05-09-1994 EDA WS - Laserfiche WebLink

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� I 262545.1 _- : � _ _ _, �� and the Authority retains full discretion as to any authorized application thereof, regardless of whether the Available Tax Increments are sufficient to reimburse the Developer in full for the above-described costs. To the extent that the Available Tax Increments are insufficient, through the final Payment Date (February 1, 2006), to pay all accrued and unpaid interest on and the principal of the EDA Note, said unpaid amounts shall then cease to be any debt or obligation of the Authority whatsoever. (d) The unpaid principal of the EDA Note shall bear simple, non-compounded interest at 7.00� per annum from the date of execution of the Certificate of Completion. Interest shall be computed on the basis of a 360-day year consisting of 12 months of 30 days eache (e) The EDA shall not endeavor to issue the EDA Note so that the interest thereon shall be exempt from federal or State income taxation, and the Parties accordingly anticipate that the EDA Note will be a"taxable" obligation. (f) 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. (g) The Authority's obligation 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. (h) 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. (i) 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. (j) The pledge of the Available Tax Increments made in this Section 3.2 and in the EDA Note to payment of the EDA Note shall in all respects be junior and subordinate to the 3-2