TIF Note Sample Clauses

TIF Note. (1) The TIF Note shall be dated as of its date of issuance and will be originally issued to the Developer in an aggregate principal amount equal to the Reimbursement Amount. The principal of the TIF Note shall be payable on a pay-as-you-go basis solely from the Pledged Tax Increments as provided below. (2) The TIF Note shall be issued in substantially the form attached hereto as Exhibit D and only when: (A) the Developer shall have submitted written proof and other documentation as may be reasonably satisfactory to the Authority of the exact nature and amount of the Public Development Costs incurred by the Developer, together with such other information or documentation as may be reasonably necessary and satisfactory to the Authority to enable the Authority to substantiate the Developer’s tax increment expenditures per Exhibit C and/or to comply with its tax increment reporting obligations to the Commissioner of Revenue, the Office of the State Auditor or other applicable official. The documentation shall include specific invoices for the particular work from the contractor or other provider and shall include paid invoices, copies of remittances and/or other suitable documentary proofs of the Developer’s payment thereof; (B) the Developer shall have obtained from the City a certificate of occupancy for all residential units in the Project and a Certificate of Completion as provided in this Agreement; (C) the Developer shall have paid all of the Authority’s Administrative Costs required to have been paid as of such date in accordance with Section 3.4 hereof; (D) the Developer has submitted a signed Acknowledgement Regarding the TIF Note as set forth in Exhibit 2 attached to the form of the TIF Note attached hereto as Exhibit D; and (E) the Developer is in material compliance with each term or provision of this Agreement required to have been satisfied as of such date. (3) No interest will accrue on the TIF Note. Principal on the TIF Note will be payable on each Payment Date; however, the sole source of funds required to be used for payment of the Authority’s obligations under this Section and correspondingly under the TIF Note shall be the Pledged Tax Increments received in the 6-month period preceding each Payment Date. The principal amount of TIF Note shall be the Reimbursement Amount. On each Payment Date the Pledged Tax Increment shall be applied to reduce the principal. All Tax Increments in excess of the Pledged Tax Increments necessary to pay the pri...
Sample 1See All (6)
TIF Note. (1) The TIF Note will be originally issued to the Developer, as provided in Section 3.2(2), in a principal amount equal to the Reimbursement Amount and shall be dated as of its date of issuance. The principal of the TIF Note and interest thereon shall be payable on a pay-as-you- go basis solely from the Pledged Tax Increments as provided below. (2) The TIF Note shall be issued, in substantially the form attached hereto as Exhibit C and interest will begin to accrue on the TIF Note only when: (A) the Developer shall have submitted paid invoices or other written proof and other documentation as may be reasonably satisfactory to the City of the exact nature and amount of the Public Redevelopment Costs incurred by the Developer, together with such other information or documentation as may be reasonably necessary and satisfactory to the City to enable the City to substantiate the Developer’s tax increment expenditures for Public Redevelopment Costs and/or to comply with its increment reporting obligations to the Commissioner of Revenue, the Office of the State Auditor or other applicable official; (B) the Developer shall have obtained a certificate of occupancy from the City for the Minimum Improvements and a Certificate of Completion as provided in this Agreement;
Sample 1
TIF Note. Subject to the conditions set forth in Section 3.3(a)(iii), the Authority’s originally executed TIF Note to Developer or the TIF Lender.
Sample 1
TIF Note. The TIF Note and the payments due thereunder have been assigned and endorsed to the Developer. The parties acknowledge the Developer is the holder of the TIF Note and is entitled to all payments from the City due thereunder. If it is determined that the TIF Note has been lost or misplaced, the City will execute a replacement TIF Note under the same terms of the original.
Sample 1
TIF Note. In order for Developer to obtain the TIF Assistance contemplated by this agreement, the Authority shall issue, subject to the terms and conditions of this Agreement, one “pay-as-you-go” TIF note (“TIF Note”) in substantially the form attached as Exhibit L and in the aggregate maximum principal amount of up to $2,295,000.00. The TIF Note shall bear simple interest on the unpaid principal balance thereof at a fixed rate equal to the lesser of (i) the rate of interest charged by the lender providing the initial permanent financing for the Minimum Improvements which is secured by a first priority Mortgage on the Minimum Improvements Area, which rate shall be calculated once as of the date of permanent financing, or (ii) 5.0% per annum. If permanent financing is not in place as of the date of issuance of the TIF Note, the interest rate shall be fixed at 5.0% and not subsequently changed upon obtaining permanent financing. Payments upon and accrual of interest on the unpaid principal balance of the TIF Note will commence upon the Authority’s issuance of the TIF Note.
Sample 1
TIF Note. The TIF Note shall be dated as of the Issue Date (defined below) and will be originally issued to Developer in a principal amount equal to the Reimbursement Amount, subject to reduction as set forth in Section 12.6(e). The principal of the TIF Note and interest thereon shall be payable solely from the Pledged Tax Increments as provided below. The TIF Note shall be a special and limited obligation of the Authority and not a general obligation of the Authority, and only Pledged Tax Increments shall be used to pay the principal of and interest on the TIF Note.
Sample 1
TIF Note. To perfect the Lender’s security interest in the TIF Note, the Developer shall deliver the TIF Note directly to the Lender, and the Developer shall execute and deliver to the Lender an allonge to the TIF Note, all to be held pursuant to the terms of this Agreement. The Developer authorizes and directs that in the event that (i) an Event of Default shall have occurred under the Loan Documents, and (ii) Lender shall have given written notice of such Event of Default to City, then upon receipt of such Notice and the form of the TIF Note to be re-registered or re-issued in the name of the Lender the City shall thereafter make all payments under the TIF Note directly to the Lender, to be applied by the Lender to amounts owing under the Lender Replacement Note until payment in full of the Replacement Note. The City shall be fully protected and held harmless by the Developer in making payments under the TIF Note to the Lender and the City shall have no responsibility or liability to the Developer for any payments made to the Lender. The Developer shall indemnify and hold harmless the City for any losses, claims, liabilities and expenses incurred by the City arising from this Agreement. The Developer and the Lender certify to the City that the transfer of the TIF Note from the Developer to the Lender as provided herein is exempt from registration and prospectus delivery requirements of federal and applicable state securities laws.
Sample 1

Related to TIF Note

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