3.2. EDSR 02-02-1998 - Laserfiche WebLink

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ARTICLE III Status of Property; Public Redevelopment Costs Section 3.1. Status of Property. The Development Property and Current Site are owned by Larry and Arlyce Morrell and Morrell & Morrell, Inc., respectively. The Redeveloper and Authority have entered into this agreement in order to encourage the timely improvement of the marketability of the Current Site and to assist the Redeveloper's development on the Development Property hereunder, by issuing the Note to the Redeveloper, and by reimbursing the Redeveloper for certain costs of preparing the Development Property for development of the Minimum Improvements, all as is more specifically provided in this Agreement. Section 3.2 Public Redevelopment Costs. The Authority agrees that it will through the issuance and payment of the Note reimburse the Redeveloper for the costs of soil correction and site preparation and other building costs related to soil conditions on the property (the "Public Redevelopment Costs"), incurred by the Redeveloper in preparing the Development Property for development of the Minimum Improvements. The Authority agrees it will reimburse the Redeveloper for its payment of the Public Redevelopment Costs in the principal amount of up to $300,000.00, pursuant to the terms of the Note, which shall be in the form attached hereto as Schedule B. (b) The Redeveloper shall be solely responsible for all construction included in the Public Redevelopment Costs and for the initial payment of the cost thereof. The Authority agrees • that it will issue the Note at such time as the Redeveloper presents to the Authority evidence in such form as the Authority may reasonably require, demonstrating that the construction portions of the Public Redevelopment Costs have been completed, that the Redeveloper has paid the costs thereof and that the total costs paid by the Redeveloper toward the Public Redevelopment Costs equals or exceeds $300,000. If the total amount of the Public Redevelopment Costs is less than $300,000 the principal amount of the Note shall be adjusted accordingly. The Authority shall have no obligation to increase its assistance, it being agreed that the maximum amount that the Authority is obligated to provide, through the issuance of the Note, is $300,000. Section 3.3. Issuance of Note. The Authority's reimbursement of the Redeveloper for its payment of the Public Redevelopment Costs shall be through the issuance of the Note which shall occur at the time stated in Section 3.2 of this Agreement. The Note shall be in the form of the Note attached to this Agreement as Schedule B, with all blanks properly filled in and with the payment schedule attached thereto adjusted to take into account the actual date of issuance. The Note shall be dated as of January 1, 1999. Section 3.4. Conditions Precedent to Issuance of Note. The Authority's obligation to issue the Note shall be subject to satisfaction of all of the following conditions precedent: (a) No Event of Default shall have occurred and be continuing under this Agreement; • 8