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ARTICLE VII <br />TAX INCREMENT SHORTFALL GUARANTY <br />Section 7.1. Developer's Agreement to Pay Tax <br />Increment Deficiency. If as of any February 1 or August 1, <br />commencing August 1, 2001 to and including February 1, 2016, <br />the Tax Increments received by the City in the prior 6 <br />months is less than $76,114 for the Phase I Development <br />Property in the year 2001 and $96,327 for the Phase II <br />Development Property in the year 2002, the Developer will <br />upon fifteen (15) days written notice from the City to the <br />Developer pay to the City an amount equal to the deficiency. <br />The Developer shall deliver to the City a guaranty in the <br />form attached hereto as Exhibit G fully executed by Richard A. <br />Biagini guaranteeing performance of the Developer's obligation to <br />pay any deficiency in Tax Increments as provided in this Section <br />7.1. <br />1054867.2 <br />Page 76 <br />