Res 2004-040 - Laserfiche WebLink

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compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Global Rock for the previous calendar year, the City will issue a tax abatement certificate to Global Rock validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Global Rock have expired, the City will have access to the Property and the Building upon reasonable prior notice for the purpose of inspecting them to ensure that the Building is reconstructed, renovated and remodeled, and maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if Global Rock: 1. fails to complete the reconstruction, renovation and remodeling of the Building by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation and maintenance of job equivalents in Section 2.03 above; 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property, the Building owed to the City to become delinquent unless Global Rock timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that Global Rock is in default of this Agreement on a basis other than the failure to create jobs or to pay ad valorem taxes on the Property or the Building, the City Manager will notify Global Rock in writing, and if the default is not cured within 60 days from the date of the notice, then the City Manager 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 or the Building. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If the City Manager determines that Global Rock has failed to create the full number of full-time job equivalents described in Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that Global Rock has failed to maintain the full number of full-time job equivalents during any year of the Abatement Period, then Global Rock's Tax Abatement for the following tax year will be limited to A/5 of the increase in the taxable value of the Building, with "A" being the 3