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~~,ð Page 3 Section 5.02. If the City Manager determines that the Developer is in default of this Agreement on a basis other than the failure to create or maintain jobs or to pay ad valorem taxes on the Property, the City Manager will notify the Developer in writing, and if the default is not cured within 60 days from the date of the notice (the "Cure Period"), then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to create jobs or to pay ad valorem taxes on the Property. If the' City Council terminates this Agreement, the tax abatement will be rescinded. Section 5.03. If the City Manager determines that the Developer has failed to ensure the creation of the full number of full-time jobs described in Section 2 by December 31, 1998, then this Agreement will terminate, and the Tax Abatement will be rescinded. Section 5.04. If this Agreement is terminated under this Section, the Developer will pay to the City the fuil value of all fee waivers provided for in Section 6 below within 60 days of the termination date. The City will be entitled to record a lien against the Property to secure the full value of the fees so waived if this payment is not timely made. Section 5.05. At the time this Agreement is fully performed by the Developer, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and the Developer will be released of all further duties or obligations under this Agreement. Section 5.06. The City Council reserves the sole discretion to choose among the remedies for default enumerated in subsections A through D above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law rights of the City. PART 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY OF SAN MARCOS Section 6.01. As partial consideration for the construction of the Improvements and the creation of the jobs by the Developer described in Section 2 above, the City agrees to provide the following incentives and benefits to the Developer: 1. The City agrees to waive all fees (t~e "Fee Waiver") associated with zoning, the subdivision process, utility connections, and building permits and inspections associated with the construction of the Improvements. The Fee Waiver does not extend to water and wastewater impact fees charged by the City. 2. The City agrees to expedite the process for all hearings, reviews, inspections and contacts with City staff in order to ensure the timely completion of the construction process. 3. The City agrees to consider any other reasonable requests made by the Developer in order to assist it in constructing the Improvements. PART 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 7.01. The Tax Abatement will be assignable to each new owner of the Property for the balance of the term of this Agreement. Transfers which result in a