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The pclicies of insurance required under clauses ( i) , ( ii) and <br /> ( iv) above shall be in form and content satisfactory to the HRA <br /> and shall be placed with financially sound and reputable <br /> insure=s licensed to transact business in the State of <br /> Minnesota. The policies shall contain an agreement of the <br /> insurer to give not less than 30 days ' advance written notice <br /> to the HRA in the event of cancellation of such policy or <br /> change affecting the coverage . <br /> (b) The provisions herein with respect to insurance <br /> of the Minimum Improvements shall terminate with respect to any <br /> unit included in the Minimum Improvements at such time as the <br /> Redeveloper has received a Certificate of Completion under <br /> Section 4 . 4 of the Agreement with respect to such unit and such <br /> unit is no longer owned by the Redeveloper . <br /> ARTICLE 6 <br /> Issuance of Note and <br /> Payment of Taxes <br /> Section 6 . 1 Issuance of Note. Upon completion of the <br /> Soil Corrections and delivery to the HRA of the statement <br /> required under Section 4 . 3 hereof as to the costs of the Soil <br /> Corrections, the HRA will issue and deliver the Note to the <br /> Redeveloper . The Note shall be issued in a principal amount <br /> equal to the lesser of ( i) $250 , 000 or ( ii) the costs of the <br /> Soil Correction as set forth in the statement delivered to the <br /> HRA under Section 4 . 3(a) hereof . The Note shall be dated as of <br /> the date of receipt by the HRA of the statement to be delivered <br /> to the HRA pursuant to Section 4 .3 hereof, and interest shall <br /> be payable on the Note from the date thereof at the rate of 1.2% <br /> per annum at the times and in the manner provided in the Note. <br /> The Redeveloper acknowledges that it has reviewed the form of <br /> the Note and Note Resolution and approves the terms thereof . <br /> The Redeveloper further acknowledges that the Note is a limited <br /> obligation of the HRA, and shall not be payable from any funds <br /> of the HRA other than the tax increment revenue derived from <br /> the Tax Increment District specifically pledged to the payment <br /> thereof under the Note Resolution. <br /> Section 6 . 2 Taxes . Redeveloper shall pay when due <br /> all real estate taxes and installments of special assessments <br /> payable on the Redevelopment Property subsequent to the date <br /> title to the Redevelopment Property is conveyed to Redeveloper <br /> and prior to the date of sale of the Minimum Improvements, or <br /> portions thereof, to purchasers . <br /> =11— <br />