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completed. <br />PART 3. ECONOMIC DEVELOPMENT INCENTIVES PROVIDED BY THE CITY <br />Section 3.01. Waiver of Sidewalk Standards under LDC. Pursuant to Section 7.4.2.3 <br />of the LDC the Owner, in connection with the Project, would normally be required to install <br />sidewalks along both Barnes Drive and IH -35 or pay a fee in lieu of such installation. The <br />Owner wishes to install sidewalks only along Barnes Drive. The City agrees to: <br />a. waive the requirement under Section 7.4.2.3(b)(1) to install sidewalks on <br />both sides of the lot that front along a street such that the Owner shall only be required to <br />install sidewalks along Barnes Drive; and <br />b. waive the requirement under Section 7.4.2.3(f) to pay a fee in lieu of <br />installation of sidewalks along I1-1-35. <br />Section 3.02. Waivers Limited. The above waivers apply only to the Project as <br />described in this Agreement. Except as specifically stated above, the City grants no other <br />waivers of requirements under the LDC and the Project, shall, otherwise, conform in every other <br />respect to the requirements of the LDC and other applicable ordinances, rules, regulations and <br />standards of the City. If the Project is not completed in accordance with the requirements of Part <br />2 of this Agreement, the waivers granted herein shall expire automatically upon the passage of <br />the date for completion of the Project under Section 2(b). <br />PART 4. DEFAULT AND TERMINATION <br />Section 4.01. Default and Termination. The City Manager may declare a default under <br />this Agreement and may terminate this Agreement if the Owner: <br />a. fails to commence and complete the Project within the time specified or <br />according to the specifications in Part 2, subject to events of force majeure; <br />b. made or makes any representation relied upon by the City in entering into <br />this Agreement or in any request or submission to the City relating to this Agreement or <br />the Project that is false or misleading in any material respect; <br />C. assigns this Agreement without the consent of the City; <br />d. allows ad valorem taxes on the Property or other property in the City <br />owned by Owner to become delinquent; <br />Section 4.02. Notice of Default and Termination. If the City Manager reasonably <br />determines that the Owner is in default under Sections 4.01 (a) or (d), the City Manager will <br />notify the Owner in writing of such default, and if the default is not cured within 30 days from <br />the date of the notice, the City Manager may terminate this Agreement, unless reasonable efforts <br />are being made to cure said default and said default cannot reasonably be cured within 30 days. <br />2 <br />