97-19 AUTHORIZING REDEVELOPMENT AGREEMENT Southeast Plaza

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' � � / 1 . • ,� � , ( 1 .- t r � �� ' ' � ' 2. Promise to Pay. Subject to the limitations contained in the Redevelopment ' - ' ' Agreement, the City promises to pay to the order of PA'YEE, in accordance with the terms and ' conditions of this Note, the principal sum of$ , together with interest on the _ balance of such principal sum outstanding from time to time at a rate that is equal to 200 basis points below::the rate of interest announced from time to time in Chicago, Illinois, by the First National Bank of Chicago as its "corporate base rate" of interest if non-tarcable and equal to the rate of interest announced from time to time in Chicago, Illinois, by the First National Bank of Chicago as its corpotate base rate of interest if taxable::or such other interest rate as the City and Developer may hereafter agree upon.(as hereinafter defined).) 3. Pledge of. and Lien on, Tag Increment Denosited in Saecial Tag Allocation Fund. THIS NOTE SHALL BE PAYABLE FROM AND SECURED BY A PLEDGE OF, AND LIEN ON, THE TAX INCREMENT DEPOSITED FROM TIlVIE TO TIME 1N TI� FUND SUB-ACCOUNT. SUCH PAYMENT, PLEDGE AND LIEN SHALL BE SUBJECT AND SUBORDINATE ONLY TO TI�PRIOR PAYMENTS, PLEDGES AND LIENS PROVIDED FOR IN THE REDEVELOPMENT AGREEMENT. 4. Payments. Payments on account of the indebtedness evidenced by this Note shall be made as set forth below, subject to the limitations contained in the Redevelopment Agreement, including, without limitation, the requirement that Tax Increment be available for such purpose. All principal and interest amounts then outstanding shall be due and payable, subject to the remaining provisions of this Paragaph 4, on the twentieth(20th) anniversary date of this Note (the"Maturity Date"). Prepayments on the principal balance and interest obligations of this Note sha11 be due in each year during which payrnents are or remain due PAYEE hereunder on the thirtieth(30th) day following the date on which Ta1c Increment is deposited into the Fund Sub- Account as provided in the Redevelopment Agreement (a"Payment Date")to the extent monies are in the Fund Sub-Account and available for such purpose. Payments on this Note shall continue, subject to the terms hereof, until all principal and interest obligations due hereunder have been satisfied in full;�r until the$3 million cap on eligible project costs associated with Phase I, including a11 interest which accrues attributable to Phase I, should this Note be issued for Phase I eligible project costs. Notwithstanding anything to the contrary herein contained, this Note shall be canceled automatically on April , 2020, or when a11 obligations are met under Article V of the executed Redevelopment Agreemerrt, even if the sum of all payments received prior to that date by PAYEE hereunder do not satisfy in full such principal and interest obligations. Payments on this Note made from monies deposited in the Fund Sub-Account sha11 be applied to reduce the outstanding principal balance and interest obligations hereof. Payments made under this Note sha11 be in the amount of all monies in the Fund Sub-Account on each Payment Date to the extent that said monies are available to reimburse PAYEE for the sums due hereunder. To the extent the City executes and delivers other Special Tax Increment Revenue Notes pursuant to the terms of the Redevelopment Agreement, payments of principal and interest obligations coming due on such other Special Tax Increment Revenue Notes shall be made prior to the payment of principal and interest obligations coming due on this Note if such other Special