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4. Modification to Section 1.1 - Definitions: The definition of the term "Reimbursable <br />Soil Correction Costs" is deleted in its entirety and replaced with the following: <br />Reimbursable Soil Correction Costs means costs and expenses in excess of <br />$30,000 the Developer actually incurs and pays to correct adverse soil conditions <br />existing on the Development Property. Reimbursable Soil Correction Costs shall <br />not to exceed $19,941. Reimbursable Soil Correction Costs shall not include <br />costs associated with the demolition and removal of presently existing <br />improvements on the Development Property or the performance of environmental <br />remediation work, if any, on the Development Property. <br />5. Addition to Article III - Undertakings by Developer and City: The following Section is <br />added to Article III: <br />Section 3.8 Developer's Agreement to Pay Tax Increment Deficiency. <br />If in each of the years 2002 to and including 2014 the Tax Increments to be <br />received by the City in each year will be less than $34,750 annually, the <br />Developer shall pay to the City the amount of such deficiency within fifteen (15) <br />days of the date that notice is given by the City to the Developer of the amount of <br />such deficiency; provided, that this obligation to pay such deficiency shall <br />terminate after the Tax Increment Note has matured and the City has received Tax <br />Increments in the amount of the Loan. <br />6, Modification of Section 6.7 - Expiration: Section 6.7 is deleted in its entirety and <br />replaced with the following: <br />Section 6.7. Expiration. This Agreement shall expire on the earlier of the <br />following dates (i) August 1, 2014, or (ii) the date the City has been reimbursed <br />the total amount of the Loan from the Tax Increments. <br />7. Affect of Second Amendment on Agreement: Except as expressly set forth in this <br />Second Amendment, the Agreement remains unmodified and in full force and effect. <br />8. Defined Terms: Capitalized terms not otherwise defined herein have the meanings <br />established in the Agreement. <br />1255487v1 <br />Page 28 <br />