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, ~. , . ... of the Project will be made pursuant to a Oisbursing Agreement dated as of March , 1981 (the "Oisbursing Agreement"), among the City, the Lender and the Borrower. Reference is hereby made to the Note Reso- lution, the Loan Agreement, the Loan Assignment, the Disbursing Agree- ment, the Mortgage and the Assignment, for a complete description of the covenants and agreements therein contained, the nature and extent of the security thereby created and the rights, duties and immunities of the City thereunder. This Note is transferable, as provided in the Note Resolution, only upon the Note Register of the City Clerk, as Note Registrar, by the Lender or the Holder in person or by its duly authorized attorney, as provided in the Note Resolution. In case an Event of Default as defined in the Loan Agreement, Disbursing Agreement, Mortgage, or Assignment occurs, this Note and the loan repayments thereafter to become due under the Loan Agreement may become immediately due and payable, in the manner and with the effect and subject to the conditions provided therein. The Lender or other Holder of this Note shall have the right to enforce the pro- visions of the Note Resolution, Loan Agreement, Disbursing Agreement, Loan Assignment, Mortgage, and Assignment. It is hereby certified and recited and the City Council has found: That the Project is an eligible "project" defined in Section 474.02, Subd. 1 of the Act; that the issuance of the Note and the construction of the Project will promote the public welfare and carry out the purposes of the Act; that the Project has been approved by the Commissioner of Securities of the State of ~1innesota as tending to further the purposes and policies of the Act; that all acts, condi- tions and things required to be done precedent to and in the issuance of this Note have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; and that this Note does not constitute a debt of the City within the meaning of any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of New Brighton, by its City Council, has caused this Note to be signed in its behalf by the manual signatures of the Mayor and the City Manager and attested by the manual signature of its City Clerk, and sealed with the corporate seal of the City, all as of the day of March, 1981. BRIGHTON, MINNESOTA ATTEST: By: (JiJ, -G~J)~ C~y C~rk'<." By: (&EAL l / 4.