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Section 7.1. Developer's Agreement to Pay Tax Increment Deficiency. <br />(a) With respect to the Phase I Development Property, if as of <br />any February 1 or August 1, commencing August 1, 2001, to and <br />including February 1, 2017, the tax increments received by the <br />City in the prior six months is less than $38,057.00 for the Phase I <br />Development Property, Developer will upon fifteen (15) days <br />written notice from the City to the Developer pay to the City an <br />amount equal to the deficiency. The Developer shall deliver to the <br />City a guarantee with respect to the Phase I Development Property <br />in the form attached hereto as Exhibit A fully executed by Richard <br />A. Biagini, guaranteeing performance of Developer's obligation to <br />pay any deficiency in Tax Increments as provided in this Amended <br />Development Agreement. <br />(b) With respect to the Phase II Development Property, the <br />Developer shall pay to the City in any unpaid tax increment <br />deficiency due from the date of the Original Development <br />Agreement through the year 2004 within fifteen (15) days <br />written notice that shall occur on or after February 1, 2005. <br />Beginning on August 1, 2006, if as of any February 1 or <br />August 1, to and including February 1, 2017, the tax <br />increments received by the City in the prior six months is less <br />than $10,106.50 for the Phase II Development Property, the <br />Developer will upon fifteen (15) days written notice from the <br />City to the Developer pay to the City an amount equal to the <br />deficiency. The Developer shall deliver to the City a guarantee <br />with respect to the Phase II Development Property in the form <br />attached hereto as Exhibit A fully executed by Richard A. <br />Biagini, guaranteeing performance of Developer's obligation <br />to pay any deficiency in Tax Increments as provided in this <br />Amended Development Agreement. <br />(c) With respect to the Phase II Development Property, if in any <br />year the Phase II Development Property generates a tax increment <br />surplus for the City beyond the minimum annual tax increment <br />guarantee of $20,213.00, the amount of such surplus for said year <br />may be used by the Developer as an offset to the amount due to the <br />City on any tax increment deficiency for said year as set forth in <br />section 7.1(a), above. It is hereby understood that the tax <br />increment guarantee for the Phase I Development Property as <br />noted in 7.1.(a) creates no obligation of additional tax increment <br />guarantee for the Phase II Development Property beyond what is <br />set forth in 7.1.(b) above. <br />5 <br />7 <br />