7.1 SR 10-05-2020 - Laserfiche WebLink

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(d) The Developer shall have provided a copy of the Lease for a term of at least 15 years and including language requiring the Tenant to comply with Section 3.4 hereof. (2) Except during any period that the payments on the TIF Note have been suspended, the outstanding principal amount of the TIF Note shall accrue simple, non - compounding interest from and after the Issuance Date at the rate of 4.0% per annum,. (3) The TIF Note shall be payable solely and exclusively from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the City shall pay, solely from the Tax Increments received by the City during the preceding 6 months (or, with respect to the first Note Payment Date, in the period commencing on the date of issuance of the TIF Note through the day prior to the first Note Payment Date) to the extent of the outstanding principal amount of the TIF Note. All such payments shall be applied first to accrued interest and then to the payment of the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the City and not a general obligation of the City, and only Tax Increments shall be used to pay the principal amount of the TIF Note. The City makes no representations or warranties regarding the amount of Tax Increments or that revenues pledged to the TIF Note will be sufficient to pay the principal of and interest on the TIF Note. The Developer further acknowledges that estimates of Tax Increments prepared by the City or its financial advisors in connection with the TIF District or this Agreement are for the benefit of the City, and are not intended as representations on which the Developer may rely. (6) The City's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirement that there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement or if the City notifies the Developer that it is not in compliance with any issued permits for the Minimum Improvements. (7) All conditions for delivery of the TIF Note must be met by no later than the date 5 years after the date of certification of the TIF District. If the conditions for delivery of the TIF Note are not satisfied by the date described in this paragraph, the City has no further obligations under this Section 3.2. (8) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.2, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the City of such additional actions as bond counsel for the City may require in connection therewith, are hereby authorized and approved by the City. Section 3.3 Effect of Delay. The Developer acknowledges that if construction of the Minimum Improvements is delayed or not completed, the effect of such delay or failure to complete may be to reduce the amount of the Tax Increment available to pay the TIF Note. 8 LL185\61\675612.v1