11-13-2002 Council Agenda - Laserfiche WebLink

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°av_ailable.. Tax Increments will be used to pay the principal and interest on the Tax Increment Note. If, on any Payment Date, as defined in the Tax Increment Note, 95 Available Tax Increments are insufficient for the payment of the accrued and unpaid interest on the Tax Increment Note, the unpaid interest will be carried forward, without accruing additional interest thereon, and will be paid if and to the extent that on a future Payment Date ( Available Tax Increments I-sare sufficient to pay both the accrued interest then due under the Tax Increment Note and the unpaid interest that was carried forward. The Developer acknowledges that the Gi-tyEDA has made no representations or warranties to the Developer as to the amount of the Available Tax Increments or that the Available Tax Increments will be sufficient to pay the Tax Increment Note in whole or in part. 8.8. Available Tax Increments in excess of the amounts necessary to make the payments provided for under the terms of the Tax Increment Note are the property of the GityEDA, and the GityEDA is free to use such excess Available Tax Increments for any purpose for which the CityEDA may use the Tax Increments under the Tax Increment Act. 8.9. In the event of a conflict between the provisions of this Section 8 and the provisions of the pro forma Tax Increment Note attached as Exhibit D, the terms of the pro forma Tax Increment Note attached as Exhibit D control. intcrect thereon Ube payabl 9. INSURANCE, CASUALTY LOSS, CONDEMNATION AND INDEMNIFICATIONS. 1428086vdoc Red (V8 to V7) 9.1. Insurance. (a) Between the date the GibyEDA conveys the Development Property to the Developer and the substantial completion of the Minimum Improvements, the Developer will obtain and maintain or cause to be obtained and maintained : (i) Builder's risk insurance, written on the so- called "Builder's Risk - Completed Value Basis ", in an amount equal to one hundred percent (100 %) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in non - reporting form on the so- called "all risk" form of policy; (ii) Occurrence based comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy insuring against claims for -13-