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<br />At any time prior to the full repayment of the TIF Loan, the entire unpaid principal balance of <br />the TIF Loan shall be immediately due and payable upon the occurrence of an Event of <br />Default as defined in the agreement. <br /> <br />The obligation of the City to disburse the TIF Loan proceeds to the Developer is subject to the <br />conditions that the Developer is in compliance with the terms as outlined in Section 3.01 of the <br />Agreement. Subject to the terms and conditions of the Agreement, the TIF Loan proceeds will <br />be initially disbursed by the City to the Fiscal Agent upon satisfaction of the conditions <br />precedent as contained in Section 3.01. The Fiscal Agent will maintain and disburse the TIF <br />Loan Proceeds to the Developer on behalf of the City pursuant to the Borrower Loan <br />Agreement. <br /> <br />Action Item <br />To provide the $1,000,000 TIF loan as financial assistance to the Developer, the City Council <br />is asked to adopt a resolution approving the TIF Loan Agreement and authorizing the <br />execution of said agreement.