this Note to be due told payable at the end of the twentieth <br /> (20th) Loan Year by giving written notice thereof to the City and the Borrower at <br /> least ninety (90) days prior thereto. No prepayment premium charge shall be due in <br /> the event the Holder hereof exercises its right hereunder. <br /> The Holder hereof simil have the option, upon written notice to the <br /> Borrower And the City to call lire Note for redemption in full if as a result of <br /> changes in the Constitution of the Sttlte of Rlinnesota Ol' tllc UnitCd Slates Or Of <br /> legislative or administrative action (whether state or federal) or of a final decree, <br /> judgment or order of any court or administrative body (whether state or federal), <br /> the Loan Agreement shall have become void or unenforceable or impossible of <br /> performance in accordance with. the intent and purpose of the parties expressed <br /> therein. In such event, the City shall, not later -than thirty (30) days after <br /> receiving written notice of such call for redemption and prepayment, pay to the <br /> Holder, the then outstanding principal balance of this Note, together with accrued <br /> interest to the date Of such payment. <br /> • In the event that any installment required hcreundcr is not paid within ten <br /> (10) days after- its due date, the City agrees to pay a late charge of five percent <br /> (5?t') of the Unpaid installment payment to defray the costs of the holder hereof <br /> inci�nt to collecting such late payment. This provision shall riot be deemed to <br /> excuse a late payment or be deemed a waiver of any other rights the Holder may <br /> have inclUdinh the right to declare the entire unpaid principal and interest <br /> immediately due and payable. <br /> This Note is made pursuant to and shall be construed in accordance with the <br /> laws of the State of Minnesota. <br /> The IIolder hereof may make a reasonable charge to cover the expense of <br /> changing its record of ownership or the giving of information relating to the unpaid <br /> balance of this indebtedness in connection with any conveyance of the Premises <br /> covered by the Mortgage in accordance with the terms thereof and of this Note. <br /> The Holder hereof may extend the tinges of payments of interest and/or <br /> principal of this Note without notice to or consent of any party liable hereon <br /> Without releasing any such party. The City hereby %vtlives presentinent for <br /> pilynlent, demand, dishonor, protest, and notice of non-payment, dishonor or, <br /> protest. <br /> As provided in the Note Resolution, this Note is trrulsfer•able only by the <br /> Holder hereof in person or, its duly appointed attorney by registration hereon and on <br /> the books of the City kept for that purpose at the office of the City Clerk - <br /> • Treasurer and UP011 SUrrender hereof together with a Wl'ittcn instrument of transfer <br /> -4- <br />