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74 Public Redevelopment Costs, other than costs of Storm Sewer Improvements, as defined in the Redevelopment Agreement, shall not exceed $4,000,000, and the principal amount of this Note _ attributable to costs of Storm Sewer Improvements shall not exceed $750,000. Costs of Storm Sewer Improvements to be reimbursed to,the Redeveloper by the HRA pursuant to Section 4.3 of the ,Redevelopment Agreement shall not increase the principal amount of this.Note. Principal of and interest on this Note shall be payable solely from Available Tax Increment, as hereinafter defined, on each February 1st and August 1st commencing August 1, 2001, to and including February 1, 2019'(the "Payment Dates"). On each Payment Date the HRA shall apply all Available Tax Increment, as hereinafter defined to the payment of this Note. All such payments shall be applied first to accrued interest and then to the principal amount of this Note. Any accrued interest on this Note not paid on any Payment Date shall be added on such Payment Date to the principal amount of this Note. "Available Tax Increment" is defined as all tax increment derived by the HRA from the District (the "Tax Increment") then on hand with the HRA following the reimbursement to the City and HRA of up to an amount not to exceed 5% of.the Tax Increment in any calendar year for out-of-pocket administrative expenses paid or incurred by the HRA or City in connection with the approval, establishment and administration of Redevelopment Plan for Redevelopment Project No. 3 of the HRA and the Tax Increment Financing Plan for the District or related to the Note. In the event that Available • Tax Increment is not sufficient to pay the.principal of and interest on this Note when due, the failure of the HRA to pay such principal and interest shall not constitute a default hereunder. EXCEPT AS TO THE OBLIGATION TO MAKE PAYMENTS FROM THE AVAILABLE TAX INCREMENT, THE NOTE IS NOT A DEBT OF THE HRA,THE CITY OF ST. ANTHONY, OR THE STATE OF MINNESOTA (THE "STATE"), AND'NEITHER THE HRA, THE CITY OF ST. ANTHONY,THE STATE NOR ANY POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE ON THE NOTE, NOR SHALL THE NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN AVAILABLE TAX INCREMENT. This Note shall terminate and the HRA's obligation to make any payments under this Note shall be discharged and the HRA shall have no obligation and incur no liability to make any payments hereunder immediately upon'the occurrence of an Event of Default by the Redeveloper under the. Redevelopment Agreement. The Redeveloper shall never have or be deemed to have the right to compel any exercise of any taxing power of the HRA or the City of St. Anthony or of any other public body, and neither the HRA or the City of St. Anthony nor any director, commissioner, council member, board member, officer, employee or agent of the HRA or the City of St. Anthony, nor any person executing or registering this Note shall be liable personally hereon by reason of the issuance or registration hereof or otherwise. • C-2