CC PACKET 10131987 - Laserfiche WebLink

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`. (1) such sale- proceeds' plus -,the tax- increment, which has - been generated by the Redevelopment .Property :to •pay the principal,• - premium , ( if any) •or interest on such 'Bonds and (2) the amount of principal , premium ( if any) •and-interest which--will be due . . on the next interest payment- date for such Bonds (the amount of such difference :being hereinafter referred to as '-the "Tax Increment Shortfall" ) . Thirty days after receipt of such notice the Redeveloper shall' pay -the amount of the Tax Increment Shortfall to the HRA, provided, however, the aggregate amount of Tax Increment. Shortfall' ,paid by -Redeveloper : pursuant to this Section 6 . 1 - and not reimbursed b_y 'the HRA under -the provisions of Section 6 .-3 hereof shall not -exceed at any point in time 25% of the principal and interest on the Bonds .which has been paid and which is due and payable' on the next interest payment .date for any series of Bonds. To the extent that the amount to be paid by the Redeveloper to the HRA pursuant to this Section 6 . 1 is ever reduced by the limitation contained• in the preceding sentence the Redeveloper ' s obligation to pay the full amount of the Tax Increment Shortfall shall not be extinguished, and the Redeveloper shall remain fully obligated to pay the HRA the amount by which the Tax Increment Shortfall to be paid by the Redeveloper has been reduced and shall from time to time pay the amount of such reduction, or. a portion thereof , at such times when the payment of such amount, or portion thereof , together with all other • amounts of Tax Increment Shortfall paid by the Redeveloper pursuant to this Section 6 . 1 and not. reimbursed by the HRA- under the provisions of Section 6 . 3 hereof, will not cause the aggregate amount of Tax Increment Shortfall paid by the Redeveloper pursuant to this Section 6 . 1 and not reimbursed by the HRA under the provisions of Section 6 . 3 hereof to exceed 25% of the principal of and 'interest on all Bonds which has been paid and which is due and payable on the next-- interest payment date for any series of Bonds . The obligation of Redeveloper to ,make the payments provided in this Section shall be absolute and unconditional, and shall not be subject to any defense,, right of set off , recoupment or counterclaim-except to the extent such payments are reimburseable by - the HRA under the provisions of Section 6: 3 hereof . Section 6 . 2 Taxes and Valuations . Redeveloper shall pay when due all real estate taxes and installments of special assessments payable on the Redevelopment Property subsequent to the date title to the Redevelopment Property is - conveyed to . - Redeveloper . Prior to the Maturity Date of any Bonds outstanding, Redeveloper will not seek administrative or judicial review of any statute, law, rule, Assessor' s Market Value, Assessed Value, or other factor relating to the real estate taxes for the Redevelopment Property or the Project which would or might result in said taxes being insufficient in _ any year to pay the principal and interest on all Bonds as such •. amounts become due. -15- i