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~lt~lltl tl~e area lden~lfied ill tl~e Stte ap coat ~~ss c~~~t ~}s~ "~.,Ot~ ec~at ~`~at ~lsx and <br /> ".~1ras ~'SAet~c,~} Loar~" is defined its Section 314,2, <br /> "~~~rrs ~ t~fsr~~e ~'~nsi~ ~r~fe" trleat~ tie last date t~~e first losing ~~ith respect to <br /> Phase ~S lnay occ~lr as described its ectian 20 ~ <br /> ".~~rrrs~~ ~f~~~~tiss~t~~ afc" meats a Pt~otnissot'y Nate that sets forth the De~elol~el4's <br /> abligatiol~ to repay the Phase PS Agency 1Joan in the for~n ~~l~ich is attached l~et'eto as <br /> Attachment Na, atad il~corporated herein by re'erence. <br /> ".~1~~rs~ shall tnean the Phase of constr~~ctiot~ off' tl~e Project ~~hich shail include tl~e <br /> de~reloptnent of approxi~nately seventy foal' X74} Rental I~nlts an the Rental Portion of the <br /> Property, Specifically Phase R- ~ ~~rill be cor~str~lcted ~~Tltl]1? tl~e area idet~tiied ol~ the Site 1Viap <br /> ~S iiJ..a~t .l <br /> "P~~c~s~ ~R~ ~ertc~a Latrrt" is de~~~ed its Sectiol~ 314, <br /> "~~r~~se ~rr~sid~ ~~o~;r'r~ ~a~~" ~neal~s #l~e lasf date the Phase R~ 1 ~losit~g tna~ acc~tr <br /> as described its ect~o~~ 201 <br /> `{~'lrc~~~ .Rye ~'xro~~r`sso~~~ and "P1~~rse ~'r~o~~~~s~~~~~~ ale" tneal~s, in the case of <br /> each of Phase R-~ and Phase R~2, a pt~an~issory Dote that sets `arch Elie Developer}s ob~ia#ion to <br /> repay tl~e Phase R- ~ Agency l~oat~ al~d the Phase R-~ Age~~cy Laarl, respectively, tl~e forln a~' <br /> ~~l~ich is attached hereto as Attachment No. 8B at~d il~carpot'ated l~ereill ley re~'ere~ice, Each <br /> Pron~issaty Note s~all dear silnple i~~terest at the rate of ot~e pelce~~t {~°~o} per annum, <br /> comn~encil~g upal~ the dale of fi~t~ding ut~dez' such Pro~nissory Note and shall be for a tel'ln <br /> erldit~g ol~ repayment in full of tho Note butt i~~ no er~el~t later thal~ the earlie~~ to acc~tt4 0~ ~a} fi~y- <br /> eighth ~~8t1~~ year a~eti recol'datlan of the Release of ~or~structiot~ ovel~al~ts, or fib} I~ecelnber <br /> 3 ~7, on ~~hich date all principal and accrued but unpaid intet'est shall be paid in full. Each <br /> <br /> Note shall be t~ot~-recaurse to the I~e~eloper~ Each P1'otniso~*y Note shall be payable fi'atrl a <br /> <br /> pardon of "Residual Receipts" get~et+ated by tl~e Phase to ~~rl~icl~ such Prol~~issat'y Nate relates as <br /> set Earth In Section 1 and shall be secured by a~~ Agency 1~eed of 'rust. <br /> ;`~~r~rse .Rye"shall lneal~ tl~e Phase of cot~structian of tl~e Pto~ect, ~vl~ich shall irlcl~~de the <br /> developl~~el~t of ppraximatel~x fot~ty ~~a} Rental ~~lits on the Rental Par~iot~ of tl~e ~'t'opet•t,~ al~d <br /> shall include any Additianal Pt~opcrtles desigl~ated far Phase R~2 ~~lllcll ate added to the Project <br /> <br /> pursual~t to Section 207 herea', Specifically, Phase ~.«2 ~~rtll be co~~structed ~vlthin file area <br /> identified ~n tale Slt~ dap as {`Lai sss cc~Ot 3"and ccL~t ~Fss <br /> "~~~c~se A~r~c~~ .~Of~~t" is defi~~ed in Section 314, I, <br /> ".~~~crs~ - ~r~tsic~~ Iasir~ ~~rfe" means tl~e last date the Pllase R-2 Clasil~ tray occur <br /> as described 11~ Section 201.4. <br /> "~r~ojec~~~~~u" rneatrs the project area far the Redeveloptnel~t Plan <br /> 9 <br /> <br />