Res 2005-023 - Laserfiche WebLink

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I I I purpose of mspectmg them to ensure that the FacIhty are constructed, mamtamed and used m accordance WIth the terms of thIS Agreement. PARTS. DEFAULT Section 5.01. The CIty Manager may declare a default under thIS Agreement If SMVP 1 falls to complete constructIOn of Phase One and Phase Two of the FaCIlIty by the deadhne m SectIOn 2 02 above, 2 refuses, falls or neglects to comply WIth any of the terms of thIS Agreement, mcludmg the prOVISIOn for achIevmg and mamtammg occupancy of Phase One and Phase Two of the FacIhty m SectIOn 203 above, 3 made any representatIOn m thIS Agreement or m the apphcatIOn to the CIty for tax abatement that IS false or mIsleadmg m any matenal respect; or 4 allows ad valorem taxes on the Property or the FacIlIty owed to the CIty to become delmquent unless SMVP tImely and properly protests or contests the taxes. Section 5.02 If the CIty Manager determmes that SMVP IS m default OfthIS Agreement on a baSIS other than the failure to achIeve or mamtam occupancy, or to pay ad valorem taxes on the Property or the FacIhty, the CIty Manager wIll notIfy SMVP m wntmg, and Ifthe default IS not cured wIthm 60 days from the date of the notIce, then the CIty CouncIl may termmate thIS Agreement. No cure IS allowed for defaults mvolvmg the failure to achIeve or mamtam occupancy, or to pay ad valorem taxes on the Property or the FacIhty Ifthe CIty CouncIl termmates tills Agreement, the Tax Abatement for the remamder of the Abatement Penod wIll be rescmded. Section 5.03. If thIS Agreement IS termmated under thIS SectIOn, SMVP wIll pay to the CIty the full value of all fee Waivers provIded for m SectIOn 6 below wIthm 60 days of the termmatIOn date The CIty wIll be entItled to record a hen agamst the Property to secure the full value of the fees so Waived If thIS payment IS not tImely made Section 5.04 At the tIme thIS Agreement IS fully performed by SMVP, and upon the wntten request of SMVP, the CIty Manager wIll execute a certIficate m recordable form statmg thIS Agreement has been performed, and SMVP wIll be released of all further dutIes or obhgatIOns under thIS Agreement. Section 5.05 The CIty CouncIl reserves the sole dIscretIOn to choose among the remedIes for default enumerated m SectIOns 5 01 through 5 03 above. These remedIes may be used m 3