4.2. SR 04-06-1998 - Laserfiche WebLink

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shown for such year as "City Payment" on the payment schedule attached hereto. The Authority shall not be in default under this Note for failure to make a Scheduled Payment using Available Tax Increment, and no interest shall accrue with respect to a Scheduled Payment not made; provided, that the Authority shall endeavor to make Scheduled Payments when due. The Authority shall pay to the Owner on each Scheduled Payment Date the lesser of (i) the Available Tax Increment received by the Authority in the six (6) month period preceding such Scheduled Payment Date; or (ii) the amount of the Scheduled Payment due on the Scheduled Payment Date. To the extent that on any Scheduled Payment Date under this Note, the Authority has not received sufficient Available Tax Increment to make the full Scheduled Payment, the Authority shall make so much of the Scheduled Payment as it is able using Available Tax Increment, the remainder of the Scheduled Payment shall be added to the next years Scheduled Payment, and for purposes of calculating the remaining amounts due under this Note, the total of all Scheduled Payments made under this Note shall never exceed the Principal Amount. The Authority's obligations herein are subject to the terms and conditions of the Contract and specifically to Section 3.4. & 3.5. of the Contract. Subject to Section 9.2 of the Contract, the Authority's payment obligations hereunder shall be suspended and this Note may be terminated by the Authority upon the occurrence of an Event of Default as provided in Section 9.1 of the Contract, which Contract is incorporated herein and made a part hereof by reference. Upon such termination, the Authority's obligations to make further payments hereunder shall be discharged. Such termination may be accomplished by the Authority's giving of written notice to the then registered owner of this Note, as shown on the books of the Authority. This Note shall not be payable from or constitute a charge upon any funds of the Authority, and the Authority shall not be subject to any liability hereon or be deemed to have obligated itself to pay hereon from any funds except Available Tax Increment, and then only to the extent and in the manner herein specified. The Owner shall never have or be deemed to have the right to compel any exercise of any taxing power of the Authority or of any other public body, and neither the Authority nor any director, commissioner, council member, board member, officer, employee or agent of the Authority, nor any person executing or registering this Note shall be liable personally hereon by reason of the issuance or registration hereof or otherwise. This Note shall not be transferable or assignable, in whole or in part, by the Owner without the prior written consent of the Authority. This Note is issued pursuant to Resolution of the Authority and is entitled to the benefits thereof, which resolution is incorporated herein by reference. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Note have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Note, BeckP 548664.1 B-3