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. ARTICLE VI Payment of Assessments: Tax Increment Section 6.1. Tax Illersmellt GUArantee. It is tlle ill:lefltiafl sf the /\."':R8",t)' and !he ReElB'lelal'ler that the aests ef tHe l'ha5e I PWlliG Hnl'lEe':emellts aaEl the P-litlSe 111 Ptl'eJie :!mflrevemellts \\illse pa'" usi..!: tRe Tax lRcFemellt '.\'hies ';:iH Be gelleratea frem tHe eampletea Hininmm IlBJlrlwemeata (sali from the Uede':e1lll'er Property?). In araar t8 efieetaate this 1:l.flB.et'5taniling 1.hl:i Pl..sae. elapar agrees te gaa:ra.atee that rniRiIRHIH levels sf Titil In.6r~~ 4.v111 Be l'IlliEl te the f.ut-llerit)" after tae Elate hereef. Ther-efer9, if ia eeJ.eaalll' year 199 ana. - eeRtiRtHRg ..mil iRe Tarmffiatiell Data, iRa TalE lHeremell:l gSRBI'i>lea by the Redevelepmeat Prapei1J' (aad the Reae'l'elOfler Proflerty?) is less than ~ in any year at if iR calendar year 199_ and eell:lffiuiftg tlHtil the TO_IDaliell De'_e, \he Tax mer_ant geaeralee ay the R<l6e'\'eIeflmeat PrellBliy (aRa the ReaenIopeF Property?) is le55 tha.H. $ ffi any year, the .'\utk9ffiy shall preville Batke la the ReGe' 'eleller ef SIleR fast lIBel lke 1\IB6lJII:l af the eefi6ieacy ill Tie! lB6H'll1e..t Thirty (30) d31'5 after reeeitJt ef SlieR Ratiae tae ReElB'lelal'l'" shall Be liable far aile sRiHl jlll'j ta the f.utherity tlle ama>rnt af Slleh deJieieney. The A\ltfteFit:\' may make GemaJIa far Slim, par,neR! Q!; efHa)'15 and Oetgeor IS af eaeh yoar "itll tlIe Pavment of Assessmcnts. (a) The Bonds will be si7ed and issued based on the assumption that . the Redevelnper will construcl the Minimum Tmmovements and the Prior Redeveloper Tmprovem<<ots and that such improvements will have Market Values equal to or 1feater than the Market Values set forth in Section 36(e) of this Agreement The Redeveloper agrees that. subject to the limitations contained in this suhsection (11) below. it will pav when due and n,;or to the imposition of penallY the princjnal amonnt of and interest on the oulstanding amount of the Assessments Such obli~ation shall be a personal obJil!:ation of the Rcdevcloner and shall he in ~ addition to any other remedy available to tne Cit.y under State law relative to the enforcement of - the lien of the Assessments 31!:ainst tne Redevelovment Prooertv and Redevelooer Prooertv. In tne event tnat the Redeveloper fails to Pi\Y wnen dne any installment of the Assessmenls the - Authority Or the City may take any legal action deemed annronriate to collect the unoaid - installment and shall be entitled to recover all of its costs of collection including reasonable attomcv~) fees Tn addition if the Redevelopcr fails to nay an installment of the A~$essments I with rewect to any Parcel or the Redeveloper Propertv witnin ( ) days after'written demand bv tne Authority the Authority or City may declare the entire nulstanding Assessment~ on such Parcel or on the Redeveloper Propeltv immediately due and payable upon which the I Redeveloper shall be liable for the entire principal amount of the outstanding Assessment~ together with aHl81111t l'Iayallle as af SileR Sales being e~ual t9 tlIs ameunt Elf lke Tax ln€remsat Ele.liei6Hsy attFilmtable te the tax paj""....t alie as shush aale. TRe abligatia.. afthe Reaevelaper I ta !RalEe the llayccrued intcrest until the same is paid in full. The obli I!ation of the Redeveloper to pav the Assessments as provided in this Section 6.1 of this Agreement shall be absolute and unconditional irrespective of any defense or any rights of setoff, recoupment or counterclaim it I might otherwise have against the Authority or any other government body or other person. The Redeveloper shall not fail to make any required payments for any cause or circumstances .. wflatsaever ilisluQilIg tIle failure er refllsa\ af a 6""k ta llonor a aemal-1Ei \!REier a l$er sf ereclit, ~ dHmge in law whatsoever. including any chan~e in bw TlnavoidabIe Delavs, Or any other event eyen ifbeyond the control of the Redeveloper, subieet to subsection (b) of this Section 6.1, I 21 ,V0't'd 6t'0.'. .'.G6 (';,9 '~'d '3A13a ~ ^3lG~~a ~~:9, 1.66,-n-m~ ------------- --- -----------