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FROM GRAY PLANT MOOTY MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:45/ST. 9:28/NO. 4261218754 P 37 <br /> • This Note may be assigned as provided in Article VII of the Redevelopment Agreement, <br /> but upon such assignment the assignor shall promptly notify the Authority thereof in writing, and <br /> the assignee shall surrender this Note to the Authority either in exchange for a new fully <br /> registered note or for transfer of this Note on the registration records for the note maintained by <br /> the Authority. Each such assignee shall take this Note subject to the foregoing conditions and <br /> subject to all provisions stated or referenced herein and in the Redevelopment Agreement. <br /> The Authority is issuing this Note as a taxable and not as a tax-exempt obligation and the <br /> Authority makes no representation, expressed or implied, and intends to convey no expectation <br /> that the interest on this Note is or ever shall be exempt from federal, or state income taxation or <br /> other taxation. <br /> This Note is issued pursuant to Resolution of the Authority and is entitled to the benefits <br /> thereof,which resolution is incorporated herein by reference. <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things <br /> required by the Constitution and laws of the State.of Minnesota to be done, to have happened, <br /> and to be performed precedent to and in the issuance of this Note have been done, have <br /> happened, and have been performed in regular and due form, time, and manner as required by <br /> law; and that this Note, together with all other indebtedness of the Authority outstanding on the <br /> date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of <br /> the Authority to exceed any constitutional or statutory limitation thereon. <br /> • IN WITNESS WHEREOF, the Economic Development Authority In and For the City of <br /> Elk River, by its Commissioners, has caused this Note to be executed by the manual signatures <br /> of the President and the Vice President of the Authority and has caused this Note to he dated and <br /> issued <br /> President <br /> Vice President <br /> • <br /> B-3 <br />