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ARTICLE III <br />UNDERTAKINGS BY EDA AND CITY <br />Section 3.1 Sale of Tax Abatement Property. The City shall reimburse the EDA for a <br />portion of the cost of the Tax Abatement Property in an amount not to exceed $460,000 (the <br />"Reimbursement Amount") pursuant to the Abatement Program as provided in Section 3.3. <br />Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of <br />Section 3.1, the City shall have no obligation to reimburse the EDA for the Project costs incurred <br />by the EDA, in any amount, if the City, at the time or times such payment is to be made, is <br />entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event <br />of Default which has not been cured. <br />Section 3.3 Duration of Abatement Pro~rarn• The Tax Abatement Program shall exist <br />for a period of up to twelve years beginning with real estate taxes payable in" 2010 and <br />continuing through 2021. On or before February 1 and August -1 of each year commencing <br />August 1, 2010 until the earlier of the date that the EDA shall have received the Reimbursement <br />Amount or February 1, 2022 the City shall pay the EDA the amount of the Tax Abatements <br />received by the City in the previous six month period. The City may terminate the Tax <br />Abatement Program and this Agreement at an earlier date in accordance with Section 4.2. <br />2is9ss6~z 4 <br />