Res 2006-016 - Laserfiche WebLink

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P_~F: ~1e1 Fa -ttt~~5'-~ r~f'R-?gel ~~~ 4.1.3.3. Completion of Construction of the Hotel and Conference Center has not occurred; and/or 4.1.3.4. the Hotel will be the subject of a Transfer in the absence of the Lease being the subject of the same Transfer. 4.1.4. Transfer to Exempt Entity. If the Hotel is transferred at any time during the Tenn of this Agreement to an Exempt Entity, such Transfer will, in addition to constituting an Event of Default under the Lease and this Agreement (and without limiting the City's remedies in connection therewith), result in: 4.1.4.1. an increase in the rent owed pursuant to the terms of the Lease, all as more particulazly set forth therein; and 4.1.4.2. a payment then being immediately due and payable to the City by JQH in an amount equal to the then-present value of the property tax revenue which the City in its reasonable discretion expects to receive over the thirty (30) year period following the Transfer, which amount will be calculated using (a) the appraised value of the Hotel at the time of the Transfer with a one percent (1 %) increase in the value thereof assumed for each of said thirty (30) years; (b) an assumed tax rate equal to the City's property tax rate at the time of the Transfer; and (c) a discount rate of six percent (6%). 4.2. Com liance with A licable Law. JQH agrees to comply with all applicable laws, regulations, codes, and ordinances in performance of its obligations of this Agreement and the Related Agreements including, without limitation, the LDC. To this end, JQH shall cause its development of the Hotel on the Hotel Site to be accomplished in accordance with the Schedule set forth on Exhibit "E" attached hereto. 4.3. Compliance with Related Agreements. JQH agrees to comply with all aspects of the Related Agreements and fully perform its obligations thereunder. 4.4. Proiect Quality and Operation. At all times during the Term, JQH must cause the Hotel to be continuously operated, and the Hotel and Hotel Site (including, without limitation, all landscaping constructed and/or placed thereon) to be maintained, in an upscale condition and repair and ensure that no default occurs under the agreement evidencing the Approved Franchise. The results of any quality inspection made by the Approved Franchisor of the Hotel and/or the Conference Center shall be made available to the City upon request. During the Term, the Hotel must be operated as a full service, upscale hotel and related amenities, open to the public and operating under and in accordance with the standards of an Approved Franchise. In keeping with the foregoing, if at any time prior to the expiration of the Term, the Hotel is totally or partially damaged or destroyed by fire, the elements, unavoidable accident or other casualty, JQH must, at JQH's expense, repair and restore the Hotel to the condition same was in immediately prior to such damage; provided, however, if the damage occurs during the last twelve (12) months of the Term of this Agreement and as a result thereof the Hotel is damaged to an extent that the cost to repair same is greater than fifty percent (50%) of the then value thereof (exclusive of the value of the land constituting the Hotel Site), JQH shall have no obligation to repair or restore the Hotel. If JQH is obligated to repair and restore the Hotel in accordance with 19 803273 4