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73850847v2 4 Article 2 The TIF Loan Section 2.01. Loan. The TIF Loan Proceeds are being loaned by Lender to Borrower pursuant to the terms of this Agreement. Borrower accepts the TIF Loan pursuant to the terms of this Agreement. Section 2.02. Authorized Use of Loan Proceeds. The TIF Loan Proceeds shall be used to pay Eligible Project Costs actually incurred for the Project. If TIF Loan Proceeds are used to pay for any costs other than Eligible Project Costs, Borrower shall promptly repay Lender the amount of TIF Loan Proceeds used to pay such costs other than Eligible Project Costs. Lender shall not be responsible for any cost overrun which may be incurred by Borrower or others in undertaking the Project. Section 2.03. Repayment. The TIF Loan shall be evidenced by the TIF Loan Note and repaid as follows: (1) The Borrower shall make annual interest-only payments on the outstanding principal balance of the TIF Loan, as follows: (a) Commencing July 1, 2023, and each July 1 thereafter, to and including July 1, 2037, the Borrower shall pay to the Lender 1% of the principal amount of the TIF Loan; (b) Commencing July 1, 2028, and each July 1 thereafter, to and including July 1, 2032, the Borrower shall pay to the Lender 3% of the principal amount of the TIF Loan; and (c) Commencing July 1, 2033, and each July 1 thereafter, to and including July 1, 2039, the Borrower shall pay to the Lender 4% of the principal amount of the TIF Loan; (2) As of July 1, 2039, the entire outstanding principal balance of the TIF Loan, if not previously paid, shall be due and payable in full. (3) At any time prior to the full repayment of the TIF Loan, the entire unpaid principal balance of the TIF Loan shall be immediately due and payable upon the occurrence of an Event of Default subject to the cure rights set forth in Section 5.02 below. (4) Upon the occurrence of an Event of Default, Lender shall give written notice to Borrower as provided in Section 7.01 of this Agreement, specifying: (i) the event of default; (ii) the action required to cure the event; (iii) a date not less than thirty (30) days from the date the notice is mailed to Borrower by which such default must be cured; and (iv) that failure to cure such default on or before the date specified in the notice may result in acceleration of the TIF Loan. Affiliates of the Borrower and the lenders of the Other Project Financing shall have the right but not the obligation to cure an Event of Default during the applicable cure period as required herein and such cure shall be accepted or rejected by Lender as though such cure had been performed by Borrower. Section 2.04. Prepayment. Borrower shall have the right, but not the obligation, to prepay without penalty the TIF Loan, or any portion thereof at any time, and from time to time, prior to