3.2. EDSR 02-02-1998 - Laserfiche WebLink

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Increment, as defined in that certain Contract for Private Redevelopment between the Authority and the Owner dated as of , 1998 (the "Contract"), generated in the six 111. (6) month period immediately preceding the Scheduled Payment with respect to that certain real property described on the attached Exhibit A (hereinafter referred to as the "Development Property"), after deducting ten percent (10%) of the Tax Increment generated in each year and after further deducting from the remainder the amount shown for such year as "City Payment" on the payment schedule attached hereto. The Authority shall not be in default under this Note for failure to make a Scheduled Payment using Available Tax Increment and no interest shall accrue with respect to the Scheduled Payment not made; provided, that the Authority shall endeavor to make Scheduled Payments when due. The Authority shall pay to the Owner on each Scheduled Payment Date the lesser of: (i) the Available Tax Increment received by the Authority in the six (6) month period preceding such Scheduled Payment Date; or (ii) the amount of the Scheduled Payment due on the Scheduled Payment Date. To the extent that on any Scheduled Payment Date under this Note, the Authority has not received sufficient Available Tax Increment to make the full Scheduled Payment, the Authority shall make so much of the Scheduled Payment as it is able using Available Tax Increment, the remainder of the Scheduled Payment shall be added to the next years Scheduled.. Payment, and for purposes of calculating the remaining amounts due under this Note, the total of all Scheduled Payments made under this Note shall never exceed the Principal Amount The Authority's obligations herein are subject to the terms and conditions of the Contract and specifically to Section 3.4. & 3.5. of the Contract. Subject to Section 9.2 of the Contract, 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 9.1 of the Contract, which Contract 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. 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 herein specified. 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 reason of the issuance or registration hereof or otherwise. B-2