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,� � � <br />ARTICLE III <br />THE IMPROVEMENTS <br />Section 3.1. Undertakincts of the Developer. Subject to <br />Unavoidable Delays, the Developer shall have completed the <br />Improvements by December 31, 1994. <br />Section 3.2. Undertakings 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 $707,626. The Authority hereby agrees to defray <br />$707,626 of the Development Costs by issuing the EDA Note to the <br />Developer (or to such other person or entity as the Developer shall <br />have theretofore designated in writing to the Authority as the <br />initial registered owner of the EDA Note), as registered owner <br />thereof, substantially in the form of Exhibit B to this Agreement, <br />the issuance of which EDA Note is hereby authorized and approved, <br />subject to the following 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 <br />principal of and interest on the EDA Note shall in the <br />aggregate be payable on each February 1 and August 1, <br />commencing August 1, 1996, and continuing through February 1, <br />2006 (the "Payment Dates"), in the respective amount or <br />amaunts 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 85� 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. Al1 payments made on <br />the EDA Note shall be applied first to pay accrued and unpaid <br />interest on the EDA Note and second toward payment of <br />principal. All amounts of Tax Increments which are not <br />Available Tax Increments are not subject to this Agreement, <br />262545.1 3 -1 <br />