Res 1999-083 - Laserfiche WebLink

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Page 5 PART 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 7.01. The Tax Abatement will be assignable to each new owner of the Property for the balance of the term of this Agreement. Transfers which result in a continuation of the business in the same general manner as operated under T.B. Wood's are consented to and do not require further City Council approval; in this case, T.B. Wood's or its successor will give written notice to the City within 10 days after the transaction, and T.B. Wood's will be released of any further duties or obligations under this Agreement. Section 7.02. For transfers which will not result in a continuation of business as described above, this Agreement may be assigned to a new owner of the Property with the written consent of the City Council, which will not be unreasonably withheld, and T.B. Wood's will be released of any further duties or obligations under this Agreement. Section 7.03. The new owner will assume all the duties and obligations of T.B. Wood's upon the same terms and conditions as set out in this Agreement. Any assignment of this Agreement will be to an entity that contemplates the same Improvements to the Property, except to the extent the Improvements have been completed. No assignment will be approved if the assignor or the assignee are indebted to the City for ad valorem taxes or other obligations. PART 8. PROPERTY TAX APPRAISED VALUE Section 8.01. It is understood and agreed between the parties that the Property and all Improvements upon the Property will be appraised at market value for the purposes of property tax assessment throughout the term of this Agreement, and that this value may change during the term of this Agreement. The calculation of abated taxes will make use of this appraised value as it is determined for each year of the Abatement Period. PART 9. INDEPENDENT CONTRACTOR/INDEMNITY Section 9.01. It is understood and agreed between the parties that the City and T.B. Wood's, III executing this Agreement, and in performing their respective obligations, are acting independently, and not in any form of partnership or joint venture. The City assumes no responsibilities or liabilities to any third parties in connection with this Agreement, and T.B . Wood's