Res 1999-083 - Laserfiche WebLink

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Page 3 Section 4.02. At all times until the City's rights to declare default against T.B. Wood's have expired, the City will have access to the Property and facilities ofT.B . Wood's upon reasonable prior notice for the purpose of inspecting them to ensure that the Improvements are constructed, installed, maintained and used in accordance with the terms of this Agreement. PART 5. DEFAULT Section 5.01. The City Council may declare a default under this Agreement ifT.B. Wood's: 1. fails to complete construction ofthe Improvements by the deadline in Section 2.01 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provisions for the creation and maintenance of jobs 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 owed to the City to become delinquent and fails to timely and properly protest or contest the taxes. Section 5.02. If the City Manager determines that T.B. Wood's is in default of this Agreement on a basis other than the failure to create or maintainjobs or to pay ad valorem taxes on the Property, the City Manager will notify T.B. Wobd's in writing, and if the default is not cured within 60 days from the date of the notice (the "Cure Period"), then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to create or maintain jobs or to pay ad valorem taxes on the Property. If the City Council terminates this Agreement, the tax abatement will be rescinded. Section 5.03. If the City Manager determines that T.B. Wood's has failed to ensure the creation ofthe full number of full-time jobs described in Section 2.03 by the deadline stated in that section, then this Agreement will terminate, and the Tax Abatement will be rescinded. If the City Manager determines that T.B. Wood's has failed to ensure the maintenance of the full number of full- time jobs for calendar year 2000 specified in Section 2, then T.B. Wood's' Tax Abatement for the 2000 tax year will be limited to A/14 of the taxable value of the Improvements, with "A" being the