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4. Unpaid Balance. The Periodic Repayment Amount, plus interest as described <br />above (collectively, the "Unpaid Balance"), is payable to the Owner and secured under this <br />Reimbursement Agreement solely as described herein. No other City funds, revenue, taxes, <br />income, or property shall be used even if the Unpaid Balance is not paid in full at the Maturity <br />Date. The City acknowledges and agrees that until the Unpaid Balance is paid in full, the <br />obligation of the City to use the PID Project Fund to pay the Unpaid Balance to Owner is <br />absolute and unconditional and that the City does not have, and will not assert, any defenses to <br />such obligation. <br />5. City Collection Efforts. The City will use all reasonable efforts to receive and <br />collect PID Special Assessment Revenue (including the foreclosure of liens resulting from the <br />nonpayment of the PID Special Assessments created by the Improvement PID Bonds, the PID <br />Special Assessments or other charges due and owing under the SAP), and upon receipt and <br />collection, immediately deposit the same into the PID Project Fund. Notwithstanding its <br />collection efforts, if the City fails to receive all or any part of the PID Special Assessments, such <br />failure and inability shall not constitute default by the City under this Reimbursement <br />Agreement. This Reimbursement Agreement and/or the Public Improvement PID Bonds shall <br />never give rise to or create: <br />a, a charge against the general credit or taxing powers of the City or any other taxing <br />unit; or <br />b, a debt or other obligation of the City payable from any source of revenue, taxes, <br />income, or properties of the City other than from the PID Special Assessments or <br />from the net proceeds of the Public Improvement PID Bonds. <br />6. Process for Payment of the Periodic Repa m� ent Amount. After completion of <br />construction of the Public Improvements, Owner may submit (but not more frequently than <br />monthly) to the City a written request for payment from the PID Project Fund in the form <br />attached hereto as Schedule 1 (each a "Payment Request") to disburse a portion of the Periodic <br />Repayment Amount to pay for the cost of constructing the applicable Public Improvements. <br />Each Payment Request shall designate the Public Improvements (or portion thereof) to which the <br />Payment Request pertains. This process will continue until the Unpaid Balance is paid in full, <br />whether through the issuance of Public Improvement PID Bonds or not. <br />7. Issuance of Public Improvement PID Bonds. Upon completion of the Public <br />Improvements, the City intends to issue Public Improvement PID Bonds to reimburse the <br />Developer for the Unpaid Balance. If the Public Improvement PID Bonds are not sufficient to <br />fully reimbursement the Developer for the Unpaid Balance, or if Owner does not submit a Bond <br />Issuance Request (as defined in the PTD Finance Agreement) then, in addition to receiving the <br />net proceeds of the Public Improvement PID Bonds, the Owner may continue to receive the <br />Periodic Repayment Amounts. <br />8. Termination. Once all payments paid to the Owner under this Reimbursement <br />Agreement (including net proceeds of the Public Improvement PID Bonds) equal the Unpaid <br />112 <br />