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the HRA out of the Condemnation Award, the amount necessary to • <br /> pay the principal of, premium (if any) and interest on the <br /> Bonds . <br /> ARTICLE VI <br /> Tax Increment <br /> Section 6 . 1 Tax Increment Guarantee. If the tax <br /> increment generated by the Redevelopment Property and paid in <br /> the year 1992 and each subsequent year is less than $221, 100 <br /> per year (201 units at $1100 per unit) , then the HRA shall <br /> provide notice to Redeveloper of such fact specifying the <br /> amount of money which is equal to the difference between <br /> $221, 100 per year (commencing in 1992) and the tax increment <br /> which actually has been generated by the Redevelopment Property <br /> (the amount of such difference being hereinafter referred to as <br /> the "Tax Increment Shortfall") . Thirty days after receipt of <br /> such notice the Redeveloper shall pay the amount of the Tax <br /> Increment Shortfall to the HRA, provided: however, the <br /> aggregate amount of Tax Increment Shortfall paid by Redeveloper <br /> pursuant to this Section 6 . 1 and not reimbursed by the HRA <br /> under the provisions of Section 6 . 3 hereof shall not exceed at <br /> any point in time 25% of the principal and interest on the <br /> Bonds which has been paid and which is due and payable on the <br /> next interest payment date for any series of Bonds . To the <br /> extent that the amount to be paid by the Redeveloper to the HRA <br /> pursuant to this Section 6 . 1 is ever reduced by the limitation <br /> contained in the preceding sentence the Redeveloper ' s <br /> obligation to pay the full amount of the Tax Increment <br /> Shortfall shall not be extinguished, and the Redeveloper shall <br /> remain fully obligated to pay the HRA the amount by which the <br /> Tax Increment Shortfall to be paid by the Redeveloper has been <br /> reduced and shall from time to time pay the amount of such <br /> reduction, or a portion thereof, at such times when the payment <br /> of such amount, or portion thereof, together with all other <br /> amounts of Tax Increment Shortfall paid by the Redeveloper <br /> pursuant to this Section 6 . 1 and not reimbursed by the HRA <br /> under the provisions of Section 6 . 3 hereof , will not cause the <br /> aggregate amount of Tax Increment Shortfall paid by the <br /> Redeveloper pursuant to this Section 6 . 1 and not reimbursed by <br /> the HRA under the provisions of Section 6 . 3 hereof to exceed <br /> 25% of the principal of and interest on all Bonds which has <br /> been paid and which is due and payable on the next interest <br /> payment date for any series of Bonds . The obligation of <br /> Redeveloper to make the payments provided in this Section shall <br /> be absolute and unconditional , and shall not be subject to any <br /> defense, right of set off , recoupment or counterclaim except to <br /> the extent such payments are reimburseable by the HRA under the <br /> provisions of Section 6 . 3 hereof . <br /> -15- <br />