10-22-2001 Council Packet - Laserfiche WebLink

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consent of the Registered Owner or the Developer. [51 This Note shall terminate and be of no further force and effect on any date upon which the IIRyX shall have terminated the Development Agreement or on the last Payment Date following payment thereon of the amounts due hereon, whichever occurs earliest. [6| The 1 IRA makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which arc or may othenvisc become due and payable hereunder. Any amount' vhich have not become due and payable on this Note on or before the final Paymei Date or Additional Payment Date, as the case may be, shall no longer be a debt or obligation of the IIRA w hatsoever. [7] 'Die I IRA's payment obligations hereunder shall be further conditioned on the Developer's compliance w ith the terms and conditions of the Development Agreement and on the fact that there shall not at the time have occurred and be continuing an Event of Default under the Development Agreement, and, further, if pursuant to the occurrence of an Event of Default under the Development Agreement the IIRA duly elects to terminate the Development Agreement pursuant to its tenns, the HRA shall have no further debt or obligation under this Note whatsoever: provided that if, pursuant to an I-vent of Default, the lIRj-X elects pursuant to Section 7.2 of the Development Agreement to w ithhold payment othenvise due hereon, said suspended pa\ ment shall become payable hereon upon cure of the Event of Default. Reference is hereby made to the provisions of the Development Agreement for a fuller statement of the obligations of the Developer and of the rights of the I IRA thereunder, and said provisions arc hereby incorporated by reference into this Note to the same extent as though .set out in full herein. The e.xccution and delivers’ of this Note by the IIRA, and the acceptance thereof by the initial Registered Owner hereof, shall conclusively establish this Note as the 'TIE Note ’ (and shall conclusively constitute discharge of the 1 IRA’s obligation to issue and deliver the same) under the Development AgrtM:ment. |8| This Note is a special and limited revenue obligation but not a general or moral obligation of the IIRA and is payable by the 1IR.A only from the sources and subject to the qualifications and limitations stated or referenced herein. Neither the full faith and credit nor the taxing pow ers of the HRA arc pledged to or available for the payment of this Note, and no property or other asset of the HR/\, sa\ e and e.xcept llic above referenced Available Tax Increments, is or shall constitute a source of payment of the HR/\'s obligations hereunder. [9) lliis Note is issued by the HRA in aid of financing a project pursuant to and in full conformity w ith the Constitution and law s of the State of Minnesota, including Minnesota Statutes. Sections 469.174 through 469.179, and including specifically but w ithout limitation Section 469.178, Subdivision 4, thereof. 110) This Note may be assigned but upon such assignment the assignor shall promptly notify the HRA thereof in writing, and the assignee shall surrender this Note »o the HRA either in exchange for a new' fully registered note or for transfer of this Note on the registration records for the Note maintained by the HRA. As a condition to any such transfer, the transferee shall have delivered to the HRA an c.xecutcd