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<br />ARTICLE III <br /> <br />UNDERTAKINGS BY EDA AND CITY <br /> <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 /> <br />Section 3.2 Limitations on Undertaking of the Citv. Notwitl.lstanding the provisions of <br />Section 3.1, the City shall have no obligation to reimburse the ED.A..~or the Project costs incurred <br />by the ED A, 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 therei'n..as a result of an Event <br />of Default which has not been cured. <br /> <br />Section 3.3 Duration of Abatement Program. The Tax Abatement PrQgram shall exist <br />for a period of up to twelve years beginning with real estate taxes payablein 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 ofthe date that the EDA shaH have received the Reimbursement <br />Amount or February 1, 2022 the City shaH 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 atartearli~rdate in accordance with Section 4.2. <br /> <br />2159586v2 <br /> <br />4 <br />