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written notice by the City to LaNel, whereupon neither party shall have any further <br /> obligations to the other under this Amendment except as provided in Paragraph 4 is <br /> hereof, but LaNel's obligation to provide the easements shall continue under the <br /> terms of the Redevelopment Contract. <br /> 2. Payments by HRA. The HRA agrees that when it receives the tax <br /> increment payments from the County of Hennepin with respect to the taxes on the <br /> Project payable in 1991, in 1992 and in 1993, it will pay to LaNel an amount equal to <br /> the amount of the tax increment received by the HRA with respect to the <br /> Development in excess of $211,100 for each.year, but in no event shall the amount <br /> payable to LaNel for each year exceed $50,000. This payment shall be made pursuant <br /> to and shall comply with the requirements of Minnesota Statutes, Section 469.012, <br /> Subd. 7, 8 and 9 as an interest reduction payment for the Interest Reduction Program <br /> and shall be applied by LaNel to pay interest on the Loan. <br /> 3. As provided in Minnesota Statutes, Section 469.012, Subd. 9, upon LaNel's <br /> sale or transfer of the Development, the HRA shall be paid an amount equal to: <br /> (i) The sales price of the Development, less <br /> (ii) the down payment, any payments of principal, other payments made <br /> by LaNel with other than borrowed funds to construct, acquire, or <br /> improve the Development and the outstanding principal amount of <br /> any outstanding liens or mortgages securing loans, advances or goods <br /> and services provided by LaNel for the construction, acquisition or <br /> improvement of the Development, less <br /> 5 <br />