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8 516911v4 JAE MU205-47 consist of the Developer’s payment of Public Development Costs incurred by the Developer in at least the principal amount of the TIF Note. Before delivery of the TIF Note, the Developer shall have: (i) delivered to the Authority written evidence in a form satisfactory to the Authority that the Developer has paid Public Development Costs in at least the principal amount of $546,000; (ii) submitted the Construction Plans to the Authority and obtained approval for the Construction Plans from the Authority; (iii) submitted and obtained Authority approval of financing in accordance with Section 7.1 hereof; and (iv) delivered to the Authority an investment letter in the form set forth in EXHIBIT F. (b) The Developer understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Available Tax Increment, or that revenues pledged to the TIF Note will be sufficient to pay the principal of and interest on the TIF Note. Any estimates of Tax Increment prepared by the Authority or its municipal advisors in connection with the TIF District or this Agreement are for the benefit of the Authority, and are not intended as representations on which the Developer may rely. (c) The Authority acknowledges that the Developer may assign or sell the TIF Note to the Lender or another party. The Authority consents to an assignment of the TIF Note to the Minnesota Housing Finance Agency without the execution of an investment letter. For all other assignments, the Authority shall require an investment letter from the assignee in the form set forth in EXHIBIT F. (d) If the TIF District is disqualified as described in Section 4.6 hereof, the Authority is required by the TIF Act to stop payments of Available Tax Increment to pay principal of and interest on the TIF Note. Section 3.7. Payment of Administrative Costs. The Developer has previously deposited with the Authority funds to pay Administrative Costs of the City and the Authority. The City and the Authority will use such funds to pay “Administrative Costs,” which term means out-of-pocket costs incurred by the City and the Authority, together with staff and consultant costs of the City and the Authority, all attributable to or incurred in connection with the negotiation and preparation of this Agreement, the TIF Plan, and other documents and agreements in connection with the establishment of the TIF District and redevelopment of the Redevelopment Property, and not previously paid by the Developer. At the Developer’s request, but no more often than monthly, the Authority will provide the Developer with a written report including invoices, time sheets or other comparable evidence of expenditures for Administrative Costs and the outstanding balance of funds deposited. At any time the deposit drops below $1,000, the Developer shall replenish the deposit in the amount of $10,000 within thirty (30) days after receipt of written notice thereof from the Authority. If at any time the Authority or the City determines that the deposit is insufficient to pay Administrative Costs, the Developer is obligated to pay such shortfall within fifteen (15) days after receipt of a written notice from the Authority containing evidence of the unpaid costs. If Administrative Costs incurred, and reasonably anticipated to be incurred are less than the deposit by the Developer, the Authority shall return to the Developer any funds not anticipated to be needed. Section 3.8. Records. The Authority and its representatives will have the right at all reasonable times after reasonable notice to inspect, examine and copy all books and records of Developer relating to