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� _ .._____. '__ . L ... _ . " " '" _ ' _ _ _.__."_�_�F� `��__•_ __ {z..�.::�.__ _.. .. �__ __ - <br />ARTICLE III <br />THE IMPROVEMENTS <br />Section 301. Undertakings of the Developer. Subject to <br />Unavoidable Delays, the Developer shall have completed the <br />Improvements in accordance with the approved Construction Plans by <br />, 1995. <br />Section 3.2. Undertakinas of the Authoritv. The Developer <br />hereby represents to the Authority that the Developer has incurred <br />and paid or will incur and pay Development Costs which in the <br />aggregate exceed $1,750,000. The Authority hereby agrees to defray <br />up to $1,750,000 of the Development Costs by issuing the EDA Note <br />to the Developer, as registered owner thereof, substantially in the <br />form of Exhibit B to this Agreement, the issuance of which EDA Note <br />is hereby authorized and approved, subject to the following <br />conditions: <br />(a) The EDA Note shall be dated, issued and delivered as <br />soon as practicable following the execution and delivery of <br />this Agreement, provided no Event of Default shall have <br />occurred and be at the time continuing. <br />(b) As a condition to such reimbursement of Development <br />Costs pursuant to the EDA Note, the Authority shall have <br />executed the Certificate of Completion, and there shall have <br />been satisfied all of the conditions precedent thereto <br />provided in Section 3.4. <br />(c) Subject to the provisions of the EDA Note, the EDA <br />Note shall be payable on each February 1 and August 1, <br />commencing August 1, 1997, and continuing through February 1, <br />2012 (the "Payment Dates"), in the respective amount or <br />amounts described in this subsection. The sole source of <br />funds available for payment of the Authority's obligations <br />under this Section and correspondingly under the EDA Note <br />shall be the Available Tax Increments, hereby defined to be <br />for each applicable property tax year 90� of the Tax <br />Increments derived from the Improvements. The amounts <br />otherwise payable on the EDA Note on each Payment Date shall <br />be limited to the Available Tax Increments received by the <br />Authority within the preceding 6 months. All amounts of Tax <br />Increments which are nat Available Tax Increments are not <br />subject to this Agreement, and the Authority retains full <br />discretion as to any authorized application thereof, regard- <br />less of whether the Available Tax Increments are sufficient to <br />reimburse the Developer in full for the above-described costs. <br />To the extent that the Available Tax Increments are <br />263418.1 3 -1 <br />�_� <br />