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waiver by Redeveloper, and should Redeveloper, its heirs, <br />successors or assigns make any claim or bring any suit or cause <br />of action of any kind to claim exemptions from payment of general <br />ad valorem taxes upon the Property for periods of time or for <br />amounts beyond the period and amounts detailed in Subparagraphs <br />8(a), 8(b) and 8(c) above, or contest the validity of this <br />waiver, Redeveloper shall be deemed to be in default of this <br />Agreement and this Agreement shall be null and void and of no <br />further force and effect. <br /> <br /> 9. Loan to RedeveloDer. Upon execution of this <br />Agreement, the Authority shall loan to the Redeveloper the amount <br />of $75,000 to be applied by the Redeveloper toward the costs <br />associated with redevelopment of the exterior of the building, <br />the movie theatre, and the storefront units; provided, however, <br />that the loan shall be expressly conditioned upon the <br />Redeveloper's completion of said work in accordance with the <br />terms and conditions of this Agreement. Redeveloper agrees that <br />it shall repay said loan to the Authority in the event that <br />Redeveloper fails to complete the above-referenced improvements <br />in accordance with the schedule set forth in paragraph 2 hereof <br />or the other terms and conditions of this Agreement or in the <br />event that the Redeveloper transfers to Property to any unrelated <br />person or entity. The loan referenced herein is further <br />conditioned upon the execution of assurances from the Redeveloper <br />and its principal stockholder, in form satisfactory to the <br />Authority, that such loan proceeds shall be applied toward <br /> <br />$TL-295439 <br /> - i1 - <br /> <br /> <br />