09-14-1998 EDA - Laserfiche WebLink

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(a) The EDA Note shall be dated, issued and delivered on or as soon as practicable following the date of execution and delivery of this Agreement, provided no Event of Default shall have occurred and be at the time continuing. (b) As conditions to such reimbursement of Development Costs pursuant to the EDA Note, (i) the Authority shall have executed the Certificate of Completion, (ii) the Developer shall have submitted to the Authority such documentary proofs as shall be reasonably acceptable to the Authority demonstrating the final, as incurred, costs of the above – described Public Improvements and Site Improvements, and (iii) there shall have been satisfied all of the conditions precedent thereto provided in Section 3 .4 . (c) Subject to the provisions of the EDA Note, the principal of and interest on the EDA Note shall in the aggregate be payable on each February 1 and August 1, commencing with the first August 1 or February 1 (as the case may be) following the date of the Certificate of Completion, and continuing through February 1, 2014 (the "Payment Dates") , in the respective amount or amounts described in this subsection. The sole source of funds available for payment of the Authority' s obligations under this Section and correspondingly under the EDA Note shall be the Available Tax Increments. The amounts otherwise payable on the EDA Note on each Payment Date shall be limited to the Available Tax Increments received by the Authority within the preceding 6 months. All payments made on the EDA Note shall be applied first to pay accrued and unpaid interest on the EDA Note and second toward payment of principal. All amounts of Tax Increments which are not Available Tax Increments are not subject to this Agreement, and the Authority retains full discretion as to any authorized application thereof, regard- less 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, 2014) , 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 from the date of the Certificate of Completion at 8. 00 per annum. Interest shall be computed on the basis of a 360 –:day year consisting of 12 months of 30 days each. (e) The EDA shall not endeavor to issue the EDA Note so that the interest thereon shall be exempt from federal or 334455.R.ED v5 to v4 9/i0/9e 3-2 21 d Z1L?EL1gg2 'ON/lc:20 'iS/4G :RO R6 11 '6f1 (iva) mum CnniNQ wnm