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. I'('r~istercd oWller or upon ih order shllll he vlllid l\lld cefcl'tulIl to satisfy /llld discllnl't~c t.he linbility 011 this Note to tile extellt of tile SUlll or SUIllS so paid, nlld the City shull not be cf[cdeu by uny llotiec to the contrllry. By acceptance of this Note tile registered owner agrees to provide to the City Clerk, at the City Clerk's request, a verified statement of the dates find amounts of all pnyments of principnl, premiuTll and inter'est received in respect to ,this Note. It is agreed that tirnc is of the essence in the performullce of this Note. In the event of default in the puynlCnt of principal or interest hereof or if an event of default as defined in this Note or in the Mortgage, Assignment, Lon,n Agreement or Constr'uction Loan Agl'eel11ent oecurs, the registered owner hel'eof sllall have the right und option to declare, without notice, ull the remaining indebtedness of unpaid principal und accrued interest evideneed by this Note immediately due and payable. In the event of rlefl1ult hei'eundcr and following neeeleration of maturity by register'cd owner hereof, a tender of payment of the uTllount necessary to satisfy the entit'e unpaid pl'incipal l>alnnee declared clue nnd payable shall be deemed to constitute an attempted evasion of th,e aforesaid restrictions on the right of prepayment and shall be deemed a voluntary prepayment hereunder und such payment must therefore include the prepayment premium as described above and if payment is tendered prior' to the earliest date on which prepayment may be made, then such pI'emium shall be computed as if tender had been made on the earliest date allowed for prepayment. No delay or omission on the part of the registel'ed owner in excrclsmg any right hereunder shall operate as a waiver of such right or of any other remedy under this Note. A waiver on anyone occasion shull not be construed as a bar to or' waiver of any sueh l'ight 01' rClllcdyon a future occasion. In the event the Borrowers sell, convey, transfer, further mortgage or encumber or dispose of the Premises, 01' any par"t thereof, or any interest therein, or agt'ee so to do, without tile written consent of the rq~istere(j ownel' of tllis Note being first obtained, then at tile sole option of the registered owner, it may declare the entire amount of unpuicl pl'incipal and a.ccrued interest due and payable in full and cilll fOl' payment of the ~ame in full at once. In the event the BOl'rowel's shall request the consent of the registered owner in accordance with this paragraph, the Borrowers shall deliver u wl'itten request to the registered owner' together with complete infol'mation rC[;nI'dinp; such u conveyance or encumbrnr:ce and shall allow tile registered ownet' thirty (30) days for evaluation of such request. If such a conveyance or encumbrance is approved, the Borrowers shull pay a processing fee in an amount to be determined by the registered owner but not less than Two Thousandund 00/100 ($2,000.00) Dollars to compensate the registel'ed owner for processing tIle request. Such approval may be subject to such other modifieations of the 10Hn terms as may be deemed necessary by the registered owner. In no event shall tile Borrower's I'cquest suel1 consent prior to the expiration of the fil'st Lonil Year'. Con~ent liS to any aile transaction shall not be deemed to be a wuiver of the rit~ht to require consent to future or sllccessive transactions. It is hereby certified Ilnd recited and the City Council has found: that the Project is un clig'ible "project" defined in Section 474.02, Subd. 1a of the ^ctj that tile issuunce of this Note Ilnd the nequisition, construction and equipping of the t. -;)-