Common use of Municipal Revenue Obligation Clause in Contracts

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer. The Village shall only be obligated to make payments under the Municipal Revenue Obligation to the extent that the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be in the form attached hereto as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment Date, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions in Section B.4 of this agreement have been satisfied or the TID Closure Date, whichever occurs first. (b) For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or the conditions in Section B.4 of this agreement have been satisfied, whichever occurs first. On each Payment Date, the Village shall pay to Developer the Excess Tax Increment that has been appropriated for that purpose by the Village Board in accordance with the requirements for revenue obligations. (c) The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until the TID Closure Date or the conditions under Section B.4. have been satisfied, whichever occurs first.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Projectfirst portion of the Project to be occupied, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive in the principal amount of up to three hundred thousand dollars ($300,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment DateDate and after the date of issuance of the Municipal Revenue Obligation, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. (b) b. For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or until the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay make a payment on the Municipal Revenue Obligation, but the Village shall not have any obligation to Developer make any Municipal Revenue Obligation payment in any year in an amount in excess of the Excess Tax Increment. In the event that there is no Excess Tax Increment that has been appropriated for that purpose to make a Municipal Revenue Obligation payment to the Developer in any year, it shall not be a default by the Village Board in accordance with the requirements for revenue obligationsVillage. (c) c. The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until . The District shall not be terminated prior to the TID Closure Date closure date unless the Municipal Revenue Obligation of $300,000, has been paid. d. The Developer’s Lender may require the Developer to execute a Collateral Assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, and the Village’s consent may not be unreasonably withheld. e. The Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal or other property taxes. f. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to three hundred thousand ($300,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment DateDate and after the date of issuance of the Municipal Revenue Obligation, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. (b) . For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or until the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay to the Developer any Excess Tax Increment generated by the Project, but the Village shall not have any obligation to make any Municipal Revenue Obligation payment in any year in an amount in excess of the Excess Tax Increment. In the event that there is no Excess Tax Increment that has been appropriated for that purpose to make a payment to the Developer in any year, it shall not be a default by the Village Board in accordance with the requirements for revenue obligationsVillage. (c) b. The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until . The District shall not be terminated prior to the TID Closure Date closure date unless the Municipal Revenue Obligation of $300,000, has been paid. c. The Developer’s Lender may require the Developer to execute a Collateral Assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, and the Village’s consent may not be unreasonably withheld. d. The Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal or other property taxes. e. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Projectfirst portion of the Project to be occupied, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive equal to 100% of the Excess Tax Increment generated by the Project until the TID Closure Date. The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment DateDate and after the date of issuance of the Municipal Revenue Obligation, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions in Section B.4 of this agreement have been satisfied or the TID Closure Date, whichever occurs first. (b) b. For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or the conditions in Section B.4 of this agreement have been satisfied, whichever occurs firstDate. On each Payment Date, the Village shall pay make a payment on the Municipal Revenue Obligation, but the Village shall not have any obligation to Developer make any Municipal Revenue Obligation payment in any year in an amount in excess of the Project’s Excess Tax Increment. In the event that there is no Excess Tax Increment that has been appropriated for that purpose to make a Municipal Revenue Obligation payment to the Developer in any year, it shall not be a default by the Village Board in accordance with the requirements for revenue obligationsVillage. (c) c. The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until . The District shall not be terminated prior to the TID Closure Date Date. d. The Developer’s Lender may require the Developer to execute a Collateral Assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, and the Village’s consent may not be unreasonably withheld. e. The Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal or other property taxes. f. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.

