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201407626
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Last modified
12/11/2014 12:27:15 PM
Creation date
12/3/2014 2:54:11 PM
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DEEDS
Inst Number
201407626
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201407626 <br />If the Redeveloper purchases the Enhanced Employment Act Indebtedness, any shortfall <br />in anticipated Enhanced Employment Act Tax Revenues for any reason whatsoever, specifically <br />including a decline in taxable receipts within the Enhanced Employment Act Area shall be borne <br />entirely by the Redeveloper without recourse of any kind against the City and/or Authority. To <br />the extent of any deficiency in Enhanced Employment Act Tax Revenues from the occupation <br />tax for required debt service on the Enhanced Employment Act Indebtedness during the <br />Enhanced Employment Act Period, the Redeveloper as purchaser of the Occupation Tax <br />Revenue Bond agrees to defer payment of the same for each year that there exists a deficiency. If <br />Redeveloper is required to defer any such payments, the Authority shall reimburse all sums <br />deferred plus interest (at the same interest rate of the then outstanding Occupation Tax Revenue <br />Bond) if and when Enhanced Employment Act Tax Revenues do become available from the <br />occupation taxes of the businesses located within the Enhanced Employment Act Area to meet <br />current debt service and reimburse Redeveloper for such deferred payments. In the event the <br />Enhanced Employment Act Indebtedness for the Enhanced Employment Act Area are not retired <br />in full at the end of the Enhanced Employment Act Period, any remaining Enhanced <br />Employment Act Indebtedness shall be forgiven. In the event that any deficiency payments made <br />by the Redeveloper as required by this subsection or any interest that has accrued thereon have <br />not been repaid at the end of the Enhanced Employment Act Period, Redeveloper agrees that <br />neither the City or Authority shall not be liable for payment of said amounts and that said <br />amounts shall be forgiven. <br />Section 4.09 Duty to Maintain. <br />During the Enhanced Employment Act Period, Redeveloper, at its cost, subject to <br />reimbursement for Enhanced Employment Act Project Costs from any available Enhanced <br />Employment Act Proceeds as described herein, shall, following construction of the Enhanced <br />Employment Act Project (a) maintain the same in good order and condition and state of repair in <br />accordance with the prevailing standards from time to time for retail developments and <br />improvements of similar size, kind and quality in Grand Island, Nebraska, and (b) maintain the <br />related grounds in a safe and sanitary condition including, but not limited to, sweeping and <br />removal of trash, litter and refuse, repair and replacement of paving as reasonably necessary, <br />maintenance of landscaped areas (including replacement and replanting), removal of snow and <br />ice from sidewalks, driveways, parking areas, and private roadways, in order to keep the same <br />free from dilapidation or deterioration and free from conditions which endanger life or property <br />by fire or other causes. In addition, the Redeveloper's duty to maintain the Enhanced <br />Employment Act Project on the Enhanced Employment Act Area during the Enhanced <br />Employment Act Period shall include the following: <br />i. The standard of maintenance for the Enhanced Employment Act Area shall be <br />comparable to the standards of maintenance, repair and replacement followed in other good <br />quality retail developments in Grand Island, Nebraska. <br />ii. Maintaining, repairing and replacing all paved surfaces of the Enhanced <br />Employment Act Area in a reasonably smooth and evenly covered condition, which maintenance <br />work shall include, without limitation, cleaning, sweeping, restriping, repairing and resurfacing <br />any paved surfaces as reasonably necessary. <br />iii. Removing of all filth, paper and refuse to the extent necessary to keep the <br />Enhanced Employment Act Area in a clean and orderly condition. <br />Northwest Commons — Grand Island Mall, 2228 N Webb Rd <br />
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