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D:):> HORSEY <br /> • by the HRA on this fee. If the Developer defaults in any fashion of the Redevelopment contract, <br /> all Developer Fee Hold Back shall be forfeited to the HRA. The Developer shall be paid back the <br /> Hold Back Fee upon the earlier to occur of the following: a HRA decision not to proceed with <br /> Phase II, a determination by the HRA to proceed with Phase II with a developer other than <br /> Developer or as follows: $125,000 upon commencement of construction of the Phase IIA and <br /> $125,000 upon commencement of the Construction of Phase IIB by the Developer. <br /> M. Default. In the event that the Developer fails to commence any portion of the <br /> Project by the default dates set forth in the chart on page 2 of this memorandum, <br /> the City and HRA may terminate its obligations under the Agreement as regards <br /> that phase. <br /> Upon any termination, Tax Increment from portions of the Project, which have not <br /> been commenced, shall, at the election of the HRA, no longer be pledged and <br /> available to repayment of any "pay as you go" tax increment. As part of the <br /> underwriting process, the parties and the underwriters, shall establish the terms of any <br /> Tax Increment obligations to both recognize this provision and allow effective <br /> issuance of the debt. Tax Increment from completed and under construction Elements <br /> of the Project shall remain available for outstanding Tax Increment debt. A default <br /> shall not prevent refinancing with Tax Exempt Take-out Debt on completed phases of <br /> the Project. <br /> n. Land Purchase Price. Purchase price of land for each use will be reviewed and <br /> must be shown to be at market and similar to what other projects are paying. <br /> • o. Phase I Preliminary Development Budget. A summary of the Phase I <br /> preliminary development budget is attached. <br /> • <br /> 7 DORSEY 8 WHITNEY LLP <br /> 4819-2384-0768\1 10/27/2003 3:04 PM <br />