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FROM GRAY PLANT MOOT? MOOTY & BENNETT (#31 (FRI) 7. 9' 99 9:36/ST. 9:28/NO. 4261218754 P 19 <br /> been obtained when required by the Development Schedule in Section 3.2(i) of <br /> • this Agreement,then fifty percent(50%) of every subsequent payment to be made <br /> under the Note shall be withheld until a Certificate of Occupancy for the <br /> Minimum Improvements required to be completed by the Development Schedule <br /> in Section 3.2(i) is obtained. No interest will accrue on payments deferred for <br /> failure to meet the Development Schedule. <br /> (iv) There shall be Available Tax Increment with which to make the payment, <br /> following payment of Priority Items and funding of Reserve Requirements as provided by <br /> this Agreement. <br /> (b) Interest. <br /> (i) The Note will bear simple interest at the rate of eight percent (8%), which <br /> will begin accruing on the date on which the Note is issued pursuant to Section 3.4(b) of <br /> this Agreement; <br /> (ii) Interest will accrue or not accrue as provided by the terms of this <br /> Agreement, and will not accrue on any payments deferred due to a default by <br /> Redeveloper; <br /> (iii) Interest on the Note will accrue only on the amount which Redeveloper <br /> has actually paid for Reimbursable land acquisition costs, not including any interest paid <br /> 4111 by Redeveloper on seller financing of the land acquisition; <br /> (iv) Redeveloper will provide Authority with a schedule of payments made for <br /> land acquisition costs, which shall identify principal and interest amounts, and shall <br /> update the schedule as future payments are made; <br /> (v) Authority shall calculate the interest due on the Note on each payment date <br /> by reference to the principal paid by Redeveloper for land acquisition up to that date as <br /> shown on the schedule provided by Redeveloper. <br /> (c) Payments. Payments on the Note will be made twice per year,as follows: <br /> (i) The first payment will be made on July 15, or ten (10) days after the City <br /> has received its tax distribution from the County and the Authority has received evidence <br /> of payment of Reimbursable land acquisition costs and compliance with the Development <br /> Schedule, whichever is later; and <br /> (ii) The second payment will be made on December 15, or ten (10) days after <br /> the City has received its second tax distribution from the County and the Authority has <br /> received evidence of payment of Reimbursable land acquisition costs and compliance <br /> with the Development Schedule,whichever is later. <br /> • <br /> -15- <br />