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ARTICLE VII <br />TAX INCREMENT SHORTFALL GUARANTY <br />Section 7.1 Developer's Agreement to Pay Tax Incremen 1 eficiency. If as of any <br />February 1 or August 1, commencing August 1, 2005 to and includin•, February 1, 2020, the Tax <br />Increments received by the City in the prior 6 months is less I, -., : for the Development <br />Property the Developer will upon fifteen (15) days written notice from the City to the Developer <br />pay to the City an amount equal to the deficiency. The Developer hereby unconditionally <br />guarantees payment of all such sums. <br />The Developer hereby expressly waives presentment, demand, notice of nonpayment, <br />protest and notice of protest on any obligation and also acceptance of this Guaranty. The <br />Developer agrees that possession of this Agreement by the City shall be conclusive evidence of <br />this Guaranty. <br />As security for this Guaranty, the Developer shall simultaneously with the execution of <br />this Agreement [security provisions to be drafted based on conversations between Briggs & <br />Morgan P.A. & Fredrikson & Byron, P.A.]. <br />549292v2 <br />17 <br />- 2 1 - <br />