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

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:44/ST. 9:28/NO. 4261218754 P 36 OTHER THAN AVAILABLE TAX INCREMENT, AS DEFINED IN THE • REDEVELOPMENT AGREEMENT. The Scheduled Payment of this Note due on any Scheduled Payment Date is payable solely from and only to the extent that the Authority shall have received prior to such Scheduled Payment Date "Available Tax Increment". For purposes of this Note, Available Tax Increment with respect to any Scheduled Payment Date is as defined in the Redevelopment Agreement. This Note shall terminate and be of no further force and effect on the date upon which the Authority shall have terminated the Redevelopment Agreement, on the date upon which TIF District No. 19 shall terminate, on the final payment date, or on the date that all payments payable hereunder shall have been paid in full, whichever occurs earliest. All payments made on this Note shall first be applied to accrued and unpaid interest and second, to reduction of the Principal Amount. Authority shall pay to the Owner on each Scheduled Payment Date the lesser of(i) the amount of the Scheduled Payment due on the Scheduled Payment Date; or (ii) the amount due pursuant to the terms and requirements of the Redevelopment Agreement. The Authority's obligations herein are subject to the terms and conditions of the Redevelopment Agreement and specifically to Section 3 of the Redevelopment Agreement. Subject to Section 8.2 of the Redevelopment Agreement, the Authority's payment obligations hereunder shall be suspended and this Note may be terminated by the Authority upon the • occurrence of an Event of Default as provided in Section 8.1 of the Redevelopment Agreement, which Redevelopment Agreement is incorporated herein and made a part hereof by reference. Upon such termination, the Authority's obligations to make further payments hereunder shall be discharged. Such termination may be accomplished by the Authority's giving of written notice to the then registered owner of this Note, as shown on the books of the Authority. The Authority makes no representation or covenant, expressed or implied, that the revenues described or referenced herein will be sufficient to pay,in whole or in part,the amounts which are or may otherwise become due and payable hereunder. Any amounts which remain unpaid on this Note following the final payment date shall no longer be a debt or obligation of the Authority whatsoever. This Note shall not be payable from or constitute a charge upon any funds of the Authority, and the Authority shall not be subject to any liability hereon or be deemed to have obligated itself to pay hereon from any funds except Available Tax Increment, and then only to the extent and in the manner specified herein and in the Redevelopment Agreement. The Owner shall never have or be deemed to have the right to compel any exercise of any taxing power of the Authority or of any other public body, and neither the Authority nor any director, commissioner, council member, board member, officer, employee or agent of the Authority, nor any person executing or registering this Note shall be liable personally hereon by 4111 reason of the issuance or registration hereof or otherwise. B-2