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from the date the loss is incurred or penalty is paid by the City at a rate equal to the Prime Rate) <br />as a result of the Project causing the Tax Increment District to not qualify or cease to qualify as a <br />"renewal and renovation district" under Section 469.174, Subdivision 10a, of the Act and Section <br />469.176, Subdivision 4j. or to violate limitations as to the use of Tax Increments as set forth in <br />Section 469.176, Subdivision 4j. <br />(3) All covenants, stipulations, promises, agreements and obligations of the <br />City contained herein shall be deemed to be the covenants, stipulations, promises, agreements <br />and obligations of the City and not of any governing body member, officer, agent, servant or <br />employee of the City. <br />Draft Document, Changes will occur 12 <br />7226735v1 <br />