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If an event of default (as defined in the Resolution) shall occur, all <br />or a portion of the principal amount of the Note may be declared due and <br />payable upon the conditions, in the manner and with the effect provided in the <br />Resolution but such declaration and its consequences may be rescinded and <br />annuled as further provided in the Resolution. <br /> <br /> This Note shall not be transferred, but nothing therein shall prevent <br />the execution and delivery by the Bank of certificates of participation in <br />payments to be made by the City on the Note, provided, however, that such <br />certificates of participation shall not be deemed to be separate obligations <br />of the City and that, notwithstanding such delivery, the Bank shall be <br />considered the holder and owner of the Note for all purposes hereunder and <br />under the Agreement. <br /> <br /> It is hereby certified that' all of the things, conditions and acts <br />required to exist, to have happened and to have been performed precedent to <br />and in the issuance of this Note do exist, have happened and have been <br />performed in due time, form and manner as required by law, and that the amount <br />of this Note, together with all other indebtedness of the City, does not <br />exceed any limit prescribed by any laws of the State of California, and is not <br />in excess of the amount of Note permitted to be issued under the Resolution. <br /> <br /> IN WITNESS WHEREOF, the CITY OF SANTA ANA has caused this Note to be <br />executed in its name and on its behalf by its Mayor and its City ClerK. and <br />its seal to be reproduced hereon, and this Note to be dated May 20 , 1982. <br /> <br />(SEAL) <br /> <br />CITY OF SANTA ANA <br /> <br /> Mayor ~....-~. .... _r w~w <br /> <br />Attest: <br /> <br />iii <br /> <br /> <br />