08-28-1995 EDA - Laserfiche WebLink

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• shall then cease ,to be any debt or .obligation-'`of_` the Authority whatsoever.- (d) 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 ED A Note. The,'EDA' Note shall not be any obligation whatsoever of the Cit y'. (e) 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. (f) 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. (g) 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 building, zoning or other ordinances or regulation, and shall not be deemed to be sufficient plans to serve as the basis for the issuance of a building permit if the Construction Plans are not as detailed or complete as the plans otherwise required for the issuance of a building permit . Such Construction Plans must be rejected in writing by the Authority within 10 working days of submission or shall be deemed to have been approved by the Authority. Any • 298106.1 3-2