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ARTICLE III <br /> THE IMPROVEMENTS <br /> Section 3 . 1 . Undertakings of the Developer. Subject to <br /> Unavoidable Delays, the Developer shall have substantially, <br /> completed . .the Improvements in accordance with the approved <br /> Construction Plans by December 31, 1995. <br /> Section 3 .2 . Undertakings of the Authority. The Developer <br /> hereby represents to the Authority that the Developer has incurred <br /> and paid or will incur and pay substantial Development Costs . The <br /> Authority hereby agrees to defray a portion of the Development <br /> Costs by issuing the EDA Note to the Developer, 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 EDA <br /> Note shall be payable on each February 1 and - August .1, <br /> commencing _August__1, ,1997, and continuing through February 1, <br /> 2006 ._(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. The amounts otherwise <br /> payable on the EDA Note on each Payment Date shall be limited <br /> to the Available Tax Increments received by the Authority <br /> within the preceding 6 months . All amounts of Tax Increments <br /> which are not Available Tax Increments are not subject to this <br /> Agreement, and the Authority retains full discretion as to any <br /> authorized application thereof, regardless of whether the <br /> Available Tax Increments are sufficient to reimburse the <br /> Developer in full for the above-described costs . To the <br /> extent that the Available Tax Increments are insufficient, <br /> through the final Payment Date (February 1, 2006) , to pay all <br /> amounts otherwise payable on the EDA Note, said unpaid amounts <br /> 411 <br /> 298106.1 3-1 <br />