5.1. HRSR 12-06-2004 - Laserfiche WebLink

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t 0 (i). A contract for the construction of Parking Lot has been awarded and the Parking Lot Cost has been determined; and (ii) The Developer has deposited cash with the City in the amount of the Parking Lot Cost. (b) The City shall reimburse the Developer for the Parking Lot Cost actually paid by the Developer as further provided in Section 5.9(c). (c) The City shall reimburse for the costs identified in Section 5.9(b) through the issuance of the City's Parking Lot Note in substantially the form attached to this Agreement as Exhibit F, subject to the following conditions: (i) The Note shall be dated, issued and delivered when the conditions set forth in Section 5.9(a) have been satisfied. The principal amount is not subject to reduction pursuant to Section 5.3. (ii) The unpaid principal amount of the Parking Lot Note shall bear simple non-compounding interest the date of issuance of the Note at 6.50% per annum. Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30-day months. (iii) The principal amount of the Note and the interest thereon shall be payable 9 solely from the Parking Lot Pledged Tax Increment which is hereby pledged to the payment of the Parking Lot Note. (iv) On each Payment Date and subject to the provisions of the Parking Lot Note,the City shall pay, against the principal and interest outstanding on the Parking Lot Note, the amount of the Parking Lot Pledged Tax Increment received by the City during the preceding 6 months. All such payments shall be applied first to accrued interest and then to reduce the principal of the Note. (v) The Parking Lot Note shall be a special and limited obligation of the City and not a general obligation of the City, and only Parking Lot Pledged Tax Increment shall be used to pay the principal and interest on the Parking Lot Note. If, on any Payment Date, the Parking Lot Pledged Tax Increment for the payment of the accrued and unpaid interest on the Parking Lot Note is insufficient for such purposes, the difference shall be carried forward, without interest accruing thereon, and shall be paid if and to the extent that on a future Payment Date there is Parking Lot Pledged Tax Increment in excess of the amounts needed to pay the accrued interest then due on the Parking Lot Note. (vi) The City's obligation to make payments on the Parking Lot Note on any Payment Date or any date thereafter shall be conditioned upon the requirement that (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and (B) this Agreement shall not have been rescinded pursuant to • Section 9.4(c). 1674205v8 33