2025.07.07 CC Packet - Laserfiche WebLink

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172982028v5 4 the first day of the following month along with regularly scheduled principal payment and interest accruing from the previous payment date at the Taxable Rate. If applicable, the interest rate shall thereafter be adjusted on each Rate Reset Date to the Taxable Rate in effect on such date. All such adjustments to the interest rate shall be made and become effective as of such Rate Reset Date and the interest rate as adjusted shall remain in effect through and including the day immediately preceding the Final Maturity Date. 9. Note Transfer. As provided in the Resolution and subject to certain limitations set forth therein, this Note is only transferable upon the books of the City at the office of the City Administrator, by the Lender in person or by its agent duly authorized in writing, at the Lender’s expense, upon surrender hereof together with a written instrument of transfer satisfactory to the City Administrator, duly executed by the Lender or its duly authorized agent. Upon such transfer the City Administrator will note the date of registration and the name and address of the new registered owner in the registration blank appearing below. The City may deem and treat the person in whose name this Note is last registered upon the books of the City with such registration noted on this Note, as the absolute owner hereof, whether or not overdue, for the purpose of receiving payment of or on the account of the Principal Balance, redemption price or interest and for all other purposes, and all such payments so made to the Lender or upon such person’s order shall be valid and effective to satisfy and discharge the liability upon this Note to the extent of the sum or sums so paid, and the City shall not be affected by any notice to the contrary. 10. Incorporation of Other Documents. All of the agreements, conditions, covenants, provisions and stipulations contained in the Resolution, the Mortgage, the Loan Agreement, and the Pledge Agreement are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. 11. Limitation of City’s Liability. This Note and interest thereon and any service charge or premium, if any, due hereunder are payable solely from the revenues and proceeds derived from the Loan Agreement, the Mortgage and any other documents securing this Note and do not constitute a debt of the City within the meaning of any constitutional or statutory limitation, are not payable from or a charge upon any funds other than the revenues and proceeds pledged to the payment thereof, and do not give rise to a pecuniary liability of the City or any of its officers, agents or employees, and no holder of this Note shall ever have the right to compel any exercise of the taxing power of the City to pay this Note or the interest thereon, or to enforce payment thereof against any property of the City, and this Note does not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, and the agreement of the City to perform or cause the performance of the covenants and other provisions herein referred to shall be subject at all times to the availability of revenues or other funds furnished for such purpose in accordance with the Loan Agreement, sufficient to pay all costs of such performance or the enforcement thereof. 12. Late Payment Fee[; Default Rate Margin]. Any monthly payment of principal or interest not made within ten (10) days after the due date shall be subject to a late payment fee equal to five percent (5%) of the unpaid portion of the regularly scheduled payment, but in any event not to exceed the amount permitted by applicable law. Late payment fees shall apply individually to all payments past due. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights the Lender may have[, including the right to declare the entire unpaid