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registered owner or upon it<; order shall be valid Ilrld effectual to sldisfy and discharge the liability 011 this Note to the extent of tlle sum or sums so paid, "lid the City shall not be effected by any notice to the contwry. By acceptance of this Note the r'cgistered owner' agTces to provide to the City Clerk, at the City Clerk's request, H verified statement of the dates WHI amounts of all payments of principal, premium and interest received in respect to this Note. It is agreed tho t time is of the essence in the performance of this Note, In the event of default in the payment of principal or int(~r'est hel'cof or if an event of default as defined in this Note or in the Mortgage, Assignment, Lonn ^(~r'eelllcnt or Construction Loan Agreement occurs, the registered owner hereof slll1lJ hllvc the right and option to declare, without notice, nll the remaining indebtedness of unpaid principalnnd accrued interest evidenced by this Note immediately due Hnd payable. In tile event of default hereunder and following- acceleration of tllHtllrity by registered owner hereof, a tender of pnyrnent of tlw Dmount necessary to satisfy the entire unpaid prineipal balance declar'ed due Hnd pnYllble shall be deemed to constitute an attempted evasion of the afol'esaid restl'ictions on the right of prepayment and shall be deemed a voluntary prepayment hereunder and slleh payment must therefore include the prepnyrnent premium as described above nnd if payment is tendered prior to the earliest date on which prepayment may he made, then such premium shall be computed as if tender hud been made on the eal'licst date allowed for prepayment. No delay or omission on the part of the reg-istered owner in excI'C'lslng any right hereunder shall operate as a waiver of such right or of any other remedy under this Note, A waiver on anyone occasion SllUll not be construed HS a bnr to or waiver of any such right or remedy on a future occasion, In the event the Borrowers sell, convey, transfer, further modgage or' encumber or dispose of the Premises, or any pal't thereof, or' any interest therein, or agree so to do, without the written consent of the reg'istcred owner of this Note being first obtained, then at the sole option of the registered owner, it may declare the entire amount of unvaid principal and accrued interest due Hnd payable in full and call for payment of the same in full at once, In the event the Borrower's shall request the consent of the registered owner in accordance with this pnragTHph, the Borrowers shall deliver a written request to the rcg-istcred owner together witll complete information reg-nrding such a conveyance or encumbrance and shall allow the registered owner thirty (30) days for evaluation of such r'cquest. If such a conveyance or encumbrance is approved, the Borrowers shall pny a processing fee in an amount to be determined by the r'egistered owner but not less than Two Thousand and 00/100 ($2,000,00) Dollars to compensate the registered owner' for Pl'ocessing the request. Such approval may be subject to such other modi fJea tions of the loan terms as may be deemed necessary by tile registered owner'. In no event shall the Borl'owers request such consent prior to the expiJ'ation of the first Loan Year, Consent as to anyone transaction shall not he deemed to be a waiver of the right to require consent to futuC'c or successive tnlllsllctions. It is hereby certified and recited and the City (~oul)cil has found: that the Project is an eligible "project" defined in Section 474.02, Subd. in of the Ad; that the issuance of this Note and the acquisition, construction and equipping of the -5-