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seeking reimbursement; (v) submits to the City <br />evidence, reasonable acceptable to the City, that <br />Developer paid those invoices from a source or sources <br />other than the proceeds of the City Loan; and (vi) <br />Developer in not in default in the performance of <br />Developer's obligations under this Agreement, the City <br />will insert the amount established pursuant to Section <br />7.1 in the TIF Note, insert the interest rate as established <br />pursuant to Section 7.3, execute and date the TIF Note <br />and deliver the TIF Note to Developer <br />Section 7.3 Interest. As set forth in the TIF <br />Note, the unpaid principal amount of the TIF Note shall <br />bear simple, non - compounding interest from the date of <br />issuance of the TIF Note at 6.25% per annum Interest <br />shall be computed on the basis of a 360 day year <br />consisting of twelve (12) 30 -day months. The principal <br />amount of the TIF Note and the interest thereon shall be <br />payable solely from the Tax Increments. <br />Section 7.4 Payments. On each TIF Note <br />Payment Date and subject to the provisions of the TIF <br />Note, the City shall pay, against the principal and <br />interest outstanding on the TIF Note, the Tax Increments <br />the City actually received during the preceding six <br />months. All such payments shall be applied first to pay <br />accrued, unpaid interest and then to reduce the principal <br />of the TIF Note. <br />Section 7.5 TIF Note Shall Be a Limited <br />Obligation of the City. The TIF Note shall be a special <br />and limited obligation of the City and not a general <br />obligation of the City, and only Tax Increments shall be <br />used to pay the principal of and interest accruing on the <br />TIF Note. <br />Section 7.6 Conditions Subsequent. The City's <br />obligation to make payments on the TIF Note on any <br />TIF Note Payment Date or any date thereafter is <br />conditioned upon the requirements that (i) there shall not <br />be, at the time payment is due, any Event of Default that <br />has occurred and is continuing; and (ii) the City shall not <br />have canceled and rescinded the TIF Note pursuant to <br />Section 14.2(c). <br />Section 7.7 Terms of the TIF Note. The TIF <br />Note shall be governed by and payable pursuant to the <br />13 <br />