Res 2007-150 - Laserfiche WebLink

Home Browse Search

I Owner may assign all or part of its rights and obligations under this Agreement to any entity affiliated with the Owner by reason of controlling, being controlled by, or being under common control with the Owner. 2.11 "Effective Date" means the date this Agreement has been signed by all Parties. 2.12 "Force Majeure" means any event in which any Party shall be delayed, hindered in or prevented from the performance of any act required under this Agreement by reason of strikes, lockouts, labor troubles, inability to procure materials, failure of power, unavailability of any utility service, restrictive governmental laws or regulations, riots, insurrections, the act, the failure to act, or default of another Party or a material worsening of current conditions caused by acts of terrorism or war (whether or not declared), or severe weather occurring after the execution of this Agreement, which materially impair the Party's ability to perform any act required under this Agreement. 2.13 "Gross Leasable Space" means that space under roof and air conditioned and heated and ready for finish-out work for a selected occupant. 2.14 "Hard Costs" means actual costs of construction and materials (including land acquisition costs for the Roadway Improvements and any offsite easements needed for construction ofthe Public Improvements) incurred by Owner for the Public Improvements. I 2.15 "Increased Ad Valorem Tax Revenues" means for any given calendar year the difference between (x) the Ad Valorem Tax Revenue minus (y) the ad valorem taxes that would have been collected by the City for that year based on the Assessed Taxable Value on January I, 2007. 2.17 "Initial Completion" means the date by which each of the following has occurred: (i) Substantial Completion of the Public Improvements, and (ii) Completion of the Gross Leaseable Space to the Target, ther Project's anchor tenant which shall be accomplished upon the granting of either a Temporary or Permanent Certificate(s) of Occupancy for such space, whichever first occurs. Further, Initial Completion shall occur on or before the end of the thirty-sixth (36th) full month following the Effective Date. 2.18 "Insolvent" means failure to timely pay debts in the ordinary course of business or can not pay all debts when and as they become due, or is insolvent within the meaning of the federal bankruptcy law. I 2.19 "Maximum Reimbursement Amount" means the actual Hard Costs and Soft Costs incurred by the Owner for construction of the Public Improvements; provided, however the sum of Hard Costs and Soft Costs shall not exceed a combinded total of $2,000,000.00. The Parties hereby acknowledge and agree that the dollar amounts allocated to each line item and category shown on Exhibit "C" attached hereto are estimates only and Owner shall have the right to re-allocate the dollar amounts between the line items and categories, so long as the Maximum Reimbursement Amount is not exceeded. 3