5.1. SR 10-17-2005 - Laserfiche WebLink

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"Pledged Tax Increment"). '?..vailuble Tux Increment" means the portion of the real property taxes generated by the De'/elopment Property (as such term is defined in the Development },.greement) which Development Property is located ',yithin the Do':mtovvTI Phase I Tux Increment Financing District No. 22 which is actually remitted and retained by the City as tax increment pursuant to the provisions of Minnesota Statutes, Sections 169.171 through 169.1799, as the same may be amended or supplemented from time to time (the "Tax Increment Act"). This Note shall terminate and be of no further force and effect follo\wng February 1, 2032 or such later date as the City receives Available Tax Increment as a result of the payment of real property tuxes that ',vere delinquent on February, 2032 (the "Final Payment Date") or any date upon which the City shall have terminated the Development Agreement under Section 9.1 (c) thereof, or on the date that all principal and interest payable hereunder shall haye been paid in full, '.vhiche'/er occurs earliest. This Note may be prepaid in '.",hole or in part at any time vv'ithout penalty. The City makes no representation or cO'v'enant, express or implied, that the Pledged Tux Increments '.vill be sufficient to pay, in whole or in part, the amounts which arc or may become due and payable hereunder. The City's payment obligations hereunder shall be further conditioned on the fact that no Developer's Event of Default under Section 9.2 of the Development .^...greement shall have occurred and be continuing at the time payment is otherwise due hereunder, but such unpaid amounts shall become payable, without interest accruing thereon in the meantime, if said Event of Default shall thereafter haye been cured; and, further, if pursuant to the occurrence of an E'/ent of Default under the Dcvelopment .^...greement the City elects to cancel and rescind the Deyelopment .'\.greement, the City shall haye no further debt or obligation under this Note 'vVhatsoever. Reference is hereby made to all of the pro'v'isions of the Development .^...greement, for a fuller statement of the rights and obligations of the City to pay the principal of this Noto and the interest thereon, and said proyisions arc hereby incorporated into this Note as though set out in full herein. THIS NOTE IS.\ SPECIAL, LIMITED REVENUE OBLICf..TION OF THE CITY f..ND IS PAYf..BLE BY THE CITY ONLY FROM THE SOURCES }...ND SUBJECT TO THE QUALIFICATIONS STf..TED OR REFERENCED HEREIN. THIS NOTE IS NOT A CENERAL OBLICATION OF THE CITY OF ELK RIVER, MINNESOT.A.., f..ND NEITHER THE FULL Ff..ITH A.~D CREDIT NOR THE T.A""-L"XINC PO"'ERS OF THE CITY f..RE PLEDCED TO THE Pf..Y1\IIENT OF THE PRINCIP.A..L OF OR INTEREST ON THIS NOTE f..ND NO PROPERTY OR OTHER .\SSET OF THE CITY, SAVE A.~D EXCEPT THE f..BOYE REFERENCED T.A..X INCRE1\fENTS, IS OR SHALL BE f.. SOURCE OF P.A..Y1\fENT OF THE CITY'S OBLICf..TIONS HEREUNDER. The Registered O\.vner shall ne'/er ha'v'e or be deemed to haye the right to compel any exercise of any taxing power ofthe City or of any other public body, and neither the City nor any person executing or registering this Note shall be liable personally hereon by reason of the issuance or registration thereof or otherwise. I 824344vRED V2 to VI; 10/12/05 F-2