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the registered owner in writing, together with a guarantee of the signature satisfactory to the <br />Agent, the Agent shall authenticate and deliver, in the name of the designated transferee or <br />transferees, one or more new Bonds of a like aggregate principal amount and maturity, as <br />requested by the transferor. The Agent may, however, close the books for registration of any <br />transfer after the 15th day of the month preceding each interest payment date and until such <br />interest payment date. <br />1.3. Exchange of Bonds. Whenever any Bonds are surrendered to the Agent for exchange, the Agent shall <br />authenticate and deliver the Bonds which, under the Bond Resolution, the owner making the <br />exchange is entitled to receive. <br />1.4. Cancellation. All Bonds or coupons surrendered upon any transfer or exchange and unissued <br />inventory at maturity shall be marked paid and canceled by the Agent and destroyed pursuant <br />to Minnesota statutes, Section 475.553, subd. 2, unless otherwise directed by the Issuer. <br />1.5. Improper or Unauthorized Transfer. When any Bond is presented to the Agent for transfer, the Agent <br />may refuse to transfer the same until it is satisfied that the endorsement on such Bond or written <br />instrument of transfer is valid and genuine and the requested transfer is legally authorized. The <br />Agent shall incur no liability for the refusal, in good faith, to make transfers which it, in its <br />Judgment, deems improper or unauthorized. <br />1.6. Persons Deemed Owners. The Agent shall treat the person in whose name any Bond is at any time <br />registered in the Bond Register as the absolute owner of such Bond, whether such Bond shall <br />be overdue or not, for the purpose of receiving payment of, or on account of, the principal of <br />and interest on such Bond and for all other purposes, and all such payments so made to any <br />such registered owner or upon his order shall be valid and effectual to satisfy and discharge the <br />liability upon such Bond to the extent of the sum or sums so paid. <br />1.7. Taxes, Fees and ChaWes. For every transfer or exchange of Bonds the Agent may impose upon the <br />owner thereof a charge sufficient to pay or reimburse the Agent for any tax, fee or other <br />governmental charge required to be paid with respect to such transfer or exchange except in the <br />case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surrendered for <br />redemption. <br />1.8. Mutilated, Lost. Stolen or Destro e Bonds. In case any Bond shall become mutilated or be destroyed, <br />stolen or lost, the Agent shall deliver a new Bond of like amount, number, maturity date and <br />tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in <br />lieu of and in substitution for any such Bond destroyed, stolen or lost, upon the payment of the <br />reasonable expenses and charges of the Agent in connection therewith; and, in the case of a <br />Bond destroyed, stolen or lost, upon filing by the owner with the Agent of evidence satisfactory <br />to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon <br />furnishing to the Agent of an appropriate bond of indemnity in form, substance and amount as <br />may be required by law and as is satisfactory to the Agent, in which bond the Issuer and the <br />Agent shall be named as obligees. All Bonds so surrendered to the Agent shall be canceled by <br />it and evidence of such cancellation shall be given to the Issuer. If the mutilated, destroyed, <br />stolen or lost Bond has already matured or been called for redemption in accordance with its <br />terms it shall not be necessary to issue a new Bond prior to payment, provided that the owner <br />shall first provide the Agent with a bond of indemnity as set forth above. <br />47 <br />