09-07-2021 EDA Packet - Laserfiche WebLink

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ii ARTICLE V Insurance Section 5.1. Insurance ..................................................................................................................... 18 Section 5.2. Subordination .............................................................................................................. 19 ARTICLE VI Tax Increment; Taxes Section 6.1. Right to Collect Delinquent Taxes ............................................................................. 20 Section 6.2. Reduction of Taxes ..................................................................................................... 20 Section 6.3. Qualifications .............................................................................................................. 20 Section 6.4. Minimum Assessment Agreement ............................................................................. 21 ARTICLE VII Other Financing Section 7.1. Generally ..................................................................................................................... 22 Section 7.2. Authority’s Option to Cure Default on Mortgage ...................................................... 22 Section 7.3. Modification; Subordination ...................................................................................... 22 Section 7.4. Termination ................................................................................................................ 22 ARTICLE VIII Prohibitions Against Assignment and Transfer; Indemnification Section 8.1. Representation as to Development ............................................................................. 23 Section 8.2. Prohibition Against Developer’s Transfer of TIF District Property and Assignment of Agreement ................................................................................... 23 Section 8.3. Release and Indemnification Covenants .................................................................... 24 ARTICLE IX Events of Default Section 9.1. Events of Default Defined .......................................................................................... 26 Section 9.2. Remedies on Default .................................................................................................. 26 Section 9.3. Termination or Suspension of TIF Note .................................................................... 27 Section 9.4. No Remedy Exclusive ................................................................................................ 27 Section 9.5. No Additional Waiver Implied by One Waiver ........................................................ 27 Section 9.6. Attorneys’ Fees ........................................................................................................... 28 ARTICLE X Additional Provisions Section 10.1. Conflict of Interests; Representatives Not Individually Liable ................................. 29 Section 10.2. Equal Employment Opportunity ................................................................................ 29 Section 10.3. Restrictions on Use ..................................................................................................... 29