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43 ARTICLE VII DEVELOPMENT TIMELINE............................................................................17 Section 7.1 Minimum Improvement Timeline...................................................................17 ARTICLE VIII DEVELOPER COVENANTS...........................................................................18 Section 8.1 Maintenance and Operation of the Development............................................18 Section 8.2 Compliance with Environmental Requirements..............................................18 Section 8.3 City Consulting Costs......................................................................................18 Section 8.4 Property Taxes.................................................................................................18 Section 8.5 Special Assessments........................................................................................18 ARTICLE IX TAX INCREMENT ASSISTANCE.....................................................................18 Section 9.1 Issuance of TIF Note; Limitations on Reimbursement of Qualified ARTICLE X ENCUMBRANCE OFT I IF DEVELOPMENT PROPERTY..............................23 Section 10.1 Encumbrance of the Development Property....................................................23 Section 10.2 Copy of Notice of Default to Mortgagee.........................................................23 Section 10.3 Mortgagee's Option to Cure Events of Default...............................................23 Section 10.4 Defaults Under Mortgage................................................................................24 Section 10.5 Subordination Agreement................................................................................24 ARTICLE XI INSURANCE........................................................................................................24 Section11.1 Insurance..........................................................................................................24 ARTICLE XII TRANSFER LIMITATIONS AND INDEMNIFICATION...............................25 Section 12.1 Representation as to Development..................................................................25 Section 12.2 Limitations on Transfer...................................................................................26 Section 12.3 Indemnification................................................................................................26 Section 12.4 Limitation........................................................................................................27 ARTICLE XIII EVENTS OF DEFAULT AND REMEDIES....................................................28 Section 13.1 Redevelopment Costs......................................................................................18 Section 9.2 Preconditions to Issuance of TIF Note............................................................19 Section 9.3 Developer Representations..............................................................................19 Section 9.4 Assignment of TIF Note..................................................................................20 Section9.5 Review of Taxes..............................................................................................21 Section 9.6 Business Subsidy Act......................................................................................21 Section 9.7 Tax Increment Adjustments.............................................................................22 ARTICLE X ENCUMBRANCE OFT I IF DEVELOPMENT PROPERTY..............................23 Section 10.1 Encumbrance of the Development Property....................................................23 Section 10.2 Copy of Notice of Default to Mortgagee.........................................................23 Section 10.3 Mortgagee's Option to Cure Events of Default...............................................23 Section 10.4 Defaults Under Mortgage................................................................................24 Section 10.5 Subordination Agreement................................................................................24 ARTICLE XI INSURANCE........................................................................................................24 Section11.1 Insurance..........................................................................................................24 ARTICLE XII TRANSFER LIMITATIONS AND INDEMNIFICATION...............................25 Section 12.1 Representation as to Development..................................................................25 Section 12.2 Limitations on Transfer...................................................................................26 Section 12.3 Indemnification................................................................................................26 Section 12.4 Limitation........................................................................................................27 ARTICLE XIII EVENTS OF DEFAULT AND REMEDIES....................................................28 Section 13.1 Events of Default Defined...............................................................................28 Section 13.2 Developer Events of Default...........................................................................28 Section 13.3 City and Authority Events of Default..............................................................29 Section 13.4 City and Authority Remedies on Default........................................................29 ii