2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

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• . t � ♦ to any registered owner of ten percent (10%) or more in aggregate principal amount of the respective Note then outstanding,upon written request of such owner. (d) The City will preserve and protect the security of the Note and the rights of the registered owners of the Note. (e) The City will continue to implement the Project with all practicable dispatch in accord with its stated objectives and purposes in conformity with the Plan and the Act. (fl The City will adopt, make, execute and deliver any and all such further ordinances, resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention of, or to facilitate the performance of, this Ordinance, and for the better assuring and confirming unto the registered owners of the Note of the rights and benefits provided in this Ordinance. (g) So long as any portion of the Note remains outstanding, the City will take no action,nor will the City omit to take any action, which act or omission will in any way adversely affect the ability of the City to collect the Limited Incremental Sales Taxes or to collect the Incremental Property Taxes, and the City and its officers will comply with all present and future applicable laws in order to assure that the Pledged Moneys will be collected and deposited in the funds and accounts as herein provided. The City hereby specifically warrants, covenants and agrees that it will enforce the Redevelopment Agreement and all rights and interests inuring to the City thereunder. Section 9. Delivery of the Note. As soon as may be after this Ordinance becomes effective, the Note shall be executed by the Designated Officers and be delivered to the Developer upon receipt of the purchase price therefor, the same being par. The Designated Officers as shall be appropriate are hereby authorized to proceed, without any further official authorization or action by the Corporate Authorities, to approve or execute, or both, such documents as shall be necessary to effectuate the issuance and delivery of the Note, with such insertions, deletions, additions,modifications or changes as they shall reasonably determine to be desirable, necessary and in the best interests of the City, their approval or execution thereof to constitute ratification by the Corporate Authorities of any such insertion, deletion, addition, modification or change with no further official action, authorization or determination of the -24-