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<br />The City to the extent permitted by law hereby waives presentment, demand, protest and notice of <br />dishonor. <br /> <br />This Note is payable solely from the Budgeted Revenues to the extent provided in the Loan <br />Agreement. Notwithstanding any other provision of this Note, the City is not and shall not be liable for the <br />payment of the principal of and interest on this Note or otherwise monetarily liable in connection herewith <br />from any property other than as provided in the Loan Agreement. <br /> <br />All terms, conditions and provisions of the Loan Agreement are by this reference thcrcto <br />incorporated herein as a part of this Note, Terms used herein in capitalized form and not otherwise defined <br />herein shall have the meanings ascribed thereto in the Loan Agreement. <br /> <br />This Note may be exchanged or transferred but only as provided in the Loan Agreement. <br /> <br />It is hereby certified, recited and declared that all acts, conditions and prerequisites required to exist, <br />happen and be performed precedent to and in the execution, delivery and the issuance of this Note do exist, <br />have happened and have bcen performed in due time, form and manner as required by law, and that the <br />issuance of this Note is in full compliance with and does not exceed or violate any constitutional or statutory <br />limitation. <br /> <br />IN WITNESS WHEREOF, the City has caused this Note to be executed in its name as of the date <br />hereinafter set forth, <br /> <br />The date of this Promissory Note is June 8, 2009. <br /> <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br /> <br /> <br />4dP <br /> <br /> <br />-3- <br />