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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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10/26/2022 10:53:10 AM
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Resolutions
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Approving
Number
2022-200R
Date
9/6/2022
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other limitations on its liability, contractual or otherwise, as granted by the Texas Constitution or <br /> applicable laws of the State of Texas. If any Grant Payments are made by the City before the City <br /> determines that Developer has breached the terms of this Agreement or misrepresented any facts <br /> relied upon by the City,Developer acknowledges and agrees that among the remedies available to <br /> the City is the right to recover any sums paid to Developer and Developer agrees that, in such <br /> event, it shall be liable to the City for reimbursement of any such sums. <br /> Section 8.04. Offset. The City may deduct from any Grant Payments, as an offset, any <br /> delinquent and unpaid fees, sums of money or ad valorem, sales or other taxes assessed and owed <br /> to or for the benefit of the City. <br /> Section 8.05. Force Majeure. As used in this Agreement, the term 'force majeure" <br /> means an event beyond the reasonable control of a party obligated to perform an act or take some <br /> action under this Agreement including,but not limited to, acts of God,pandemic, earthquake,fire, <br /> explosion, government action or inaction, war, civil insurrection, acts of the public enemy, act of <br /> civil or military authority, sabotage, terrorism, floods, lightning, hurricanes, tornadoes, severe <br /> snow storms or utility disruption, strikes, lockouts, major equipment failure or the failure of any <br /> major supplier to perform its obligations. <br /> Section 8.06. Indemnification. Developer hereby agrees to indemnify and hold the <br /> City, and the City's elected officials and employees, harmless from and against any <br /> indebtedness, loss, claim, demand, liability or lawsuit arising from any obligation of the <br /> Developer under this Agreement or breach of any representation, warranty, covenant or <br /> agreement of the Developer contained in this Agreement, without regard to any notice or <br /> cure provisions. The Developer's indemnification obligation hereunder shall include <br /> payment of the City's reasonable attorneys' fees,costs and expenses with respect thereto. <br /> 14 <br />
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