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80-2363
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80-2363
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8/16/2005 12:47:22 PM
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8/16/2005 10:57:15 AM
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<br />interest payment date at the option of the City, at the request <br />of the Company, in whole or in part, and without penalty as <br />provided in section 5.05 of the Loan Agreement. <br /> <br />Notwithstanding anything herein to the contrary, if a <br />Determination of Taxability (as defined in the Loan Agreement) <br />shall be made, the Bond shall automatically bear interest on the <br />unpaid balance at the interest rate of 17.50% per annum and shall <br />be deemed to have borne such rate from the Date of Taxability (as <br />defined in the Loan Agreement); and the Company shall forthwith <br />pay to the Holder hereof as additional interest the difference <br />between the amount of interest actually paid from the Date of <br />Taxability and the amount that would have been paid if such <br />higher rate had been in effect from the Date of Taxability, and <br />thereafter the Company shall pay such increased installments of <br />principal and interest as are necessary to amortize the then <br />outstanding principal balance and interest thereon at the rate of <br />17.50% per annum for the remaining maturity of this Bond. <br /> <br />Notice of any such prepayment shall be given to the <br />owner or registered assigns of the Bond by certified or regis- <br />tered mail, addressed to him at his registered address, not less <br />than thirty (30) days prior to the date fixed for prepayment, and <br />shall be published, if required by law, in a financial journal <br />circulated in the EngliSh language in the cities of Minneapolis <br />or st. Paul, Minnesota, at least once, not less than thirty (30) <br />days before the date so fixed for prepayment. At the date fixed <br />for prepayment, funds shall be paid to the owner hereof at the <br />office of the Bank or shall be deposited with the Bank, sufficient <br />to pay the Bond, or the principal amount thereof to be prepaid, <br />and accrued interest thereon. Upon the happening of the above <br />conditions, the Bond thus called or the principal portions thereof <br />prepaid shall not bear interest after the date specified for <br />prepayment. <br /> <br />This Bond is transferable, as provided in the Bond <br />Resolution, only upon the bond register of the City Clerk, as <br />bond registrar, by the owner hereof in person or by his duly <br />authorized attorney, as provided in the Bond Resolution. <br /> <br />In case an Event of Default as defined in the Loan <br />Agreement occurs, this Bond and the Loan Repayments thereafter to <br />become due under the Loan Agreement may become immediately due <br />and payable, in the manner and with the effect and subject to the <br />conditions provided in the Loan Agreement. The Holder of this <br />Bond shall have the right to enforce the provisions of the Bond <br />Resolution, Loan Agreement, Loan Agreement Assignment, Guaranty <br />Agreement and Security Agreement. <br /> <br />The terms and provisions of the Bond Resolution, Loan <br />Agreemerit and Security Agreement, or of any instrument supplemental <br />thereto, may be modified or altered pursuant to Section 9.03 of <br />the Loan Agreement and paragraph 11 of the Bond Resolution. <br /> <br />-3- <br />
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