Payment in Lieu of Taxes. Redeveloper agrees to make payments in lieu of taxes, immediately upon receipt of notice from Village, if for any reason at any time TIF Revenues received by the Village are not sufficient to pay principal and interest on the TIF Indebtedness when due. This payment in lieu of tax obligation may be represented by a note or other evidence of indebtedness and shall, if required by Village, be secured by a mortgage or deed of trust on the Redevelopment Area in favor of the Village.
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Payment in Lieu of Taxes. Redeveloper agrees to make payments in lieu of taxes, immediately upon receipt of notice from Village, if for any reason at any time TIF Revenues received by the Village are not sufficient to pay principal and interest on the TIF Indebtedness when due. This payment in lieu of tax obligation may be maybe represented by a note or other evidence of indebtedness and shall, if required by Village, be secured by a mortgage or deed of trust on the Redevelopment Area in favor of the Village.
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