Common use of Reimbursement: TIF Note Clause in Contracts

Reimbursement: TIF Note. The EDA shall reimburse the costs identified in Section 3.1(1) through the issuance of the EDA's TIF Note in substantially the form attached to this Agreement as Exhibit B, subject to the following conditions. (1) The TIF Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the EDA that (i) the construction of the Project has been completed; and (ii) that the Developer has incurred and paid the costs of the correction of the Soil Deficiencies, as described in and limited by Section 3.1(1) and shall have submitted paid invoices for the costs of correcting the Soil Deficiencies. The principal amount of the TIF Note shall equal the sum of (a) $700,000, or (b) the actual costs of the correction of the Soil Deficiencies actually incurred and paid. (2) The unpaid principal of the TIF Note shall bear simple non-compounding interest from the date of issuance of the TIF Note, at the lesser of 4.75% per annum or the interest rate on the financing that the Developer obtains for the construction of the Project. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. (3) The principal amount of the TIF Note and the interest thereon shall be payable solely from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the EDA shall pay, against the principal and interest outstanding on the TIF Note, Tax Increments received by the EDA during the preceding six (6) months. All such payments shall be applied first to accrued interest and then to reduce the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the EDA and not a general obligation of the EDA, and only Tax Increments shall be used to pay the principal and interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference shall be carried forward, with interest accruing thereon, and shall be paid if and to the extent that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the TIF Note. (6) The EDA's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and in such event the EDA’s obligation to make payments shall be suspended until such Event of Default is cured or this Agreement has been terminated, and (B) this Agreement shall not have been rescinded pursuant to Section 4.2. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.3, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the EDA of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the EDA.

Reimbursement: TIF Note. The EDA shall reimburse the costs identified in Section 3.1(1) through the issuance of the EDA's TIF Note in substantially the form attached to this Agreement as Exhibit B, subject to the following conditions. (1) The TIF Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the EDA that (i) the construction of the Project has been completed; (ii) the correction of the Soil Deficiencies has been completed; and (iiiii) that the Developer has incurred and paid the costs of the correction acquisition of the Soil DeficienciesDevelopment Property, as described in and limited by Section 3.1(1) and shall have submitted paid invoices for a settlement statement or other evidence of payment of the costs of correcting the Soil DeficienciesDevelopment Property. The principal amount of the TIF Note shall equal the sum lesser of (a) $700,000965,000, or (b) the actual costs of the correction acquisition of the Soil Deficiencies Development Property actually incurred and paid. (2) The unpaid principal of the TIF Note shall bear simple non-compounding interest from the date of issuance of the TIF Note, at the lesser of 4.756.00% per annum or the interest rate on the financing that the Developer obtains for the construction of the Project. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. (3) The principal amount of the TIF Note and the interest thereon shall be payable solely from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the EDA shall pay, against the principal and interest outstanding on the TIF Note, Tax Increments received by the EDA during the preceding six (6) months. All such payments shall be applied first to accrued interest and then to reduce the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the EDA and not a general obligation of the EDA, and only Tax Increments shall be used to pay the principal and interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference shall be carried forward, with interest accruing thereon, and shall be paid if and to the extent that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the TIF Note. (6) The EDA's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and in such event the EDA’s obligation to make payments shall be suspended until such Event of Default is cured or this Agreement has been terminated, and (B) this Agreement shall not have been rescinded pursuant to Section 4.2. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.3, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the EDA of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the EDA.

Reimbursement: TIF Note. The EDA shall reimburse the costs identified in Section 3.1(1) through the issuance of the EDA's TIF Note in substantially the form attached to this Agreement as Exhibit B, subject to the following conditions. (1) The TIF Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the EDA that (i) the construction of the Project has been substantially completed, as evidenced by the issuance of a certificate of occupancy (whether temporary or permanent); and (ii) that the Developer has incurred and paid the costs of the correction of the Soil Deficiencies, as described in and limited by Section 3.1(1) and shall have submitted paid invoices for the costs of correcting the Soil Deficiencies. The principal amount of the TIF Note shall equal the sum of the lesser of (a) $700,000600,000, or (b) the actual costs of the correction of the Soil Deficiencies actually incurred and paid. (2) The unpaid principal of the TIF Note shall bear simple non-compounding interest from the date of issuance of the TIF Note, at the lesser of 4.755.00% per annum or the interest rate on the financing that the Developer obtains for the construction of the Project. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. (3) The principal amount of the TIF Note and the interest thereon shall be payable solely from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the EDA shall pay, against the principal and interest outstanding on the TIF Note, Tax Increments received by the EDA during the preceding six (6) months. All such payments shall be applied first to accrued interest and then to reduce the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the EDA and not a general obligation of the EDA, and only Tax Increments shall be used to pay the principal and interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference shall be carried forward, with interest accruing thereon, and shall be paid if and to the extent that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the TIF Note. (6) The EDA's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and in such event the EDA’s obligation to make payments shall be suspended until such Event of Default is cured or this Agreement has been terminated, and (B) this Agreement shall not have been rescinded pursuant to Section 4.2. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.33.4, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the EDA of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the EDA.

