5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOT? MOOTY & BENNETT (#3) (FRI) 7, 9' 99 9:36/ST. 9:28/NO. 4261218754 P 18 (iv) Redeveloper shall have received Building Permits for the Initial Improvements and shall have commenced construction pursuant to those permits on all buildings included in the Initial Improvements. (c) Type of Note. The Note shall be a special and limited revenue obligation of thc Authority and not a general obligation of Authority, and only Available Tax Increments as provided by this Agreement shall be used to pay the principal and interest on thc Note. The Note shall not be any obligation whatsoever of the City. (d) Governance of Note. The Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the Note and the terms of this Agreement,the terms of the Note shall govern. (e) Termination of Note. Following termination of this Agreement, no further or unpaid amounts of the Note shall then or thereafter be due and payable by Authority under this Agreement or the Note,but shall thereupon be extinguished. Section 3.5 Payment on Note. (a) Conditions Precedent to Payment on Note. Authority's obligation to make payments on the Note shall be subject to the following conditions precedent: (i) No Event of Default shall have occurred and be continuing under this 110 Agreement; (ii) Redeveloper shall have provided to Authority evidence that it has made payments for land acquisition costs in an amount equal to or greater than the cumulative amount of all payments made on the Note, including the payment then due, as provided in Section 3.3(a)of this Agreement; 1. If all or a portion of a scheduled payment is not made because Redeveloper has not provided satisfactory evidence of actual payment of Reimbursable land acquisition costs, the scheduled payment, or balance thereof, shall be made within 10 days of receipt of such evidence from Redeveloper. No interest will accrue on payments deferred for failure to provide satisfactory evidence of actual payment of Reimbursable land acquisition costs. (iii) Redeveloper shall have been issued a Certificate of Occupancy for all Minimum Improvements required by the Development Schedule in Section 3.2(i) of this Agreement to be completed at the time of the payment. 1. No payments will be made until a Certificate of Completion has been issued for the Initial Improvements. 2. Tf, following completion of the Initial Improvements, Certificates • of Occupancy for subsequent phases of the Minimum Improvements have not -14-