05-23-1994 EDA - Laserfiche WebLink

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insufficient, through the final Payment Date (February 1, 2012), to pay all amounts otherwise payable on the EDA Note, said unpaid amounts shall then cease to be any debt or obligation of the Authority whatsoever. (d) The aggregate of the amounts payable on the EDA Note shall be limited to the lesser of (1) $1,750,000 and (2) 90$ of the available Tax Increments for the above-described fifteen-year period. (e) The EDA Note shall be a special and limited revenue obligation of the Authority and not a general obligation of the Authority, and only Available Tax Increments shall be used to pay the principal of and interest on the EDA Note. The EDA Note shall not be any obligation whatsoever of the City. (f) The Authority's obligatiori to make payments on the EDA Note shall be conditioned upon the requirement that there shall not at the time have occurred and be continuing an Event of Default; provided, however, that if such Event of Default shall subsequently have been cured to the reasonable satisfaction of the Authority, such unpaid obligations shall thereupon be reinstated and thereby become due and payable. (g) The EDA Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the EDA Note and the terms of this Section 3.2, the terms of the EDA Note shall govern. (h) Following any termination of this Agreement by the EDA pursuant to Section 5.2 hereof, no further or unpaid amounts of the EDA Note shall then or thereafter be due and payable by the Authority under this Section or the EDA Note but shall thereupon be extinguished. Section 3.3. Construction Plans. (a) The Authority shall have no obligation to the Developer to take any action pursuant to any provision of this Agreement until such time as the Developer has submitted Construction Plans to the Authority, and the Authority has approved such Construction Plans. The Authority shall approve the Construction Plans if it determines that they conform to the applicable provisions of this Agreement; provided, however, that any such approval of the Construction Plans pursuant to this Section 3.3 shall constitute approval for the purposes of this Agreement only and shall not be deemed to constitute approval or waiver by the Authority with respect to any buildinq, zoning or other ordinances or regulation, and 263418.1 3 - 2