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111 11 ass elated with the demol o the-Developmo ion and rem val of presently existing improv . $19 41.00 5, Deletion of Section 3.4(el: Section 3.4(e) is deleted in its entirety and replaced with the following• el in the event 95% of the Tax Increments the City receives on or before August 1, 2009 (the maturity date of the Tex Increment Note), are not sufficient to ay the full amount of the Reimbursable Development Costs and interest thereon, the ity's obligation to pay the unpaid balance of the Reimbursable Develo ments Cos s and interest thereon terminates, and the City is under no further obligation to nay such amounts to th Developer 6 Modification of Section 4( • Section 3 4(fl is deleted in it entirety and re laced with the followi xI� �.est •t .ha ,•c'a ail'mie, 1i the City and not a general obligation of the City, and only Tax Increments received on or before August , 2009 shall be used to pay the principal and interest on the Tax_Iatcrement Note. I£, on any Note Payment Date, 95% of the Tax Increments the City received during the preceding six months are insufficient to nay the accrued and unpaid interest on the Tax Increment Note, the difference shall be carried forward. without interest accruing thereon, and, subject to Section 3 4(e), shall be paid if and to the extent that 95% of the Tax Increments available on a future Note Payment Date exceed the amounts needed to pay the accrued interest on the Tax Increment Note due on that Note ' ayment Date. 7. Addition to Section 3±6i The following sentence is added to the end of Section 3 6. Notwithstanding airy other provision of this Section 2 6 hg ova: •s i level,,• i is I' i . • i es t not "City Costs " The City and the Develo eR r agree that the City intends to u m t i c •ve a t 1 I' r. f t ,. en t i full J. • of all amounts due under the Tax Increment Note or the maturity date of the Tax Increment Note to repay the Loan. Page 7 1255487vRed; V3 to VI; 02/14/01