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12/07/95 15:23 DRE MPLS -* 4417425 NO.919 P008/008 <br /> • <br /> Development Agreement, the City shall have no further debt or obligation under this Note <br /> whatsoever. <br /> This Note is a special, revenue obligation of the City and not a general obligation of the <br /> City and is payable by the City only from the courses and subject to the qualifications stated or <br /> referenced herein. Neither the full faith and credit nor the taxing powers of the City are pledged <br /> to the payment of this Note, and no property or other asset of the City, save and except the <br /> above-referenced Tax Increment, is or shall be a source of payment of the City's obligation <br /> 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 <br /> registered mail, and the assignee shall surrender the same to the City either in exchange for a <br /> new note or for transfer of this Note on the records for the Note maintained by the City. Each <br /> permitted assignee shall take this Note subject to the foregoing conditions and subject to all <br /> provisions stated or 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 <br /> and has caused this Note to be issued on and dated December , 1995. <br /> • CITY OF ELK RIVER <br /> By: <br /> Henry Duitsman, Mayor <br /> By: <br /> Patrick D. Klaers <br /> City Administrator <br /> PXD 100445,02 2 <br />