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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 T.B. Wood's, and upon the written request of T.B. Wood's, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and T.B. Wood's will be released of all further duties or obligations under this Agreement. Section 5.06. The City reserves the sole discretion to choose among the remedies for default enumerated in Sections 5.01 through 5.04 above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law remedies available to the City. Any failure by the City to enforce this Agreement with respect to one or more defaults by T.B. Wood's will not Waive the City's ability to enforce the agreement after that time. PART 6. ECONOMIC INCENTIVES PROVIDED BY THE CITY Section 6.01. As partial consideration for the construction of the Facility and the creation of the jobs by T.B. Wood's described in Part 2 above, the City agrees to provide the following incentives and benefits to T.B. Wood's: 1. The City agrees to waive all City fees (the "Fee Waiver") associated with zoning, the subdivision process, and building permits and inspections associated with the installation of the Equipment and the capital investments in the Facility. 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 T.B. Wood's in order to assist it in the installation of the Equipment and the capital investments in the Facility. 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, or to financing entities in the event third party financing is sought, for the balance of the term of this Agreement. Transfers which result in a continuation of the business in the same general manner as operated under T.B. Wood's are consented to and do not require further City Council approval; in this case, T.B. Wood's or its successor will give written notice to the City within 10 days after the