09-14-1998 EDA - Laserfiche WebLink

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date of the Certificate of Completion and continuing through February 1, 2014 (the "Payment Dates") . [4] On each Payment Date (or, if not a business day of the EDA, the first business day thereafter) the EDA shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the EDA preceding such Payment Date an amount equal to the lesser of (1) the Available Tax Increments received by the EDA within the S --month period preceding said Payment Date and (2) the sum of (i) the accrued and unpaid interest hereon and (ii) the aggregate amount of the unpaid principal of this Note. The EDA shall have the option at any time to prepay in whole or in part the principal amounts of this Note at par plus accrued interest. All payments made by the EDA under this Note shall be applied first to pay accrued and unpaid interest on this Note and second toward payment of principal hereof. C51 This Note shall terminate and be of no further force and effect on any date upon which the EDA shall have terminated the Development Agreement, on the last Payment Data (February 1, 2014) following payment thereon of the Available Tax Increments then due, or on the date that all principal and interest payable hereunder shall have been paid in full, whichever occurs earliest. [6] The pledge of Available Tax Increments to the payment of this Note is junior and subordinate to the need and use thereof for payment of the Bonds, all as defined and described in the Development Agreement. [7] The EDA makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable hereunder. Any amounts which remain unpaid on this Note following the final Payment Date (February 1, 2014) shall no longer be a debt or obligation of the EDA whatsoever. [8] The EDA' s payment obligations hereunder shall be further conditioned on the fact that there shall not at the time have occurred and be continuing an Event of Default under the Development Agreement, and, further, if pursuant to the occurrence of an Event of Default under the Development Agreement the EDA elects to terminate the Development Agreement, the EDA shall have no further debt or obligation under this Note whatsoever. Reference is hereby made to the provisions of the Development Agreement for a fuller statement of the obligations of the Developer and of the rights of the EDA thereunder, and said provisions are hereby incorporated by reference into this Note to the same extent as though set out in full herein. The execution and delivery of this Note by the EDA, and the acceptance thereof by the Developer or its designee, as the initial Registered Owner hereof, shall conclusively establish this Note as the "EDA Note" 334455.RED v5 to VA 9/10/98 B-2 17 71?7F,J 1acR 'Qt,1/1G :Rl '1.R/7fl: fl P6 11 '6fl (1Nf AfVt13.1f1AJ 29 ryflfjUQ TA(1UJ