Res 2008-170 - Laserfiche WebLink

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appropriation and subsequent deposit of funds equivalent in value to the Real Property Taxes into the Tax Fund for the applicable year as provided. in Section 4.2. SECTION 4.4. OFFSET. The City covenants and agrees that it will make all such. payments without counterclaim or offset except to the extent, if any, that Developer has failed to pay ad valorem, sales or other taxes assessed and owed to or for the benefit of the City, or is in default of any provision of this Agreement (following notice and opportunity to cure as set forth herein.). ARTICLE V COVENANTS SECTION 5.1. COVENANTS OF DEVELOPER. Developer shall comply with the following covenants. SECTION 5.1.1. OPERATION OF FACILITY. During the Term of this Agreement, each Qualified Improvement shall be operated, maintained and managed by the Developer or any successor in a first class manner, consistent with the operation and management for other similar facilities, and in compliance with all applicable laws, including by obtaining and keeping in effect at all times all permits and licenses as may be necessary to meet the standard of operation described in this sentence. The foregoing shall not be construed to create an obligation of.continuous operations during the term of this Agreement, subject, however, to the conditional 15-year operation obligation for Qualified Improvements as set forth in Section 2.4 of this Agreement. SECTION 5.1.2. BUSINESS OF THE DEVELOPER. The Developer shall conduct all operations within each New Building in compliance with. all federal and state laws, and City ordinances. SECTION 5.1.3 COMPLIANCE WITH AGREEMENT; DEFAULT. At any time during the term of this Agreement that Developer is not in substantial compliance with. this Agreement, the City may send Developer notice of such non-compliance. If such non-compliance is not either cured within sixty (60) days after :Developer's receipt of such notice or, if non-compliance is not reasonably susceptible to cure within 60 days, a cure begun within such 60-day period and thereafter continuously and diligently pursued to completion (in either event, a "Care"), then. the City may, as its sole remedies hereunder, (i) cease making Grant Payments until such Cure occurs, and (ii) with regard to a Qualified Improvement that is not operated for 15 years as described in Section 2.4, demand return by the Developer of a portion of the Grant Payments made in. connection with that Qualified Improvement as described in Section 2.4 of this Agreement. Upon a Cure by Developer, the Grant Payments shall automatically and immediately resume except any recapture amount shall be retained by the City and may be transferred by the City to any other account in the City treasury. Neither the Term nor the 10 year Grant Payment period applicable to any Qualified Improvement shall be extended