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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 /> <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 />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 /> <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 /> <br />CITY OF ELK RIVER <br /> <br />By: <br /> <br />Henry Duitsman, Mayor <br /> <br />By: <br /> <br />Patrick D. Klaers <br />City Administrator <br /> <br />PXB 100445 2 <br /> <br /> <br />