97-19 AUTHORIZING REDEVELOPMENT AGREEMENT Southeast Plaza

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__ -' ' � , _ y - , � ' ` ' of each year, and such additional amounts of principal shall thereafter beaz interest in the � � same manner and at the same rate as the unpaid principal balance of such Notes. All � Notes shall mature on or before the termination date of the Ta�c Increment Financing District. Monies available to pay principal and interest obligations on outstanding Notes sha11 be applied first to the earliest dated of the outstanding Notes and thereafter to all subsequently dated outstanding Notes with the most recently dated Notes being paid last. In the event that the Developer incurs eligible costs and a Note is issued in a year in which the City has, or intends to exceed its $10 million government purpose obligarion limit (or then applicable limit), the Developer agrees said Note sha11 be taxable, or at the Developer's option the Note may be issued in a subsequent year. (b)No notes, as described in subparagraph (a)hereof, shall be issued until the Developer fumishes the City with a written opinion from the law firm of Chapman& Cutler, 111 West Monroe Street, Chicago, Illinois, or other nationally-recognized bond counsel acceptable to the City, that such notes, as issued, in form and substance, are in full compliance with all federal and state requirements for issuance of municipal debt, including but not limited to all applicable provisions of the United States Internal Revenue Code, and that such notes are in full compliance with all of the provisions of this Agreement, including but not lunited to all limitations on the amount of reimbursement due, including interest thereon, and that such will not impair the City's ability to issue other debt. ( c)Notes issued pursuant to the provision hereof may be assigned by the Developer to any of its lenders as collateral, but may not be assigned or sold thereafter by ' said lender or to any other person, firm, or corporation except for lenders parent lending institution. j 6. The City shall also reimburse Developer for interest costs incurred by I!, Developer on funds borrowed in connection with the redevelopment of the property, the i� undertaking of the Project and the construction of the property. SUCH I REIMBURSEMENT OBLIGATION SHALL BE A LIMITED OBLIGATION OF THE CITY PAYABLE ONLY FROM TAX INCREMENT AVAILABLE FOR SUCH PURPOSE UNDER THE PROVISIONS OF THIS AGREEMENT. If, in any year during the term of this Agreement, Developer is not reimbursed for all Interest Costs of which Developer is enritled to reimbursement as a result of an insufficient amount of T� Increment being available in the Special Tax Allocation Fund for said yeaz, said unreimbursed Interest Costs shall be paid from the Tax Increment deposited in the Special Tax Allocation Fund in the following year(and if necessary, in subsequent years) and the obligation to reimburse Developer for previously unreimbursed Interest Costs shall continue in effect and accrue until paid or the term of the TIF District and receipt by the City of increment, whichever occurs first. Developer shall provide the City with such evidence of payment of interest costs as the City shall reasonably require to enable the City to reimburse Developer therefor as herein provided. Reimbursement of Interest 9