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

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FROM GRAY PLANT MOOT? MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:38/ST. 9:28/NO. 4261218754 P 23 • (i) There shall exist no Event of Default hereunder, and the Initial Improvements shall have been completed in substantial conformity to the terms of this Agreement; and (ii) The City shall have issued a Certificate of Occupancy for the Initial Improvements. (b) If Authority determines that it cannot execute the Certificate of Completion it shall, within twenty (20) days after written request therefor, provide a written statement indicating in adequate detail why it cannot do so and also indicating what measures or acts will be necessary to be taken or performed in order to permit execution of the Certificate of Completion. Section 4.4 Failure to Complete Minimum Improvements. (a) Failure to Complete Initial Improvements - If Redeveloper fails to complete the Initial Improvements as required by this Agreement, Redeveloper shall be entitled to no further Reimbursements from Authority and Authority shall be entitled to return of the initial payment and to all remedies provided by this Agreement for Redeveloper's default. (b) Failure to Complete Balance of Minimum Improvements - If Redeveloper completes the Initial Improvements and receives the Initial Payment and at least one payment • under the Note, but fails to complete the Minimum Improvements required by this Agreement prior to the termination of this Agreement or the TIF District, then Authority shall have the right to acquire all undeveloped portions of the Business Park Property. To exercise this right Authority shall tender to Redeveloper all unpaid principal and interest due on the Note, and Redeveloper shall provide Authority with a warranty deed evidencing clear and unencumbered ownership, to all undeveloped land within the Business Park Property. Authority's exercise of its option to acquire the balance of Business Park Property shall be in its sole discretion and Authority shall have no obligation to Redeveloper to do so. ARTICLE V. Tax Increment Section 5.1 lax Increment. Subject to the limitations contained in the Note, the Authority hereby pledges to the payment of the Note a portion of the Tax Increment generated from the Redevelopment Property and the completed Improvements on the Redevelopment Property. The Redeveloper acknowledges that the Authority has made no warranties or representations to the Redeveloper as to the amounts of Tax Increment that will be generated, or that the "Available Tax Increment" as defined in the Note will be sufficient to pay the Note in whole or in part. Nor is the Authority warranting that it will have throughout the term of this Agreement and the Note the continuing legal ability under State law to apply Tax Increment to the payment of the Note,which continued legal ability is a condition precedent to the Authority's • obligations under the Note. To the extent that in any year or years the Authority receives Tax Increment in excess of the amounts necessary to pay amounts due under the Note, the Authority -19-