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2016 25,000 <br />2017 25,000 <br />2018 25,000 <br />2019 25,000 <br />2020 30,000 <br />And in the amount of $30,000 for each calendar year after 2020 in which the obligation to may <br />Project Service Payments continues in effect under the TIF Ordinance. In lieu of making these <br />annual Incentive Payments, the Parties agree that Developer wilYhave the right to make a lump <br />sum payment of $225,000 to the City at the execution of this- evelopment Agreement. If such <br />lump sum payment is not made within ten (10) days aftenrtheeceipt of signatures of both Parties <br />to constitute execution of the Development Agreemenf�the Developer will be deemed to have <br />elected to proceed with the above schedule of Incentive Payments. <br />(0) If at any time prior to the maturity of the Bonds the City reasonably determines <br />that the Bonds can be refunded to reduce the Debt Service thereon and — thereby reduce the <br />Shortfall, if any, payable by the Replacement Guarantor during the remaining term of the <br />Exemption Period, the Developer agrees to pay or cause the Replacement Guarantor to pay the <br />cost of refunding the Bonds. Any bonds= or__other obligations issued to refund the Bonds are <br />referred to herein as "Refunding Bonds' <br />Section 6. Description and <br />(A) The Developer will construct- t1ie=AdditionalE:�Public Improvements and the <br />Additional Developer Improvements. <br />will construct the fifty one (51) townhouse Residential Units and <br />The Additional _Development Property will be subject to Restrictive Covenants. <br />"Restrictive oven ants" as)rscd herein shall mean the restrictive covenants filed against the <br />Additional Development Prope to establish a homeowners association to share in the cost of <br />maintenance, insurance and operations of all common areas on the Additional Development <br />Property, as more fully described on Exhibit attached hereto, consistent with all Applicable <br />Laws. The Restrictive Covenants shall run with the land in accordance with the terms of this <br />Agreement and shall be binding for the benefit and in favor of, and enforceable by the City, <br />against the Developer, the Builder, and their respective successors and assigns and any future <br />owner of the Residential Units within the Additional Development Property. The Restrictive <br />Covenants shall also include the obligation of the owners of the Residential Units within the <br />Additional Development Property, as successors in interest to the Developer and the Builder, to <br />make Project Service Payments. <br />Section 7. Progress Reports. <br />(03163827.DOCx;6 ) 11727136.4 (2026928v2) 11 <br />