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to the provisions of the Development Agreement, including without limitation Section 3.4 thereof, and to the Subordination Agreement for a fuller statement of the rights and obligations of the City to pay the Scheduled Payment Amounts of this Note, and said provisions are hereby incorporated into this Note as though set out in full herein. This Note is a revenue obligation and not a general obligation of the City and is payable by the City only from the sources and subject to the qualifications stated or referenced herein. Neither the full faith and credit nor the taxing powers of the City are pledged to the payment of the principal of or interest on this Note and no property or other asset of the City, save and except the above-referenced Tax Increments, is or shall be a source of payment of the City's obligations hereunde~. This Note is issued by the City in aid of financing a project pursuant to and in full conformity with the Consti~ tution and laws of the State of Minnesota, including the Tax Increment Act. The obligations on this Note are payable solely from tax increments derived from the City's Tax Increment Financing District No. 15 which the City has duly established within its Development District No.1. Except as hereinafter qualified, this Note may be assigned but upon such assignment the assignor shall promptly notify the City at the office of the City Clerk-Treasurer by registered mail, and the assignee shall surrender the same to the City Clerk-Treasurer either in exchange for a new fully registered note or for transfer of this Note on the registration records for the Note maintained by the City. The City, the Company, and the Bank have entered into a certain Collateral Assignment of City Note (the "Assignment"), dated as of , 1988, which contains provisions relating to the Company's right to assign this Note and to the Bank's right to become registered owner hereof. Reference is hereby made to the Assignment for a fuller statement of said provisions, and the Assignment is hereby incorporated into this Note to the same extent as though set forth in full herein. Each permitted assignee shall take this Note subject to the foregoing conditions and subject to all provisions stated or referenced herein. IT IS HEREBY CERTIFIED AND RECITED that all acts, condi- tions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Note have A-3