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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> '- 3.2(4) of the Development Agreement. On each ~ayment Date the . <br /> city shall pay by check or draft mailed to the person that was <br /> the Registered Owner of this Note at the close of the last <br /> business day of the city preceding such Payment Date an amount <br /> equal to the sum of 90% of the Tax Increments (hereinafter <br /> defined) received by the City during the six month period <br /> preceding such Payment Date. All payments made by the city under <br /> this Note shall first be applied to accrued interest and then to <br /> principal. <br /> The Payment Amounts due hereon shall be payable solely from <br /> tax increments (the "Tax Increments") from the City's Tax <br /> Increment Financing District No. 1-8 (the "Tax Increment <br /> District") within its Municipal Development District No. 1 which <br /> are paid to the city and which the City is entitled to retain <br /> pursuant to the provisions of Minnesota Statutes, Sections <br /> 469.174 through 469.179, as the same may be amended or <br /> supplemented from time to time (the "Tax Increment Act"). This <br /> Note shall terminate and be of no further force and effect <br /> following the last Payment Date defined above, on any date upon <br /> which the city shall have terminated the Development Agreement <br /> under Section 4.2(b) thereof or the Developer shall have <br /> terminated the Development Agreement under Article V thereof, or <br /> on the date that all principal and interest payable hereunder <br /> shall have been paid in full, whichever occurs earliest. <br /> The City makes no representation or covenant, express or . <br /> implied, that the Tax Increments will be sufficient to pay, in <br /> whole or in part, the amounts which are or may become due and <br /> payable hereunder. <br /> The City's payment obligations hereunder shall be further <br /> conditioned on the fact that no Event of Default under the <br /> Development Agreement shall have occurred and be continuing at <br /> the time payment is otherwise due hereunder, but such unpaid <br /> amounts shall become payable, without interest accruing thereon <br /> _ in the meantime, if said Event of Default shall thereafter have, <br /> been cured; and, further, if pursuant to the occurrence of an <br /> Event of Default under the Development Agreement the city elects <br /> to cancel and rescind the Development Agreement, the City shall <br /> have no further debt or obligation under this Note whatsoever. <br /> Reference is hereby made to all of the provisions of the <br /> Development Agreement, including without limitation Section 3.2 <br /> thereof, for a fuller statement of the rights and obligations of <br /> the City to pay the principal of this Note and the interest <br /> thereon, and said provisions are hereby incorporated into this <br /> Note as though set out in full herein. <br /> C. . <br /> 18499 <br /> C-2 <br /> - <br /> ---- <br />
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