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.
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.
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.
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.
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.
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.
