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07-14-1999 Additions
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07-14-1999 Additions
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Development Property. The rights of the Indemnitees hereunder shall be in addition to <br />any other rights or remedies which the Indemnitees may have against the Development <br />Property and the Developer under this Agreement or any other document or at law or in <br />equity. <br />(c) Notwithstanding anything in this Agreement to the contrary, this indemnity <br />shall not apply to any Loss incurred by any of the Indemnitees as a direct result of the <br />negligence of any of the Indemnitees or their respective agents, employees and <br />contractors as owner and operator of the Development Property if and to the extent such <br />negligence of the Indemnitee is a direct cause of the introduction and initial release of a <br />Hazardous Substance in, on or under the Development Property. <br />(d) Except as expressly provided for in this Section 3.2, this indemnity shall <br />remain in full force and effect, including, without limitation, with respect to any <br />Hazardous Substance which is discovered or released in, on or under the Development <br />Property after the date the Developer acquires title thereto, but which were introduced in, <br />on or under the Development Property prior thereto, and with respect to the continuing <br />migration or release of any Hazardous Substance previously introduced in, on, under or <br />near the Development Property. <br />Section 3.3. Reimbursable Development Costs. The parties agree that the <br />Development Property to be acquired by the Developer is essential to the successful <br />completion of the Project. All costs of acquiring the Development Property and <br />constructing and installing the Project shall be paid by the Developer. The City shall, <br />however, reimburse the Developer for all Reimbursable Development Costs, as further <br />provided in Section 3.4 hereof. The Developer shall submit to the City on or before <br />delivery of the Tax Increment Note paid invoices or statements in an amount equal to and <br />establishing the Reimbursable Development Costs. <br />Section 3.4. Reimbursement: Tax Increment Revenue Note. The City shall <br />reimburse the Developer for the Reimbursable Development Costs through the issuance <br />of the City's Tax Increment Revenue Note in substantially the form attached to this <br />Agreement as Exhibit D, subject to the following conditions: <br />(a) The Tax Increment Note shall be dated, issued and delivered when the <br />Developer shall have demonstrated in writing to the reasonable satisfaction of the City <br />that the Developer has acquired the Development Property and substantially completed <br />the Site Improvements and that the Developer has incurred and paid all costs of acquiring <br />the Development Property and completing the Site Improvements, and shall have <br />1058683 RED <br />V5 to V4; 7/14/99 <br />13 <br />PAGE 30 <br />
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