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would be considered the first full calendar year after the Building Improvements are completed, <br /> the first Grant Payment would, therefore, be calculated based upon Real Property Taxes assessed <br /> in 2025 and would be paid by 2026. <br /> a. Number of Grant Payments Limited by Term of Agreement. Because the <br /> Term of this Agreement ends on September 5, 2032, notwithstanding any other provision <br /> in this Agreement, no Grant Payments will be made in connection with any Building <br /> Improvements beyond a single and final Grant Payment associated with completed <br /> Building Improvements in place as of January 1, 2032. For instance, if a Building <br /> Improvement is completed in 2031 and assessed at full value in 2032, Developer may <br /> request a Grant Payment for calendar year 2032,to be paid by 2033. After such payment, <br /> however,Developer will not be eligible to receive, and the City shall have no obligation to <br /> pay, a second or third Grant Payment associated with such Building Improvements. <br /> Similarly, if Developer completes Building Improvement in 2032, the full value of which <br /> will not be assessed until January 1, 2033, Developer shall not be eligible to receive, and <br /> the City shall have no obligation to pay a Grant Payment in connection with such Building <br /> Improvements. <br /> Section 4.02. Time for Payment. Grant Payments will be made by the City on or before <br /> March 31 of the calendar year immediately following the year in which the Real Property Taxes <br /> upon which the Grant Payment amount is based are assessed. For example, a Grant Payment that <br /> is based on the Real Property Taxes collected in 2025 for the year 2024 and would be paid by the <br /> City on or before March 31, 2025. Notwithstanding the foregoing, the City shall not be required <br /> to make a Grant Payment during any applicable year unless and until: <br /> a. the Real Property Taxes for the prior year are received by the City from the <br /> Tax Office; <br /> 7 <br />