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"""'\ .', . This Note is transferable, as provided in the Bond Resolution, only upon the Note register of the City Clerk- Treasurer, as note registrar, by the owner hereof in person or by his duly authorized attorney, as provided in the Bond Resolution, In case an Event of Default, as defined in the Loan Agreement, 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 in the Loan Agreement. The Holder of this Note shall have the right to enforce the provisions of the Bond Resolution, Loan Agreement, Loan Agreement Assignment, Mortgage and Guaranty. All persons or corporations now or at any time liable, whether primarily or secondarily, for payment of indebtedness hereby evidenced, for themselves, their heirs, legal represen- tatives, successors and assigns, respectively, expressly waive presentment for payment, notice of dishonor, protest, notice of protest, and diligence in collection, and consent that the time of said payments or any part thereof may be extended by said holder and further consent that the real or collateral security or any part thereof may be released by said holder, without in any wise modifying, altering, releasing, affecting, or limiting their respecitve liability or the lien of the Mortgage. The terms and provisions of the Bond Resolution, Loan Agreement, Loan Agreement Assignment, Mortgage and Guaranty, or of any instrument supplemental thereto, may be modified or altered only pursuant to Section 9.09 of the Loan Agreement and paragraph 11 of the Bond Resolution. Any term used but not defined herein shall have the meaning set forth in the Loan Agreement, unless the context clearly requires otherwise. It is hereby certified and recited and the City Council has found: That the Project is an eligible "projectll defined in Section 474.02, subd. la, of the Act; that the issuance of this Note and the undertaking 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 Minnesota as tending to further the purposes and policies of the Act; that all acts, conditions 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. -4-