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~ or upon the order of the Holder thereof, or its attorney duly authorized in writing, and neither the City, the City Clerk, the Borrowers, nor the Bank shall be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid. The Bond shall be initially registered in the name of the Bank. 11. Amendments, Changes and Modifications to Loan Agreement, Assignment and Bond Resolution. Except pursuant to Section 9.03 of the Loan Agreement, the City shall not enter into or make any change, modification, alteration or termination of the Loan Agreement, Assignment or this Bond Resolution. 12. Pledge to Holder. Pursuant to the Assignment, the City shall pledge and assign to the Bank and its successor Holders of the Bond all interest of the city in the revenues of the Project and the Project Facilities, including all Loan Repayments to be made by the Borrowers under the Loan Agreement and moneys derived from enforcement of the Mortgage or the Assignment of Rents. All collections of moneys by the City in any proceeding for enforcement of the obligations of the Borrowers under the Loan Agreement shall be received, held and applied by the city for the benefit of the Holder of the Bond. 13. Covenants with Holders; Enforceability. All pro- V1S1ons of the Bond and of this Bond Resolution and all repre- sentations and undertakings by the City in the Loan Agreement are hereby declared to be covenants between the City and the Bank and its successor Holders of the Bond and shall be enforceable by the Bank or any Holder in a proceeding brought for that purpose. 14. Definitions and Interpretation. Terms not other- wise defined in this Bond Resolution but defined in the Loan Agreement shall have the same meanings in this Bond Resolution and shall be interpreted herein as provided therein. Notices may be given as provided in Section 9.01 of the Loan Agreement. In case any provision of this Bond Resolution is for any reason illegal or invalid or inoperable, such illegality or invalidity or inoperability shall not affect the remaining provisions of this Bond Resolution, which shall be construed or enforced as if such illegal or invalid or inoperable provision were not con- tained herein. l5. Certifications. The Mayor, city Clerk and other officers of the City are authorized and directed to prepare and furnish to Faegre & Benson, bond counsel, to the Borrowers, to the Bank and to counsel for the Borrowers and the Bank, certified copies of all proceedings and records of the City relating to the Project and the Bond, and such other affidavits and certificates as may be required to show the facts appearing from the books and records in the officers' custody and control or as otherwise -6-