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?lt?lltl tl?e al•ea lden?lfied ill tl?e Stte ap ?.? coat ??ss c???t ?}s? "?.,Ot? }?: ec?at ???? ?`?at ?lsx and <br />".?1ras ?'SAet?c,?} Loar?" is defined its Section 314,2, <br />"???rrs ? t?fsr??e ?'?nsi? ?r?fe" trleat? tie last date t??e first losing ??ith respect to <br />Phase ?S lnay occ?lt• as described its eetian 20 ? ??? <br />".??rrrs?? ?`?` ?f????tiss?t?? afc" meats a Pt?otnissot•y Nate that sets f?rtl7 the De?elol?el4's <br />abligatiol? to repay the Phase PS Agency 1Joan in the for?n ??l?ich is attached l?et•eto as <br />Attachment Na, ?. atad il?corporated herein by 1•e'erence. <br />".?1??rs? ???" shall tnean the Phase of constr??ctiot? off' tl?e Project ??hich shall include tl?e <br />de?reloptnent of approxi?nately seventy fo?tl• X74} Rental ?nlts an the Rental Pot•tlon of the <br />P1•operty, Specifically Phase R- ? ??rill be cor?str?lcted ??Tltl]1? tl?e area idet?tiied ol? the Site 1Viap <br />?S iiJ..a?t .l ?» <br />"P??c?s? ?R? ?ertc?a Latrrt" is de???ed its Sectiol? 314, ?, <br />"??r??se ??? ?rr?sid? ??o?;r'r? ?a??" ?neal?s tl?e lasf date the Phase R? 1 ?losit?g tna? acc?tr <br />as described its ect?o?? 201 ??? <br />`{?'lrc??? .Rye ?'xro??r`sso??? ???" and "P1??rse -. ?'r?o????s?????? ale" tneal?s, in the case of <br />each of Phase R-? and Phase R?2, a pt?an?issory Dote that sets `arch Elie Developer}s ob?ia#ion to <br />repay tl?e Phase R- ? Agency l?oat? al?d the Phase R-? Age??cy Laau, respectively, tl?e forln a?' <br />??l?ich is attached hereto as Attachment No. 8B at?d il?carpot•ated l?ereill ?? re?'ere?ice, Each <br />Pron?issaty Note s?all dear silnple i??terest at the rate of ot?e pelce??t {?°?o} per annum, <br />comn?encil?g upal? the dale of fi?t?ding ut?dez• such Pro?nissory Note and shall be for a tel•ln <br />erldit?g ol? repayment in full of tho Note butt i?? no er?el?t later thal? the eat•Iie?? to acc?tt4 0? ?a} fi?y- <br />eighth ??8t1?? year a?eti 1•ecoldatlan of the Release of ?ar?structiot? ovel?al?ts, or fib} I?ecelnbel• <br />3 ?, ?7, on ??hich date all principal and accrued but unpaid intet'est shall be paid in full. Each <br />Note shall be t?ot?-recaurse to the I?e?eloper? Each P1•otniso?•}? Note shall be payable fi'atrl a <br />portian of "Residual Receipts" get?et+ated by tl?e Phase to ??rl?icl? such Prol??issat•y Nate relates as <br />set Earth In Section 1 ??? and shall be secured by a?? Agency 1?eed of 'rust. <br />;`??r?rse .Rye"shall lneal? tl?e Phase of cot?structian of tl?e Pto?ect, ?vl?ich shall irlcl??de the <br />developl??el?t of ppraximatel?x fot?t? ??a} Rental ??lits on the Rental Par?iot? of tl?e ?'t'opet•t,? al?d <br />shall include any Additianal Pt?opcrtles desigl?ated far Phase R?2 ??111c11 ate added to the Project <br />pursual?t to Section 207 herea', Specifically, Phase ?.«2 ??rtll be co??structed ?vlthin the at•ea <br />ldentlfied ?n tale Slt? dap as {`Lai sss cc?Ot 3"and ccL?t ?Fss <br />"???c?se ??? A?r?c?? .?Of??t" is defi??ed in Section 314, I, <br />".???crs? - ?r?tsic?? Iasir? ??rfe" means tl?e last date the Pllase R-2 Clasil? tna?r occur <br />as described 11? Section 201.4. <br />"?r?ojec?????u" rneatrs the project area far the Redeveloptnel?t Plan, <br />9