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succeeding Business Day (the "Payment Dates") , provided, that such Payment Date shall be automatically extended if and to the extent required to relieve the city of any obligation to pay any Payment Amount any earlier than 30 days after it has received the statement required under Section 3 .2 (4) of the Development Agreement, on each Payment Date the City shall pay by check or draft mailed to the person that was the registered owner of this Note at the close of the last business day of the City preceding 83 + • such Payment Date w_ 8T_r Tax Increments as defined in the Develc sent aSrre2em&eAtj_ received by the City during the six month period preceding such Payment Date 11 UGL J. ass Ce P no provided that such gM unt shall not exceed $3 9 17 4. Tax Incr eats sha 11 be a lied first to the a en t of the 12.,7§2, 610 Tax Increment revenue rote of 199 colle e Pro erties in . Pro ect and second to the a ent of this Nate. All payments made by the City under this mote shall first be -applied to accrued interest and then to principal. Except as provided in Section 3 . (6) of the Development Agreement, the Payment Amounts due hereon shall be payable solely from 'Tax Increments (as defined in the Development Agreement) . This Note shall terminate and be of no further force and effect following payment on the last Payment Date defined above, on any date upon which the City shall have terminated the Development Agreement under Section 4 .2 (b) thereof or the Developer shall have terminated the Development Agreement under Article v ,thereof or on the date that all principal and interest payable hereunder shall have been paid in full, whichever occurs earliest. i The City umake s no representation or covenant t express or implied, that the 'Tax Increments will be sufficient to pay, in whole or in part, the amounts which are or may become due and payable hereunder. The City' s payment obl igat ions hereunder shall be f urther conditioned on the fact that no Event of Default under the Development Agreement shall have occurred and be continuing at the time ayment is otherwise due hereunder, but such unpaid p amounts shall become payable, without interest accruing thereon in the meantime, if said Event of Default shall thereafter have been cured; provided, however that if pursuant to the occurrence of an Event of Default under the Development Agreement the City elects to cancel and rescind the Development Agreement, the city shall have no further debt or obligation under this Note whatsoever. Reference is hereby made to all of the provisions of the Development Agreement, including without limitation S ec t i on 3 .2 thereof, for a fuller statement of the rights and obligations VS to V4; 05/20/98 C2-2