Multiple TIF Notes. The tax increments resulting from the Project are also pledged to the payment of two other pay-as-you-go tax increment revenue notes. Payments will be made on all of the pay-as-you-go tax increment revenue notes on a pro-rata basis based on the principal amounts outstanding on each note. Therefore, reductions in tax increment generated from other Phases of the Project may impact the tax increment available to repay the TIF Note. The undersigned, a (“Note Holder”), hereby certifies and acknowledges that:
A. On the date hereof the Note Holder has [acquired from]/[made a loan (the “Loan”) [to/for the benefit] of] Block 11 Xxxxxxxx, LLC (the “Developer”) [secured in part by] the Taxable Tax Increment Revenue Note ([Phase I][Phase II][Phase III]), a pay-as-you-go tax increment revenue note in the original principal amount of $ , dated , 20 , of the Housing and Redevelopment Authority in and for the City of Marshall, Minnesota (the “HRA”), a copy of which is attached hereto (“Note”).
B. The Note Holder has had the opportunity to ask questions of and receive from the Developer all information and documents concerning the Note as it requested, and has had access to any additional information the Note Holder thought necessary to verify the accuracy of the information received. In determining to [acquire the Note]/[make the Loan], the Note Holder has made its own determinations and has not relied on the HRA or information provided by the HRA.
C. The Note Holder represents and warrants that:
1. The Note Holder is acquiring [the Note]/[an interest in the Note as collateral for the Loan] for investment and for its own account, and without any view to resale or other distribution.
2. The Note Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of acquiring [the Note]/[an interest in the Note as collateral for the Loan].
3. The Note Holder understands that the Note is a security which has not been registered under the Securities Act of 1933, as amended, or any state securities law, and must be held until its sale is registered or an exemption from registration becomes available.
4. The Note Holder is aware of the limited payment source for the Note and interest thereon and risks associated with the sufficiency of that limited payment source.
5. The Note Holder is [a bank or other financial institution] / [the owner of the property from which the tax increments which are pledged to the Note are g...
Multiple TIF Notes. The tax increments resulting from the Project are also pledged to the payment of two other pay-as-you-go tax increment revenue notes. Payments will be made on all of the pay-as-you-go tax increment revenue notes on a pro- rata basis based on the principal amounts outstanding on each note. Therefore, reductions in tax increment generated from other Phases of the Project may impact the tax increment available to repay the TIF Note.
