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Section 6.06 Notice of Tax Rate and Material Events. <br />The Sub - District shall: <br />a. Send a copy of each order levying an ad valorem tax rate to the City within thirty (30) <br />days after the adoption; <br />b. Send a copy of each annual audit to City pursuant to 2.08(b) of this Agreement; <br />Provide a copy to City of each material event notice filed under applicable federal <br />securities laws or regulations within thirty (30) days after filing; <br />d. Notify the City of the date for the confirmation election; and <br />C. Provide notice to the City of the creation of any Sub - District. <br />ARTICLE VII <br />TERM, ASSIGNMENT AND REMEDIES <br />Section 7.01 Term. <br />The term of this Agreement will commence on the Effective Date and continue for twenty <br />(20) years thereafter, unless terminated on an earlier date under other provisions of this Agreement <br />or by written agreement of the City, Owner and District. Upon the expiration of twenty (20) years, this <br />agreement may be extended, at the Owner's request and with City Council approval, for up to two <br />additional successive ten year periods. <br />Section 7.02 Assignment. <br />a . Owner may assign this Agreement with respect to all or part of such Owner's ownership <br />portion of Property from time to time to a purchaser of all or a portion of the Property. Any <br />assignment must be in writing, must set forth the assigned rights and obligations without <br />modification or amendment, and must be executed by Owner and the proposed assignee. <br />Owner shall provide City and Primary Owner notice of each such assignment, including a <br />copy of the assignment. Upon such assignment or partial assignment, Owner shall be fully <br />released from any and all obligations under this Agreement and shall have no further <br />liability with respect to the part of the Property so assigned, except as to a default that <br />occurred prior to the date of the assignment, provided that the assignee assumes any and all <br />obligations under this Agreement applicable to the part of Property included in the <br />assignment. A default by any subsequent assignee shall not constitute a default by Owner <br />under this Agreement, but only under such partial assignment. <br />Primary Owner may assign, in whole but not in part, its rights and obligations as Primary <br />Owner so long as it owns any portion of the Property (the "Ownership Threshold "), <br />provided that the assignee assumes any and all obligations under this Agreement applicable <br />to the part of Property included in the assignment. Notice of all assignments of the rights <br />and obligations of the Primary Owner shall be given to the City within fifteen (15) days <br />after execution, and thereafter such Notice shall be recorded in the real property records of <br />the County. When Primary Owner, together with its affiliates, does not satisfy the <br />Ownership Threshold, the rights and obligations of the Primary Owner shall automatically <br />11 <br />