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expire at the end of the fifth year for which Developer is eligible to receive Grant Payments <br />(December 31, 2018 if the year of completion of the New Facility is 2012), subject to the City's <br />continuing obligation to make a final Grant Payment to Developer in the manner provided in <br />Article 3 and subject to the limited option of the Developer to extend the term of the Agreement <br />under Section 4.02. <br />Section 4.02. Limited Extension Option. In the event the City fails to appropriate <br />funds during any applicable fiscal year for the purpose of making a Grant Payment due under <br />this Agreement, Developer shall, in its sole discretion, shall have the option to: (a) extend this <br />Agreement by a term equivalent to the period(s) of time within which the funds were not <br />appropriated for the specific purpose of making a Grant Payment as provided herein, except that <br />under no circumstance shall the term of this Agreement be extended more than two additional <br />years; or (b) terminate this Agreement upon written notice to the City without further liability to <br />the City. <br />ARTICLE 5. DEFAULT <br />Section 5.01. Grounds for Default. The City Manager may declare a default under this <br />Agreement if Developer: <br />a. fails to comply with any of the requirements of Article 2; <br />b. made or makes any representation relied upon by the City in entering into <br />this Agreement or in any Application for Payment to the City or subsequent request or <br />submission to the City relating to this Agreement that is false or misleading in any <br />material respect; <br />C. allows any taxes or other fees owed or due to the City, regardless of <br />whether or not related to the Project or the Land, to become delinquent and to remain <br />Page 10 of 15 <br />