11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

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`-' (5) The Note shall be a special and limited obligation of the City and not a general obligarion of the City, and only Tax Increments shall be used to pay the principal and interest on the Note. If, on any Note Payment Date, the Tu� Increments for the payment of the accrued and unpaid interest on the Note are insufficient for such purposes, the difference sha11 be carried forwazd, without interest accruing thereon, and shall be paid if and to the e�ent that on a future Note Payment Date there aze Tax Increments in excess ofthe amounts needed to pay the accrued interest then due on the Note. (6) The City's obligation to make payments on the Note on any Note Payment Date or any daie thereafter shall be conditioned upon the requirement that (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and (B) this Agreement shall not have been rescinded pursuant to Section 4.2(b). (7) The Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit C. In the event of any conflict between the terms of the Note and the terms of this Section 3.2, the terms of the Note shall govem. The issuance of the Note pursuant and subj ect to the terms of this Agreement, and the taking by the City of such additional actions as bond counsel for the Note may require in connection therewith, are hereby authorized and approved by the City. `.. Section 3.3. Business Subsidies. There is no "Business Subsidy" granted to the Developer hereunder because the Developer is undertaking redevelopment and their investment in the purchase of the Development Property and in site preparation is 70% or more of the assessor's current year's estimated mazket value for the Development Properly. � ioa�oao.3 7