Reimbursement: TIF Note. The EDA shall reimburse the costs identified in Section 3.1(1) through the issuance of the EDA's TIF Note in substantially the form attached to this Agreement as Exhibit B, subject to the following conditions. (1) The TIF Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the EDA that (i) the construction of the Project has been completed; (ii) the correction of the Soil Deficiencies has been completed; and (iiiii) that the Developer has incurred and paid the costs of the correction acquisition of the Soil DeficienciesDevelopment Property, as described in and limited by Section 3.1(1) and shall have submitted paid invoices for a settlement statement or other evidence of payment of the costs of correcting the Soil DeficienciesDevelopment Property. The principal amount of the TIF Note shall equal the sum lesser of (a) $700,000958,000, or (b) the actual costs of the correction acquisition of the Soil Deficiencies Development Property actually incurred and paid. (2) The unpaid principal of the TIF Note shall bear simple non-compounding interest from the date of issuance of the TIF Note, at the lesser of 4.756.00% per annum or the interest rate on the financing that the Developer obtains for the construction of the Project. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. (3) The principal amount of the TIF Note and the interest thereon shall be payable solely from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the EDA shall pay, against the principal and interest outstanding on the TIF Note, Tax Increments received by the EDA during the preceding six (6) months. All such payments shall be applied first to accrued interest and then to reduce the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the EDA and not a general obligation of the EDA, and only Tax Increments shall be used to pay the principal and interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference shall be carried forward, with interest accruing thereon, and shall be paid if and to the extent that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the TIF Note. (6) The EDA's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and in such event the EDA’s obligation to make payments shall be suspended until such Event of Default is cured or this Agreement has been terminated, and (B) this Agreement shall not have been rescinded pursuant to Section 4.2. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.3, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the EDA of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the EDA.

Reimbursement: TIF Note. The EDA shall reimburse the costs identified in Section 3.1(1) through the issuance of the EDA's TIF Note in substantially the form attached to this Agreement as Exhibit B, subject to the following conditions. (1) The TIF Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the EDA that (i) the construction of the Project has been completed; (ii) the correction of the Soil Deficiencies has been completed; and (iiiii) that the Developer has incurred and paid the costs of the correction acquisition of the Soil DeficienciesDevelopment Property, as described in and limited by Section 3.1(1) and shall have submitted paid invoices for a settlement statement or other evidence of payment of the costs of correcting the Soil DeficienciesDevelopment Property. The principal amount of the TIF Note shall equal the sum lesser of (a) $700,000504,000, or (b) the actual costs of the correction acquisition of the Soil Deficiencies Development Property actually incurred and paid. (2) The unpaid principal of the TIF Note shall bear simple non-compounding interest from the date of issuance of the TIF Note, at the lesser of 4.756.00% per annum or the interest rate on the financing that the Developer obtains for the construction of the Project. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. (3) The principal amount of the TIF Note and the interest thereon shall be payable solely from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the TIF Note, the EDA shall pay, against the principal and interest outstanding on the TIF Note, Tax Increments received by the EDA during the preceding six (6) months. All such payments shall be applied first to accrued interest and then to reduce the principal of the TIF Note. (5) The TIF Note shall be a special and limited obligation of the EDA and not a general obligation of the EDA, and only Tax Increments shall be used to pay the principal and interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference shall be carried forward, with interest accruing thereon, and shall be paid if and to the extent that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the TIF Note. (6) The EDA's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and in such event the EDA’s obligation to make payments shall be suspended until such Event of Default is cured or this Agreement has been terminated, and (B) this Agreement shall not have been rescinded pursuant to Section 4.2. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.3, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the EDA of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the EDA.