Municipal Revenue Obligation. Following the completion of construction and the Site Grading, Developer may provide to the City a written request for issuance of an occupancy permit a Municipal Revenue Obligation, which request shall include Developer's certification of the cost of the Site Grading and documentation of Developer's payments to contractors for the Project, and within Site Grading work. Within forty-five (45) days after submittal of a complete written request for issuance of the Municipal Revenue ObligationObligation with the required certification and documentation, the Village City shall issue a Municipal Revenue Obligation to Developer. The Village shall only be obligated to make payments under , in the Municipal Revenue Obligation to principal amount of the extent that lesser of (1) the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be cost of the Site Grading work or (2) Five Hundred Fifty Thousand Dollars ($550,000), in the form attached hereto as Attachment C. The Village’s obligations E, under this Section shall be subject to the following terms and conditions: (a) The Municipal Revenue Obligation shall not bear interest. (b) Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village City has received, received as of such Payment Date, Date Excess Tax Increment. Any , and such Excess Tax Increment shall be has been appropriated by the Village Board Common Council to payment of the Municipal Revenue Obligation until the conditions in Section B.4 of this agreement have been satisfied or the TID Closure Date, whichever occurs firstObligation. (bc) For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 each of each year until the TID Closure Date or Scheduled Payment Dates set forth on a schedule to be prepared by the conditions in Section B.4 City and attached to the Municipal Revenue Obligation when issued. The scheduled payment dates shall be prepared such that the payments on the Municipal Revenue Obligation are amortized over the remaining number of this agreement have been satisfied, whichever occurs firstyears that tax increment generated by the District may lawfully be allocated to make payments on the Municipal Revenue Obligation. On each of the Payment DateDates, the Village City shall pay to Developer the Excess Tax Increment Increment, up to the Scheduled Payment Amount shown on the schedule attached to the Municipal Revenue Obligation, together with such additional amounts, if any, deferred from prior years as may be payable on the Payment Date as provided under the terms of the Municipal Revenue Obligation, that has been appropriated for that purpose by the Village Board Common Council in accordance with the requirements for revenue obligations. (cd) The Village City covenants and agrees that Excess Tax Increment held by the Village City as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until the TID Closure City has paid the Municipal Revenue Obligation payment due on the Payment Date in that year (including the Scheduled Payment Amount plus any additional amounts deferred from prior years and payable on that Payment Date), or until said Municipal Revenue Obligation has been paid. The District shall not be terminated until the conditions under Section B.4. have Municipal Revenue Obligation has been satisfiedpaid, or until the District must be terminated by law, whichever occurs firstfirst occurs.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive and to reimburse project costs in the amount of up to three hundred eighty thousand six hundred and forty thousand dollars ($380,640). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment DateDate and after the date of issuance of the Municipal Revenue Obligation, Excess Tax Increment. Any All such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. (b) b. For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or until the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay make a payment on the Municipal Revenue Obligation, but the Village shall not have any obligation to Developer make any Municipal Revenue Obligation payment in any year in an amount in excess of the Excess Tax Increment. In the event that there is not sufficient Excess Tax Increment that has been appropriated for that purpose to make the full Municipal Revenue Obligation principal payment shown below, to the Developer in any year, it shall not be a default by the Village, but such deficiency amount shall remain payable to Developer on the next payment date that there is sufficient Excess Tax Increment to make such payment and shall be deemed the first amount paid on such next date, until all principal payments on the Municipal Revenue Obligation have been paid in full provided however that if all MRO payments have not been paid to Developer by the TID Closure Date, the Village Board in accordance with shall have no further obligations to make payments hereunder or under the requirements for revenue obligationsMunicipal Revenue Obligations. (c) c. The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if . The District shall not appropriated for be terminated prior to the TID Closure Date unless the Municipal Revenue Obligation due as of such Payment Date$380,640 has been paid in full to Developer. d. The Developer’s Lender may require the Developer to execute a Collateral Assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, until and the TID Closure Date Village’s consent may not be unreasonably withheld. e. The Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal or other property taxes. f. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after Developer’s submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to five hundred thousand dollars ($500,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment DateDate and after the date of issuance of the Municipal Revenue Obligation, Excess Tax Increment. Any such The Village shall appropriate up to 80% of Excess Tax Increment shall be appropriated by the Village Board to for payment of the Municipal Revenue Obligation until the conditions it is paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. The Village is not required to appropriate more than 80% of Excess Tax Increment received for payment of the Municipal Revenue Obligation, but the Village may, in its sole discretion, appropriate more than 80% of Excess Tax Increment received for the purpose of early payment of the Municipal Revenue Obligation or pay the full amount of the remaining Municipal Revenue Obligation at any time. (b) b. For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or until the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay make a principal payment on the Municipal Revenue Obligation, in accordance with the payment schedule set forth below, but the Village shall not have any obligation to Developer make any Municipal Revenue Obligation