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� <br />Revised July 18, 198g <br />First Amendment to the Development Agreement <br />Dated July 17, 1987 <br />Determin�tion Aate: February 1, 1988 <br />"The Developer shall be obligated to commence conatx�uction <br />of a Phase by July 1, ,�9� (of any year� i� on Febrt��r 1 <br />it is determined th� sum af the following amounts is less <br />than th� ag�r�gat� tatal af the Minimum Developer's Taxes <br />�as set �orth in Substituted Exhibit L) �or all years u to <br />a�d, including tlhe second year fali,owing th� ��t���na�fan <br />Da�e: <br />�� Th� aum o� all rea�l <br />e$���� p�o�Oerity taxes <br />ac�t�all� pai� �vith <br />ge�pee� ta the riiirtin�ut� <br />I�prsa��m���� and the <br />Dc�v��op�n�n� ��o�mer�t� <br />r�e r�� �.�►e D�t��ain�- <br />��on Da��e, F'�bru��y 1, <br />d. i � i7 i <br />b2 �t�e �aaa�unt �a� xc�al� <br />�xropc�rty ta�c�g ta ba <br />��id! in �h� ���r �� <br />�i�� �����m�n���.o� <br />aat�, f� 19�� h���d <br />ct� �h� ��s�����r�s <br />ma�k�t v�lu� �f ��e <br />Minimu� imgrov���n�,� <br />�nd Dt�v�lop�;�nt <br />��o���L��r �,� o� .ianua�r�r <br />� o�' tha it�a�cli����� <br />�r�c�d,�ng y��� ( �.. a. , <br />J�t1. � 1987' j � <br />�i �a�ot�nt ot ���1 �ro��r�y <br />'����� ��Cim�t�d t� be <br />p�i�: <br />- 1�389 <br />w 1990 <br />( B�s�ed e�n a�sessar � � <br />ma�ke� valu� as of <br />Jarauary 2, 19�8 �nd <br />��i���nQ mill rate <br />198qj <br />$ <br />� <br />� <br />� <br />24�,930 <br />9�., x5� <br />����3?2 <br />185,37Z <br />�xhfibi� 1 <br />�xt�il�it 1 <br />����.l��t 2 <br />�xh�bit 2 <br />0 <br />