11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

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� of the Tax Increments (hereinafter defined) received by the City during the six month period preceding such Payment Date. The Payment Amounts due hereon shall be payable solely from tax increments (the "Tax Increments") from the Development Property within the City's Tax Increment FinancingDistrict No.1-9 (the "Tax Increment District") within its Development District No. 1 which are paid to the City and which the City is entitled to retain pursuant to the provisions of Minnesota Statutes, Sections 469.174 through 469.179, as the same may be amended or supplemented from time to time (the "Tax Increment Aci"). This Note sha11 terminate and be of no furt,her force and effect following the last Payment Date defined above, on any date upon which the City shall have terminated the Development Agreement under Section 4.2(b) thereof or the Developer shall have terminated the Development Agreement under Article V thereof, or on the date that all principal interest payable hereunder sha11 have been paid in fu11, whichever occurs earliest. The City makes no representa.tion or covenant, express or implied, that the Tax Increments will be sufficient to pay, in whale or in part, the amounts which are or may become due and payable hereunder. � The City's payment obligations hereunder shall be further conditioned on the fact that no Event of Default under the Development Agreement sha11 have occurred and be . continuing at the time payment is othe�wise due hereunder, but such unpaid amounts shall become payable if said Event of Default shall thereafter have been cured; and, further, if pursuant to the occurrence of an Event of Default under the Development Agreement the City elects to cancel and rescind the Development Agreement, the City shall have no fiu�ther debt or obligation under this Note whatsoever. Reference is hereby made to all of the provisions ofthe DevelopmentAgreement, includingwithout limitation Section 3.2 thereof, for a fuller sta.tement of the rights and obligations of the City to pay the principal of this Note, and said provisions are hereby incorporated into this Note as though set out in full herein. � This Note is a special, limited revenue obligation and not a general obligation of the Ciiy and is payable by the City only from the sources and subject to the qualifications stated or referenced herein. This Note is not a general obligation of the City of Pequot Lakes, Minnesota, and neither the full faith and cred.it nor the taxing powers of the City are pledged to the payment of the principal of this Note and no properiy or other asset of the City, save and except the above-referenced Tax Increments, is or shall be a source of payment of the City's obligations hereunder. ios�oao.3 G2