Res 2014-170/Approving a Chapter 380 Economic Development Incentive with United Weld Operations, LLC

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ARTICLE VIII DEFAULT, TERMINATION AND REMEDIES Section 8.01. Default and Termination Generally. (a) Except as otherwise provided herein, at any time during the Term of this Agreement that Company is not in material compliance with its obligations under this Agreement, the City may send written notice of such non - compliance to Company. If such non - compliance is not cured within thirty (3 0) days after Company's receipt of such notice or, if non - compliance is not reasonably susceptible to cure within thirty (30) days and a cure is not begun within such 30 -day period and thereafter continuously and diligently pursued to completion on a schedule approved by the City (in either event, a "Cure "), then the City may, at its sole discretion, terminate this Agreement or withhold Grant Payments otherwise due for the calendar year or years in which the non - compliance occurs. Notwithstanding the foregoing, a ten percent (10 %) or less deviation by Company in satisfying the Minimum Jobs Requirement for any applicable year shall not constitute non- compliance by Company, nor allow the City to terminate this Agreement or constitute a basis upon which the City can withhold Grant Payments. (b) Non - Termination Election by City. If the City elects to withhold Grant Payments under this Section rather than to terminate the Agreement, then, upon a Cure by Company, Company will be eligible to receive Grant Payments in future years (provided it is otherwise in compliance and subject to other limitations of this Agreement) for the remainder of the Term. However, except as contemplated by Section 8.01(a) above, the Grant Payment withheld by the City for any year during which Company was not in compliance, and did not cure such noncompliance as permitted hereby, shall be deemed forfeited by Company and the City shall not be liable for later payment of such forfeited 12