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contain such revisions as may be approved by the Construction Lender, Permanent Lender and the Borrowers. 6. Approval of Terms and Sale of Note. The city shall proceed forthwith to issue its City of New Brighton Commercial Development Revenue Note, Series 1980 (Irvin p, Moen and Judith F. Moen Project), in the authorized principal amount of $630,000, substantially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provisions set forth in the form of Note attached hereto as Exhibit 1, which terms and provisions are hereby approved and incorporated in this Resolution and made a part hereof, A single fully registered note, substantially in the form of Exhibit 1 to this Resolution, shall be issued and delivered to the Lender in the authorized principal amount of $630,000 as authorized by the Act. Principal of and interest on the Note shall be payable at the office of the registered owner thereof as it appears on the registration records maintained by the city Clerk in lawful money of the united States, The proposal of the Construction Lender to purchase the Note at a price of $630,000 (100% of the par value thereof), by making advances pursuant to the Construction Loan Agreement, is hereby found and determined to be reasonable and is hereby accepted. 7. Execution Deliver and Endorsement of Note. The Note may be in typewr1tten or pr~nted form and sha 1 be executed by the manual signatures of the Mayor, City Manager and City Clerk-Treasurer and the official seal of the City shall be affixed thereto. When so prepared and executed, the Note shall be delivered to the Lender upon payment of the purchase price therefor, and upon receipt of the signed legal opinion of Messrs, Faegre & Benson, of Minneapolis, Minnesota, bond counsel, pursuant to the Loan Agreement. The Note shall contain a recital that such Note is issued pursuant to the Act, and such recital shall be conclusive evidence of the validity and regularity of the issuance thereof. 8. Registration Records, The City Clerk-Treasurer, as note registrar, shall keep a note register in which the City shall provide for the registration of the Note and for transfers of the Note. The City Clerk-Treasurer is authorized and directed to deliver a certified copy of this Note Resolution to the County Auditor of Ramsey County, together with such other information as the County Auditor may require, and obtain the certificate of the County Auditor as to entry of the Note on his bond register as required by the Act and section 475,63, Minnesota Statutes. 9. Mutilated, Lost, Stolen or _R~stroyed Note. If the Note is mutilated, lost, stolen or destroyed, the City may execute and deliver to the Holder a new Note of like amount, date, number and tenor as that mutilated, lost, stolen or destroyed; provided that, in the case of mutilation, the mutilated Note shall first -5-