Res 2005-076 - Laserfiche WebLink

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B. The full value ofthe Fee Waiver provided for in Section 3.02. Section 4.04. Global Rock agrees that if it fails to timely make the payment to the City described in Section 4.03 above, the City will be entitled to enforce its lien on the Property by foreclosure or other means described in the documents creating the lien. Section 4.05. Any failure by the City to enforce this Agreement with respect to one or more defaults by Global Rock will not waive the City's ability to enforce the Agreement after that time. PART 5. TERM; TERMINATION Section 5.01. The term of this Agreement will begin on the Effective Date, and will end on the fifth anniversary of that date. Section 5.02. The parties agree that this Agreement will terminate if Global Rock is unable for any reason to close its purchase of the Property by December 31,2005. Section 5.03. The City may terminate this Agreement under Section 4.02 above based upon a default by Global Rock. Ifthe City terminates this Agreement based upon a default by Global Rock, the provisions of Part 4 of this Agreement will survive the termination of this Agreement. PART 6. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 6.01. This Agreement 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 ofthe term ofthis Agreement. Transfers which result in a continuation of business at the Property in the same general manner as operated under Global Rock are consented to and do not require further City Council approval; in this case, Global Rock or its successor will give written notice to the City within 10 days after the transaction, and Global Rock or the successor will be released of any further duties or obligations under this Agreement. Section 6.02. For transfers which will not result in a continuation of business as described above, this Agreement may be assigned to a new owner of the Property with the written consent ofthe City Council, which will not be unreasonably withheld. Section 6.03. The new owner will assume all the duties and obligations of Global Rock upon the same terms and conditions as set out in this Agreement. Any assignment of this Agreement will be to an entity that contemplates the same improvements to the Property, except to the extent the Project has been completed. No assignment will be approved ifthe assignor or the assignee is indebted to the City for ad valorem taxes or other obligations. PART 7. MISCELLANEOUS City of San Marcos/Global Rock Economic Development Agreement Page 4 of6