Res 2003-046 - Laserfiche WebLink

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expired, the City will have access 1o the Property and the Building upon reasonable prior notice for the purpose of inspecting them to ensure that the Building is reconslructed, renovated m~d remodeled, and mainlained and used in accordance wilh the terms of this Agreement. PART 5. DEFAULT Section 5.01. Tl~e Cil3, Manager may decJare a defau]l under this Agreement if Global Rock: 1. fails 1o complele lhe reconstruction, renovalion and remodelling of the Building by the deadline in Seclion 2.02 above; 2. refuses, fails or neglects Io comply wilh any office lerms oflhis Agreement, including the provision for the creation and maimenance of job equivalents in Section 2.03 above; thai is false or misleading in any malerial respect; or 4. allows ad valorem taxes on the Propelly, ll~e Building owed lo the Ci9' Io become delinquent unless Global Rock timely and properly prolests or conlests the faxes. Section 5.02. If tl~e City Manager delermines tl~at Global Rock is in default of this Agreement on a basis other than ~be fa/lure Io creale jobs or ~o pay ad valorem ~axes on the ProperS, or lhe Building, the City Manager will notify Global Rock in wriling, and ifll~e defanlt is nol cured within 60 days fi-om the date of the notice, lben the Cib' Manager may ~em~inate this Agreement. No cure is allowed for defau]ls involving tl~e failure to creale jobs or to pay ad valorem 1axes on the Properly or lhe Building. ]ftbe City Council lerminates lhis Agreement, fl~e Tax Abalement for remainder of the Aba~ement Period will be rescinded. Section 5.03. ]flhe City Manager delermines thal Global Rock has failed lo creale the full number of full-lime job equivalenls described in Section 2.03 by lhe deadline slaled in tbal section, fl~en this Agreen~enl will lerminale, and tl~e Tax Abalement will be rescinded. Iftl~e CiU, Manager delermines that Global Rock has failed to maintain 1he full number of full-time job equivalents during any year office Abmement Period, then Global Rock's Tax Abatement for the following tax year will be limiled lo A/5 of the increase in tl~e taxable value of the Building, with "A" being number of full-time job equivalents mainlained during the previous calendar year. Section 5.04. ]flhis Agreemen~ is lerminaled under lhis Section, Global Rock will pay to the City tl~e full value of all fee waivers provided for in Section 6.01 below within 60 days of the lerminafion date. The City will be entitled Io record a lien against lhe Property Io secure the full