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in arrears, the Term of this Agreement will be deemed extended until any <br />Chapter 380 Payments <br />have been paid by the City to the <br />Owner. Notwithstanding the above, all conditions and standards set forth <br />in this Agreement shall be perpetual and shall not terminate pursuant to <br />the provisions set forth above. <br />2.5 Paragraph 6.2 of the Agreement is hereby amended to read as follows: <br />6.2 Chapter 380 Payments <br />a. Ad Valorem Tax Refund. Beginning with the year <br />immediately following the Ad Valorem Tax Effective Date, and annually <br />thereafter, City shall pay to Owner on or before February 28 of each year, <br />from receipts of Ad Valorem Tax Revenues, 80498% of the Ad ;Wepem <br />abeg the Increased Ad Valorem Tax Revenues smwaib until (i) the <br />Maximum Reimbursement Amount is paid to Owner by City from the <br />sources contemplated by this Agreement, (ii) final payment has been made <br />by the City to the Owner as provided hereunder for the fifth calendar ,year <br />after the Ad Valorem Tax Effective Date <br />, even if the Maximum <br />Reimbursement Amount has not been paid or (iii) termination of this <br />Agreement by City as provided herein, whichever occurs first; i <br />S"@h 48p <br />b. Sales Tax Refund. Beginning with the first year (Year <br />One as defined below) after the Sales Tax Effective Date, and annually <br />thereafter, the City shall pay to the Owner 100% of the first $1,000,000.00 <br />in Sales Tax Revenues during the applicable year, less $500,000.00, plus <br />50% of all Sales Tax Revenues over $1,000,000.00 during t_he applicable <br />year until (i) the Maximum Reimbursement Amount has been paid to <br />Owner by City from the sources contemplated by this Agreement, (ii) final <br />payment has been made by the City to the Owner as provided hereunder <br />for the fifth year after the Sales Tax Effective Date, even if the Maximum <br />Reimbursement Amount has not been paid or (iii) termination of this <br />Agreement by City as provided herein, whichever occurs first. For <br />purposes of determining the five year period provided in subsection (ii) <br />this para rg^aph, the first year of such term will be deemed to include the <br />period beginning on the date Target, JCPenney and Bealls are open for <br />business through December 31, 2010 ("Year One"). Owner shall submit <br />a request for payment for the period from January 1 through June 30 and