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ARTICLE VI. <br /> TAX INCREMENT NOTE <br /> Section 6.1 Issuance of Tax Increment Note. The Developer represents that it <br /> has incurred and will incur sign cant costs in .. quiring the Development Property <br /> which are estimated to be at 1 st $ . In onsideration of this Agreement, the <br /> HRA agrees to reimburse up t $ of the.e costs, together with interest <br /> accruing thereon at 7.00%per . urn, as provi.ed in and subject to the provisions of <br /> the TIF Note substantially in the a r of E..- .it C hereto. The HRA shall issue the <br /> TIF Note and deliver the same to the Developer or the Developer's designee, as <br /> registered owner of the TIF Note, contemporaneously with the execution and delivery <br /> of a warranty deed conveying the Development Property to the HRA. <br /> The Developer covenants and agrees not to sell, transfer or convey the TIF <br /> Note without the express written consent of the HRA, which consent shall not be <br /> unreasonably withheld if the transferee executes and delivers to the HRA and the City <br /> an investment letter substantially in the form of Exhibit F hereto; provided, however, <br /> that the Developer may, without such consent, pledge or grant a security interest in the <br /> TIF Note to a lender as security for a loan, including the trustee for the Housing <br /> Bonds. The Developer acknowledges that neither the City nor the HRA make any <br /> representations as to the adequacy of tax increments available to pay the TIF Note. <br /> The TIF Note shall be payable solely from tax increment from the TIF District <br /> received by the HRA to the extent provided in Section 6.2 hereof and neither the City <br /> nor the HRA shall be liable on the TIF Note, nor shall the TIF Note be payable out of <br /> any funds or properties of the City or HRA except for said tax increment. <br /> Section 6.2 Tax Increment Available for TIF Note. The Note shall be paid <br /> solely from tax increment from the TIF District as set forth in the TIF Note. Only the <br /> amounts specifically required to be paid thereon shall be due and payable, regardless <br /> of whether the TIF Note has been paid in full. <br />