Common use of CERTIFICATION OF REGISTRATION Clause in Contracts

CERTIFICATION OF REGISTRATION. It is hereby certified that the foregoing Note, as originally issued on , 201 , was on said date registered in the name of ▇▇▇▇▇▇ Parkway Crossing, LLC and that, at the request of the Registered Owner of this Note, the undersigned has this day registered the Note in the name of such Registered Owner, as indicated in the registration blank below, on the books kept by the undersigned for such purposes. Name and Address of Date of Signature of ▇▇▇▇▇▇ Parkway Crossing, LLC , 201 Pursuant to Section 3.5 of this Agreement, the City shall reimburse the Developer an amount not to exceed $211,571 for items listed on this Ledger. Description of Activity Date Amount Signature of Representative of the City Soils Corrections This Development Agreement is intended to offset certain public improvements that the City installed and levied for to facilitate the ▇▇▇▇▇▇ Parkway Redevelopment Project. The Developer has requested that the City permit the Developer to assume the remaining Property Assessments on the Development Property. The City has agreed to the Developer assuming the remaining Property Assessments on the Development Property according to the following schedule: Year Principal Interest Total Balance 2015 $0.00 $0.00 $0.00 $206,180.58 2016 $13,706.32 $12,168.28 $25,874.60 $192,474.26 2017 $14,541.03 $11,333.57 $25,874.60 $177,933.23 2018 $15,426.58 $10,448.02 $25,874.60 $162,506.65 2019 $16,366.06 $9,508.54 $25,874.60 $146,140.59 2020 $17,362.75 $8,511.85 $25,874.60 $128,777.84 2021 $18,420.14 $7,454.46 $25,874.60 $110,357.70 2022 $19,541.93 $6,332.67 $25,874.60 $90,815.77 2023 $20,732.03 $5,142.57 $25,874.60 $70,083.74 2024 $21,994.62 $3,879.98 $25,874.60 $48,089.12 2025 $23,334.08 $2,540.52 $25,874.60 $24,755.04 2026 $24,755.04 $1,119.46 $25,874.50 $0.00 The remaining balance of the Property Assessments total $206,180.58. Pursuant to the terms of Section 3.5 of the Development Agreement, the City agrees to reimburse the Developer under Section 3.2 for the Property Assessments in an amount not to exceed $206,180.58 plus simple, non-compounded interest at 6.00% per annum. The Note shall be dated, issued and delivered when the Developer has demonstrated in writing to the reasonable satisfaction of the City that the Minimum Improvements to the Development Property have been completed, that the Developer has incurred and paid all costs, as described in and limited by Section 3.2, and that the Developer has otherwise complied with all City requirements for the Minimum Improvements and the terms and conditions of this Agreement. This Development Agreement is intended to offset extraordinary Soil Correction costs associated with construction of Minimum Improvements. The maximum City reimbursement for Soil Corrections is $211,571 plus simple, non-compounded interest at 4.00% per annum. Pursuant to the terms of Section 3.5 of the Development Agreement, the City shall reimburse the payments made by the Developer under Section 3.3 for the actual cost of the Soil Corrections in an amount not to exceed $211,571. The Note shall be dated, issued and delivered when the Developer has demonstrated in writing to the reasonable satisfaction of the City that the Soil Corrections have been completed, that the Developer has incurred and paid all costs, as described in and limited by Section 3.3, and that the Developer has otherwise complied with all City requirements for the Minimum Improvements and the terms and conditions of this Agreement.