payment in any year in an amount in excess of 80% of the Excess Tax Increment or the maximum payment in the payment schedule. In the event that has been appropriated for that purpose there is not sufficient Excess Tax Increment received in a given year to make the maximum payment on the Municipal Revenue Obligation as shown below, it shall not be a default by the Village Board if the Village does not make full payment in accordance with the requirements payment schedule for revenue obligations.that year. Municipal Revenue Obligation payments owed in subsequent years will not be increased in the event the Project does not generate sufficient Excess Tax Increment to make the maximum payment in a given payment year. If the Municipal Revenue Obligation has not been paid in full to Developer by the TID Closure Date, the Village shall have no further obligations to make payments hereunder or under the Municipal Revenue Obligation. Payment Year Maximum Payment 2026 $39,483 2027 $38,891 2028 $38308 2029 $37,733 2030 $37,167 2031 $36,610 2032 $36,061 2033 $35,520 2034 $34,987 2035 $34,462 2036 $33,945 2037 $33,436 2038 $32,934 2039 $30,463 (c) c. The Village covenants and agrees that Excess Tax Increment eligible to be paid to Developer and held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until . The District shall not be terminated prior to the TID Closure Date closure date unless the Municipal Revenue Obligation of $500,000 has been paid. d. The Developer’s Lender may require the Developer to execute a collateral assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, and the Village’s consent may not be unreasonably withheld. e. Neither the Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal, or other property taxes. f. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a the written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer. The Village shall , in the principal amount up to Seven Hundred Six Thousand, Six Hundred Seventy Dollars ($706,670), and only be obligated to make payments under the Municipal Revenue Obligation to the extent that the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be , in the form attached hereto as Attachment C. The Village’s obligations C, under this Section shall be subject to the following terms and conditions: (a) The Municipal Revenue Obligation shall not bear any interest. (b) Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, received as of such Payment Date, Date Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. (bc) For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay to Developer the Excess Tax Increment that has been appropriated for that purpose by the Village Board in accordance with the requirements for revenue obligations. (cd) The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until said Municipal Revenue Obligation has been paid. The District shall not be terminated until the Municipal Revenue Obligation of $706,670 has been paid, or until the TID Closure Date or the conditions under Section B.4. have been satisfiedDate, whichever occurs firstfirst occurs.

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to six hundred thousand dollars ($600,000), at an annual interest rate of 4%. The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments described below and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: (a) a. Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment Date, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions paid in Section B.4 of this agreement have been satisfied full or the TID Closure Date, whichever occurs first. (b) b. For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or the conditions Municipal Revenue Obligation has been paid in Section B.4 of this agreement have been satisfiedfull, whichever occurs first. On each Payment Date, the Village shall pay make a principal payment on the Municipal Revenue Obligation, together with all accrued interest thereon, in accordance with the estimated schedule set forth below, but the Village shall not have any obligation to make any Municipal Revenue Obligation payment in any year in an amount in excess of the Excess Tax Increment. In the event that there is not sufficient Excess Tax Increment to make the full Municipal Revenue Obligation principal payment shown below, together with all interest accrued thereon, to the Developer in any year, it shall not be a default by the Village, but such deficiency amount shall remain payable to Developer on the next payment date that there is sufficient Excess Tax Increment to make such payment and shall be deemed the first amount paid on such next date, until all principal payments on the Municipal Revenue Obligation have been paid in full; provided however that if all principal and interest has not been paid to Developer by the TIF Closure Date, the Village shall have no further obligations to make payments hereunder or under the Municipal Revenue Obligations. Nov. 1, 2023 (Tax Year 2022) $150,000 Nov. 1, 2024 (Tax Year 2023) $150,000 Nov. 1, 2025 (Tax Year 2024) $150,000 Nov. 1, 2026 (Tax Year 2025) $125,000 Nov. 1, 2027 (Tax Year 2026) $25,000 c. To the extent the Excess Tax Increment that has been appropriated for that purpose by in any year exceeds the amount of any principal payments and accrued interest then due on the Municipal Revenue Obligation, Village Board in accordance with shall use such excess to make prepayment of principal on the requirements for revenue obligationsMunicipal Revenue Obligation. (c) d. The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until said Municipal Revenue Obligation has been paid. The District shall not be terminated until the Municipal Revenue Obligation of $600,000, together with interest thereon, has been paid, or until the TID Closure Date Date, whichever first occurs. e. The Developer’s Lender may require the Developer to execute a Collateral Assignment of this Agreement and the Municipal Revenue Obligation. Such assignment shall require the consent of the Village, and the Village’s consent may not be unreasonably withheld. f. The Village and Developer covenant and agree that neither the Municipal Revenue Obligation nor the Excess Tax Increment shall be used or applied, in whole or in part, to the conditions under Section B.4. payment or reimbursement of any real, personal or other property taxes. g. The Municipal Revenue Obligation payments shall not be included in the computation of the Village’s constitutional debt limitation, because the Municipal Revenue Obligations payments are limited and conditional, and no taxes have been satisfied, whichever occurs firstor will be levied for its payment or Excess Tax Increment or other taxes pledged to its payment. Nothing in this Agreement shall be deemed to change the nature of Village’s obligation from a limited and conditional obligation to a general obligation.