Res 2004-169 - Laserfiche WebLink

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I I I Draft 9-24-04 Section 3.07. Grant Payments made to Prime by the City under this Agreement are subject to appropriation by the City in its annual budgets, and shall be payable solely from sales and use taxes received by the City, as authorized by Chapter 380 of the Texas Local Government Code. PART 4. DEFAULT Section 4.01. Each of the following will constitute an event of default under this Agreement: A. Prime's violation or failure to perform any of its obligations under this Agreement. B. The City's failure to process in good faith a Grant Payment Request submitted by Prime in accordance with Parts 2 and 3 of this Agreement, or the City's failure to make a Grant Payment to Prime when due. Section 4.02. In the event of a default by a party, the non-defaulting party will give written notice to the other party, and the defaulting party will have 30 days from the date of the notice to cure the default. Section 4.03. If the default remains uncured and the non-defaulting party is not otherwise in default, the non-defaulting party will have the right to immediately terminate this Agreement. Section 4.04. If this Agreement is terminated by the City under this Section, Prime will pay to the City the full value of the Fee Waiver provided for in Section 3.02 within 60 days of the termination date. The City will be entitled to record a lien against the Facility to secure the full value of the fees so waived if this payment is not timely made. Section 4.05. Any failure by a party to enforce this Agreement with respect to one or more defaults by the other party will not waive the non-defaulting party's ability to enforce the Agreement after that time. PART 5. TERM Section 5.01. The term of this Agreement will begin on the Effective Date, and will end on the earlier of 1) the date the last Grant Payment is due from the City to Prime under this Agreement or 2) the date of termination of this Agreement by either party. PART 6. TERMINATION Section 6.01. Each of the following will constitute permissible reasons for Prime to unilaterally terminate this Agreement: A. Prime may terminate this Agreement with one year's advance written notice to the City, without cause. B. Prime may terminate this Agreement effective immediately upon delivery of notice to the City of San Marcos/Prime Economic Development Agreement Page 5 of9