I-2 - Second Amended Development Agreement - DERS

Property Tax Revenues received by the City from the Johnson County Treasurer attributable to the taxable valuation of the Development Property. 4. Certification of Payment Obligation. In any given fiscal year, if the City Council determines to obligate the then-considered Appropriated Amount, as set forth in Section B.3 above, then the City Clerk will certify by December 1 of each such year to the Johnson County Auditor an amount equal to the most recently obligated Appropriated Amount. 5. Subsequent Developers; Amendment of Agreement. The City will consider in good faith any reasonable requests by the Developer to amend this Agreement in order to permit some of the Payments to be made hereunder to the Developer to be assigned to a Subsequent Developer. To the extent that the City consents to any such requests made under this Section, the City Council will take all action necessary to complete the statutory processes necessary to assign the Payments hereunder to a Subsequent Developer. C. Administrative Provisions 1. Amendment and Assignment. This Agreement may not be amended or assigned by the parties without the written consent of the other parties. However, the City hereby gives its permission that the Recipient’s rights to receive the Payments hereunder may be assigned by the Recipient to a private lender, as security on a credit facility taken with respect to the Public Infrastructure Project – Phase I and Phase I Alternates and the Commercial Development Projects, without further action on the part of the City. 2. Successors. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 3. Term. The term (the “Term”) of this Agreement shall commence on the Commencement Date and end on the earlier of June 1, 2040 or such earlier date upon which the aggregate sum of Payments made to the Developer equals the Maximum Payment Total. 4. Choice of Law. This Agreement shall be deemed to be a contract made under the laws of the State of Iowa and for all purposes shall be governed by and construed in accordance with laws of the State of Iowa. -6-