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Special Allocation Fund or (ii) the amount of any deficiency <br />between the annual payments due and owing in any prior year on <br />this Note and the amount actually paid in such year on such Note. <br />Such additional payments on each Annual Payment Date after the <br />Maturity Date hereof shall continue until the earlier to occur of <br />payment in full of this Note or 10 years after the Maturity Date. <br />Interest shall accrue on this Note after the Maturity Date at the <br />rate provided for herein, if the term hereof is extended as <br />provided herein. Upon the expiration of the extended term <br />hereof, the City of University City shall pay all Net Proceeds <br />then on deposit in the Special Allocation Fund to the Holder <br />whereupon, whether or not paid in full, this Note shall expire <br />and the City of University City shall have no further <br />responsibility, liability or obligation hereunder. <br /> <br /> No payments of principal or interest shall be due and owing <br />hereunder until Substantial Completion (as hereinafter defined) <br />by Westover of the improvements to the Area, described in the <br />Agreement (the "Agreement") dated of even date herewith among the <br />City of University City, the Tax Increment Financing Commission <br />of the City of University City, Missouri (the "Commission") and <br />Westover. For purposes of accrual of interest and commencement <br />of the City's payment obligations hereunder, Substantial <br />Completion shall mean the issuance by the Commission to Westover <br />of a Certificate of Completion as set forth in the Agreement. <br /> <br /> This Note may be prepaid at any time in whole or in part <br />without penalty. <br /> <br /> This Note is the single obligation authorized by Ordinance <br />No. of the City of University City, adopted by authority <br />of SS 99.800 to 99,865, R.S. Mo., inclusive, to provide funds for <br />the public improvements described in the said Ordinance. <br /> <br /> This obligation is an instrument of limited assignability, <br />and may not be assigned, transferred, pledged or hypothecated by <br />the Holder other than to a wholly owned subsidiary or successor <br />in interest by operation of law to the Holder and only after <br />prior written notification to the City and the Commission. <br /> <br /> The City of University City does not represent that the <br />interest on this obligation is or may be excludable from gross <br />income under the tax laws of Missouri or the United States. The <br />City of University City has not and does not intend to report <br />this instrument under Section 149(3)(2) of the Internal Revenue <br /> <br />$TL-7252 <br /> <br />- 3 - <br /> <br /> <br />