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40 Bond shall cease to be such officer before the delivery of the Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. Section 7. Purchase for Investment Only; Independent Investigation; Transfer of Bond. The Bondholder represents and covenants to the Proprietor, the Company and the County that it is purchasing the Bond for its own account for investment only and with no present intention of distributing or selling such Bond or any part thereof, or any interest therein; provided, however, that the Bondholder reserves the right to dispose of the Bond, or interests therein, to one or more banks, insurance com- panies or similar institutional investors and, in such event, only in a disposition not involving L public offering. The Bondholder understands that the Bond has not been registered under the Securities Act of 1933, as amended. The Bondholder acknowledges that in purchasing the Bond, it is not relying on any representations of the County with respect to the financial quality of the Bond or the financial condition of the Proprietor or the Company. The Bondholder is relying solely on statements and representations of the Proprietor and the Company relating to its purchase of the Bond. The Bondholder acknowledges that its business is that of a commercial bank. In connection with its business, the Bondholder holds an extensive portfolio of investments, and has knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of purchasing the Bond. The Bondholder represents that it has made its own inde- pendent evaluation of the creditworthiness of the Proprietor and the Company. The Proprietor and the Company have made available to the Bondholder during the course of the transaction and prior to the purchase of the Bond, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Bond and to obtain any additional information relative to the financial data and business of the parties involved and the property to be mortgaged and otherwise used as security. The Bond shall be issued in a form payable to the Bondholder or its assigns, and the Bondholder shall be deemed and regarded as the absolute owner thereof for all purposes, and payments of or on account of the principal of, premium, if any, and interest on the Bond shall be made only to or upon the order of the Bondholder, whether or not any transfer thereof shall be made, -9-