05-23-1994 EDA - Laserfiche WebLink

Home Browse Search

� _ --_ _ r ,� �. . � �:� : . ,- . _. . . . _ _ .� � � �— . � ,. [5] The amounts due hereon shall be payable solely from certain tax increments (the "Tax Increments") which are paid to the EDA and which the EDA is entitled to receive and retain pursuant to the pravisions of Minnesota Statutes, Sections 469.174 through 469.179, as the same may be amended or supplemented from time to time (the "Tax Increment Act"), from the EDA's Tax Zncrement Financing District No. 2(the "TIF District") within its Development District No. 1, both the TIF District and said Development District having been incorporated by the EDA into its Mounds View Economic Development Project. This Note shall terminate and be of no further force and effect on any date upon which the EDA shall have terminated the Development Agreement, on the last Payment Date (February 1, 2012) following payment thereon of the Available Tax Increments then due, or on the date that all amounts payable hereunder shall have been paid in full, whichever occurs earliest. [6] As used herein, the term Available Tax Increments, as of a Payment Date, means 90� of those Tax Increments derived from the Improvements (as defined in the Development Agreement) and received by the EDA within the 6-month period preceding said Payment Date. [7] The EDA makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable hereunder. Any amounts which remain unpaid on this Note following the final Payment Date (February 1, 2012) shall no longer be a debt or obligation of the EDA whatsoever. [8] The EDA's payment obligations hereunder shall be further conditioned on the fact that there shall not at the time have occurred and be continuing an Event of Default under the Development Agreement, and, further, if pursuant to the occurrence of an Event of Default under the Development Agreement the EDA elects to terminate the Development Agreement, the EDA shall have no further debt or obligation under this Note whatsoever. Reference is hereby made to the provisions of the Development Agreement for a fuller statement of the obligations of the Developer and of the rights of the EDA thereunder, and said provisions are hereby incorporated by reference into this Note to the same extent as though set out in full herein. The execution and delivery of this Note by the EDA, and the acceptance thereof by the Developer, as the initial Registered Owner hereof, shall conclusively establish this Note as the "EDA Note" (and shall conclusively constitute discharge of the EDA's obligation to issue and deliver the same) under the Development Agreement. [ 9] This Note is not any obligation of any kind whatsoever of any public body, except that this Note is a special and limited revenue obligation but not a general obligation of the EDA and is 263418.1 B-2 . � � �J C