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sentence are insufficient to pay principal and interest on the Note and any other amounts due under the Financing Agreement, then EDA shall apply all funds received under Section 2 below to pay those amounts. 2. City Obligations. To allow EDA to issue the Note and subject to EDA's payment obligations under Section 1 herein, City shall pay to or on behalf of EDA the principal and interest payments on the Note and any other amounts due under the Financing Agreement (such obligations of City to be hereinafter referred to as the "Obligation "). The Obligation will be secured by the full faith and credit of City, and as such, the Obligation will be a "general obligation bond" within the meaning of the Public Finance Act and Section 15.2 -2600 et seq. of the Virginia Code. City shall make such payments directly to Lender in accordance with the Financing Agreement and the Note. City's payment of the Obligation shall be used solely as set forth in this Section 2. City shall have no responsibility to make payments under this Cooperation Agreement if the Note or the Financing Agreement are amended without City's consent. City shall have no responsibility to make payments under this Cooperation Agreement if the Note or the Financing Agreement are refinanced without City's consent. 3. Property Undertaking. EDA shall market the Property for private development and, except as otherwise authorized by the City, the net proceeds of any sale of the Property or portions thereof shall be applied to payment of the Note. 4. The Financing Agreement and the Note. EDA hereby agrees to enter into the Financing Agreement and issue the Note to finance the costs of acquiring the Property and the costs of issuing the Note. City will cooperate with EDA and assist EDA in complying with any term or provision of the Financing Agreement requiring EDA to obtain and deliver or cause City to deliver, to any person, firm or entity specified in the Financing Agreement, any report, certification, approval or other action, or other information from City related to the Note, or the Financing Agreement. 5. Applicable Law. This Cooperation Agreement and the performance thereof shall be governed, interpreted, construed and regulated by the laws of the Commonwealth of Virginia. In the event of litigation hereunder, venue shall be in the Circuit Court of City of Portsmouth. 6. Entire Agreement. This Cooperation Agreement constitutes the final, complete and exclusive written expression of the intents of the parties with respect to the subject matter hereof which will supersede all previous communications, representations, agreements, promises or statements. 7. Severability. If any one or more of the provisions contained in this Cooperation Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Cooperation Agreement shall be construed as if such invalid, illegal or unenforceable provision was not contained herein.