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The amounts due under this Note shall be payable on July l 1996, and -on each January 1 and July 1-thereafter to -and includina JanuaKy 1 2011 or, if the first should not be a Bus it e s s Day {a s defined in the _Devel oRment Aare ement) __the next succeeding Business Day Lthe "Ba3Ment Dates") , provided that ...111 I. such Po ent Date shall be automatically extended if and to the extent recuired t2 relieve the .City of any obli atiOn to Rav Payment Amount aLay earlier than -2 o days, a f ter- it has received -the statement required under Section 3 .2 LjL of the- Development Acireements Dn each Pa ent Date the Cit y shall Ray bx check or draft mailed to the gemsor:_ that was the Registered -der of this ote at the close of the last business day-- of the City- Rrecediva such PAvment Date Tax Increments as defined-- in the Development Agreement) received by the CitX ing.__durthe _six month_ 2eriod rec edin I such Ba ent Date provided that such amount shall not exceed g217, 014.. Rius tax increments__derived f rom the Tax Increment Diatric t in an. amount ecual to one-half the amour of the LGALHACA Loss certified by the City as the current annual loss. Tax Increments Raid the pity under this Note, --shall f lrst be anioli ed to accrued interest and thew to rInci al. Except as provided in Section 3 .2 (6)_of__the IDeve_lopmer-t - Aare ement z the_ Rr .nc iga l- and interest o-a the Note h e Ravabl e s o 1 e ly from Tax Inc;„ ent s (as defined in the Development Aareement) _. This Note shall terminate and be of no further force and of feet f ollowing Davment on the last E43 Went _Late defined -- --- 1 1 above on y date upon which the City shall have termiaated the .. q Devel2 ent Agreement Mader Section 4.2 (b) thereof or the Develone shall have terminated the DevelMent &Zreement under Article V thereof. or on the date that all principal and interest Ravab l e hereunder shall have been Raid in full, whichever occurs PI 1 earliest. The City makes_-no representation or covenant, e2Mress or - I implied. that the Tax Increments will be suf f icient -tc Ravi _in whole or ire ar the inci al and interest on the Note. The City's DLI ent ohl iaat ions hereunder shall be further conditianed on the fact _that no Event of Default under the 1 DevelgjMent A reement shall have occurred and be continuincy at the time parent _is otherwise due hereunder., but such unyai d amounts shall become payabl e. without interest accruing thereon 2419e5.Red V5 to v4; 05/20/98 C1-2