Res 2004-067 - Laserfiche WebLink

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expired, the City will have access to the Property and the Facility upon reasonable prior notice for the purpose of inspecting them to ensure that the Facility is reconstructed, renovated and remodeled, and maintained and used in accordance with the terms of this Agreement. PART 5. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement ifT.B. Wood's: 1. fails to complete the installation of the Equipment and the capital investments in the Facility 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 jobs 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 Facility owed to the City to become delinquent unless T.B. Wood's timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that T.B. Wood's 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 Facility, the City Manager will notify T.B. Wood's 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 Facility. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded.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 T.B. Wood's has failed to create the full number of full-time j ob 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Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded.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 T.B. Wood's has failed to maintain the full number of full-time job equivalents during any year of the Abatement Period, then T.B. Wood's' Tax Abatement for the following tax year will be limited to A/10 of the increase in the taxable value of the Facility, with "A" being the number of full-time job equivalents maintained during the previous calendar year. Section 5.04. If this Agreement is terminated under this Section, T.B. Wood's will pay to the City the full value of all fee waivers provided for in Section 6.01 below within 60 days of the termination date. The City will be entitled to record a lien against the Property to secure the full