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3. The Bank hereby represents to the City that it participated the Bond <br />on original issuance, and the Bank and its participants :hold the Bond for their own <br />accounts and intend to continue to hold the Bond for their own accounts. The <br />• Partnership hereby represents to the City that it is :fn full compliance with the <br />obligations imposed on the Partnership pursuant to the Loan Agreement, the <br />Mortgage and the other documents related to the issuance of the Bond, and no Event <br />of Default has occurred under any of said documents (or would occur with the <br />passage of time or giving of notice, or both) which has not been cured as of the date <br />hereof. <br />4. The Bank and the Partnership acknowledg a and agree that the City's <br />approval, execution and delivery of this Extension Agreement pursuant to that <br />certain resolution of the City Council authorizing the same are made as a requested <br />accommodation to the Bank and to the Partnership; that the City has not been <br />requested to take, and shall not be responsible to 'take, any other action in <br />connection with said extension; that the City has not conducted, been requested to <br />conduct and will not conduct any independent investigation as to the validity or <br />effectiveness of this Extension Agreement or upon the effect hereof on the Mortgage <br />or on any of the other documents executed and delivered in connection with the <br />original issuance of the Bond; and that the City assumes no responsibility or <br />liability, express or implied, as to the validity of this Extension Agreement or any <br />continued exemption of the interest on the Bond from State of Minnesota and /or <br />federal income taxation or other taxation. <br />5. To evidence the amendments made hereby, the Bank shall permanently <br />attach an executed copy of this Extension Agreement to the Bond. <br />6. Except as specifically modified hereby, the Bond, the Loan Agreement <br />. and all related instruments are and shall remain payable, enforceable and <br />outstanding according to their original tenor and effect and are and shall remain in <br />full force and effect. No other change in, modification i:o or waiver of any term or <br />provision of the Bond or the Loan Agreement, including without limitation the <br />interest rate thereon and any provision for the security thereof, is intended to be <br />made, effected or approved by this Extension Agreement . <br />7. Terms defined in the Loan Agreement and used in this Extension <br />Agreement shall have the same meanings herein as therein. <br />[The balance of this page is intentionally left blank. J <br />• 81�961G3 <br />2 <br />