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of this Note, and no property or other asset of the City, save and except the above-referenced Tax <br /> • Increment, is or shall be a source of payment of the City's obligation hereunder. <br /> Except as hereinafter qualified, this Note may be assigned but upon such assignment the <br /> assignor shall promptly notify the City in care of the office of the City Administrator by registered <br /> 0 <br /> mail, and the assignee shall surrender the same to the City either in exchange for a new note or for <br /> transfer of this Note on the records for the Note maintained by the City. Each permitted assignee <br /> shall take this Note subject to the foregoing conditions and subject to all provisions stated or <br /> referenced herein. <br /> IN WITNESS WHEREOF, The City of Elk River, Minnesota, by its City Council, has <br /> caused this Note to be executed by the manual signatures of its Mayor and its City Administrator and <br /> has caused this Note to be issued on and dated , 1996. <br /> CITY OF ELK RIVER <br /> By: <br /> Henry Duitsman, Mayor <br /> By: <br /> S Patrick D. Klaers <br /> City Administrator <br /> PXB 100445 2 <br />