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Doc Bk Vol 00019273 OPR 1705 ~S?2 Page 3 Section 4.01. On or before Febmary 1st of each year of the Abatement Period, Thermon will furnish records to the City supporting Thermon's tax abatement for the current tax year. These records will pertain to Thermon's compliance with this Agreement for the previous calendar year. The City will evaluate the information furnished, and will have the right to request and receive from Thermon additional information needed to help the City determine Thermon's compliance with this Agreement. Upon the City's verification of compliance with this Agreement by Thermon for the previous calendar year, the City 'Will issue a tax abatement certificate to Thermon validating the Tax Abatement for the current tax year. Section 4.02. At all times until the City's rights to declare default against Thermon have expired, the City will have access to the Property and the Facility upon reasonable prior notice for the purpose of inspecting them to ensure that the Facility and the Equipment are constructed, installed, maintained and used in accordance with the terms of this Agreement. PARTS. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if Thermon: 1. fails to complete construction ofthc Facility and installation of the Equipment by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for the creation and maintenance of job equivalents in Section 2.03 above; 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property, the Facility or the Equipment owed to the City to become delinquent unless Thermon timely and properly protests or contests the taxes. Section 5.02. If the City Manager determines that Thermon is in default of this Agreement on a basis other than the failure to crcate jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment, the City Manager will notify Thermon in 'WTiting, and ifthe default is not cured within 60 days from the date of the notice, then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment. If the City Council terminates this Agreement, the Tax