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• will become exempt from real estate taxes , the Agency or the <br /> Redeveloper , at the option of either , may elect to void the <br /> provisions of this Agreement if such a mutually agreeable <br /> arrangement for the payment of fees in lieu of real estate taxes <br /> is not obtained. <br /> Section 3 .3 . Walker shall not be obligated to provide a <br /> Letter of Credit to the Agency as called for in Section 4.5 (b) of <br /> the Redevelopment Contract , it being understood that the <br /> Redeveloper shall be solely responsible for the letters of credit <br /> called for in Section 4 . 5 (b) of the Redevelopment Contract, but <br /> the date of Certificates of Completion for Phases I and II , <br /> pursuant to Section 4 .5 (d) (iii) thereof shall be the date of such <br /> • completion exclusive of Walker ' s development of the Subject <br /> Premises. <br /> Section 3 . 4 . The insurance provisions as contained in <br /> Section 5.2. of the Redevelopment Contract shall be augmented by <br /> or amended as to the Subject Premises only to conform with HUD' s <br /> insurance requirements as set forth in Exhibit F , attached <br /> hereto, and the costs thereof shall accrue solely to Walker. <br /> Section '3 . 5. Walker shall not be obligated for a "Tax <br /> Increment Shortfall " , if any, pursuant to the provisions of <br /> Section 6 .1 of the Redevelopment Contract with respect to the <br /> Redevelopment Property or the Subject Premises , it being <br /> understood that Walker ' s sole obligation with respect to the <br /> payment of real estate taxes and special assessments is set forth <br /> in Section 3.2. , above. <br /> -10- <br />