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1. The Agency agrees to reimburse the City for the <br />$135,427.60 payment made by the City to the Developer for the <br />City's 1994-1995 subsidy obligation under the DDA. <br /> <br /> 2. During each subsequent fiscal year hereafter in <br />which the DDA remains in force, and as and when a subsidy <br />payment becomes due, the Agency agrees to pay to the <br />Developer the amount of the subsidy owed by the City to the <br />Developer under the terms of the DDA, provided that the sum <br />of such payments and of the reimbursement made pursuant to <br />paragraph 1 herein shall not exceed $434,203.00. <br /> <br /> 3. The City agrees to reduce the Debt in an amount <br />equal to the Agency's reimbursement and direct payments as <br />and when the Agency makes such payments pursuant to this <br />Agreement. <br /> <br /> 4. The Parties agree that this Agreement shall <br />terminate, and the Debt shall be fully discharged, upon the <br />earliest occurrence of either payment by the Agency of an <br />amount equal to $434,203.00 pursuant to the terms of this <br />Agreement or termination of the DDA. <br /> <br /> IN WITNESS WHEREOF, City and Agency have caused this <br />agreement to be executed by the officers so authorized by <br />their respective governing bodies, as of the date first <br />hereinabove written. <br /> <br /> 4 <br /> AK/DES: ver. 6:4/11/96 <br /> <br /> <br />