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satisfactory to the City Clerk - Tre nsul."I" duly executed b\' the Holder or its dilly <br /> authoriZed -Morney. Upon such lr;lnslel- the City ('lerk - 'Trellsrlrer will 1101.0 the <br /> date of registration 1111d the 11r111e 1lrovidod therefor. The ('1 y nlav <cem and trent <br /> • the perSOn in Whose name this Note is 1:1st registered upon the hooks of the City <br /> with such reg,istrntion noted on the Note as the +lhSolute owner hereof, for the <br /> Purpose of receiving, payment of or on Account of the principal balance or tiny other <br /> sums payahle hereunder, till(] for 111 other purposes, and all such payments so made <br /> to the Holder or upon its order Shall he valid and effect11111 to satisfy arld diselvirge <br /> the liability on this Note to the extent of the sunn or SUMS so paid, fund the City <br /> shall not be affected by any notice to the contrary. <br /> By acceptance of this Note the Holder agrees to provide to the City Clerk - <br /> Treasurer` at the City Clerk - 'Treasurer's request, a verified Statement of the <br /> dates all(] amounts of till payments of principal, premium and interest received in <br /> respect to this Note. <br /> It is agreed that time is of the essence in the performance of this Note. In <br /> the event of default in the payment of principal or interest hereon or if an event of <br /> default as defined in this Note or in the Nlortv�agc, i,ense Assiffnment,Al.oan <br /> Agreement or Construction Lo:_1n Agreement occurs and iseontirmir— tilel lder <br /> d <br /> hereof shall have the right finoption to declare, without notice, all the remaining <br /> indebtedness of unpaid principal and accrued interest evidenced by this Note <br /> immediately due and payable. <br /> In the event of default hereunder and followim acceleration of maturity by <br /> Bolder hereof, a tender of payment of the amount necessary to satisfy the entire <br /> unpaid principal balance declared due and payable shall be deemed to constitute an <br /> attempted evasion of the aforesaid restrictions on the right of prepayment and <br /> • shall be deemed a voluntary prepayment hereunder and such payment must <br /> therefore include the prepayment premium as described above. <br /> No delay or omission oil the part of the Holder in exercising any right <br /> hereunder shall operate as a waiver of such right or of any other remedy under this <br /> Note. A waiver on any one occasion shall not be construed as a bar to or waiver of <br /> any such right or remedy on a future occasion. <br /> It is herehv certified and recited and the City Council has found: that the <br /> Project is an eligible "project" defined in Section 474.02, Subd. ]a of the Act; that <br /> the issuance of this Note and the acquisition, construction and equipping of the <br /> Project will promote the public welfare and carry out the purposes of the Act; that <br /> the Project has been approved by the Commissioner of Securities of the State of <br /> Minnesota as tending to further the purposes arid policies of the Act; that all acts, <br /> conditions and things required to be done precedent to and in the issuance of this <br /> Note have been properly done, have happened and have been performed in rel;ular <br /> and due time, form and rna_nner as required by law; and that this Note does not <br /> constitute a debt of the City within the meaning of any constitutional or statutory <br /> limitation. <br /> IN WITNESS 11'lll:REOF, the CITY OF ST. ANTHONY, MINNESOTA, by its <br /> City Council, has caused this Note to be signed in its behalf by the signatures of <br /> • <br />