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additional terms thereof, as set forth in Exhibit B. In the <br />event of any conflict between the terms of the TIF Note <br />and the terms of this Article VII, the terms of the TIF <br />Note shall govern. The issuance of the TIF Note <br />pursuant and subject to the terms of this Agreement, and <br />the taking by the City of such additional actions as bond <br />counsel for the TIF Note may require in connection <br />therewith, are hereby authorized and approved by the <br />City. <br />ARTICLE VIII <br />CITY LOAN <br />Section 8.1 City Loan. To assist Developer with <br />the construction of the Minimum Improvements, the <br />City proposes to make a $1,420,000.00 loan to <br />Developer pursuant to the terms of the City Loan <br />Agreement and the City Note. The City proposes to <br />fund the City Loan with tax increments the City has <br />collected from its Tax Increment District No. 1. The <br />City cannot obligate itself and is not obligated to make <br />the City Loan unless and until the City has held public <br />hearings and adopted appropriate spending plans with <br />respect to each of those tax increment districts and <br />adoption of the spending plans is subject to all <br />requirements of Minnesota law. <br />Section 8.2 Termination Right if Spending Plans <br />Not Adopted. If the City has not held the necessary <br />public hearings and adopted the necessary spending <br />plans to allow the City to fund the City loan with tax <br />increments the City has collected from its Tax Increment <br />District No. 1 on or before February 1, 2011, any party <br />may terminate this Agreement by written notice to the <br />other two parties; provided, however, that if the City <br />holds the necessary public hearings and adopts the <br />necessary spending plans to allow the City to fund the <br />City loan with tax increments the City has collected <br />from its Tax Increment District No. 1 after February 1, <br />2011, but before a party exercises the termination right <br />set forth in this Section 8.2, the termination right expires <br />and the parties may not, thereafter, terminate this <br />Agreement pursuant to this Section 8.2. <br />Section 8.3 City Loan Agreement, City Note, <br />and Guaranty. If the City holds the necessary public <br />14 <br />