1992 AGN MAR 03 I13 - Laserfiche WebLink

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SENT BY: ; 2-27-92 ; 4:53PM ; 7146821832-+ 7143705154;# 3 years after the Price Club opens for business on the Site, the Agency is entitled to a compensatory payment. (D) The Redeveloper wishes to open new Price Clubs within the twelve (12) mile radius. One of such Price Clubs would be located in the City of Rancho Cucamonga. (E) The Redeveloper wishes to amend the DDA by eliminating Section 9.1 thereof, which would require the Redeveloper to make a compensatory payment if a. new Price Club were to open within the twelve (12) mile radius. (F) Exhibit M" to the DDA at Paragraph A2(a) and the Original Notes provide, in part, that the Original Notes are a general obligation of the Agency and are secured by an irrevocable and first pledge of Tax Revenues. Payments by the Agency on the Original Notes in each Note Year to the Redeveloper are, therefore, required to be equal to fifty percent (50%) of all sales or use taxes paid to the Agency or City arising from all business and other activities on the Site. (G) The Agency wishes to reduce its payments on the Original Notes to an amount equal to thirty-one percent (31%) of all sales or use taxes paid to the Agency or the City arising from all business and other activities on the Site. (H) The Redeveloper wishes to eliminate the fifteen (15) year term limit on the Original Notes and the forgiveness of any remaining balance then due and owing as referred to in Paragraph A2(c) in Exhibit "D" to the DDA. NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree that the 'DDA is amended as follows: 1. The above Recitals are incorporated and made part of this Amendment. 2. All words and phrases, used herein shall have the same meaning as defined in the DDA or Exhibit "D" to the DDA unless otherwise indicated. 3. All references to section numbers herein shall mean the section numbers of the DDA and all paragraph numbers shall mean the paragraph numbers of Exhibit "D" to the DDA unless otherwise indicated. 4. The provisions of this Amendment shall not become effective unless and until a new Price Club is opened for business within a twelve (12) mile radius of the Site (the "Effective Date"). d"),96979 —2—