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V � <br /> ^ � • <br /> ` <br /> . � �� r � � <br /> �- � ,t t,� 4 <br /> T'ax Increment Revenue Notes are dated as of a date which is earlier than the date of this Note, <br /> '� - ' ' and such obligations sha11 continue to be of force and effect, with respect to each of such earlier <br /> - dated Special Tax Increment Revenue Notes, until all principal and interest obligations coming <br /> due on such Special Tax Increment Revenue Notes have been satisfied in full by the City. <br /> 5. Place of Payment. Payments made under this Note by the City sha11 be made by <br /> check payable to the order of PAYEE and be delivered to PAYEE at such address as PAYEE <br /> may designate in writing from time to time. <br /> 6. Limited Obligation of CITY. THIS NOTE IS NOT SECURED BY TI�FULL <br /> FAITH AND CREDIT OF TI�CITY AND IS NOT PAYABLE OUT OF THE CITY'S <br /> GENERAL REVENUE FUND. THIS NOTE CONSTITUTES A LIlVIITED OBLIGATION OF <br /> TI�CITY, AND ALL PAYMENTS DUE UNDER THIS NOTE SHALL BE PAYABLE <br /> SOLELY FROM TI-� TAX INCREMENT THAT IS AVAILABLE FOR SUCH PURPOSE <br /> UNDER TI-�PROVISIONS OF TI�REDEVELOPMENT AGREEMENT. FAILURE OF <br /> TI� CITY TO REIMBURSE DEVELOPER FOR ELIGIBLE PROJECT COSTS DUE TO <br /> INSUFFICIENT FUNDS GENERATED WITHIN THE SPECIAL TAX ALLOCATION <br /> FUND, OR BECAUSE TI�DEVELOPER HAS REACHED ITS $3 MII.,LION LIlVIIT <br /> INCLUDING ALL INTEREST COSTS WHICH HAVE ACCRUED ATTRIBUTABLE TO <br /> PHASE I, SHALL NOT BE DEEMED A DEFAULT OF THIS NOTE ON THE PART OF TI� <br /> CITY. <br /> 7. Default. If Tax Increment is available to make any payment required by this Note, <br /> and if the CITY Treasurer thereafter fails to make such payment, the CITY sha11 be deemed to be <br /> in default under this Note. After any default, PAYEE may bring an action in any court of <br /> competent jurisdiction to enforce payment of this Note, provided that PAYEE shall have first <br /> given the CITY Treasurer notice of its intent to bring such action and thirty(30) days to cure any <br /> such default. Failure of PAYEE, for any period of time or on more than one occasion, to exercise <br /> its right to bring an action to remedy a default hereunder shall not constitute a waiver of its right <br /> to bring an action to remedy any subsequent default. <br /> 8. Base Rate of Interest Defined. For purposes of this Note, the term"Base Rate <br /> of Interest" sha11 mean an annual rate of interest which is equal to the rate of interest announced in <br /> Chicago, Illinois from time to time by the First National Bank of Chicago as its so-called <br /> "corporate base rate" of interest and then in effect on the date of issuance of this Note. Interest <br /> accruing pursuant to this Note sha11 be computed on the basis of a year of twelve thirty day <br /> months. <br /> 9. Miscellaneous. <br /> (a) The CITY hereby(i)waives and renounces any and all redemption and exemption <br /> rights and the benefit of a11 valuation and appraisal privileges against the indebtedness evidenced <br /> by this Note or by any extension or renewal hereof; (ii)waives presentment and demand or <br /> payment, notices of nonpayment and dishonor, protest of dishonor, and notice of protest; (iii) <br /> waives all notices in connection with the delivery and acceptance hereof and all other notices in <br />