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City to become delinquent unless Genlyte timely and properly protests or contests the ta,<:es. Section 5.02. If the City Manager determines that Genlyte is in default of this Agreement on a basis other than the failure to retain and create jobs or to pay ad valorem taxes on the Property, the Facility or the Equipment, the City Manager will notify Genlyte in \vriting, and if the 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 retain and 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 If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If the City Manager determines that Genlyte has failed to retain and create the full number of respective full-time job equivalents described in Section 2.03 by the deadline stated in that section (as may be amended by Genlyte' s election of option A or option B under that section, with notice to the City), then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that Genlyte has failed to maintain the full number of full- time job equivalents during any year of the Abatement Period, then Genlyte's Tax Abatement for the following tax year will be limited to AJ3I7 of the taxable value of the Facility and the Equipment, with "A" being the number of full-time job equivalents maintained during the previous calendar year. Section 5.04. If this Agreement is terminated under this Section, Genlyte will pay to the City the full value of all fee waivers provided for in Section 6 below within 60 days of the termination date. The City will be entitled to record a lien against the Property to secure the full value of the fees so waived if this payment is not timely made. Section 5.05. At the time this Agreement is fully performed by Genlyte, and upon the written request of Genlyte, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and Genlyte will be released of all further duties or obligations under this Agreement. Section 5.06. The City Council reserves the sole discretion to choose among the remedies for default enumerated in Sections 5.01 through 5.04 above. These remedies may be used in conjunction with one another or separately, and together with any other statutory or common law remedies available to the City. Any failure by the City to enforce this Agreement with respect to one 4