Res 1998-223 - Laserfiche WebLink

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Page 4 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 pay ad valorem taxes on the Property. C. If this Agreement is terminated lmder this Section for a default, including the initial sale of any home in the subdivision for a price exceeding $100,000, then the Developer will pay to the City the total amount of fees covered thus far by the Fee Waiver, including those for building permits issued to others to whom the Developer has sold lots in the Property, within 30 days of the date the City sends an invoice to the Developer for the amount owed. The City may record a lien against the Property for any portion of the fees that remains unpaid after that date. In addition, the City may withdraw any of its funds remaining in the Bishop Street Realignment Fund On a pro-rata basis. 5. ASSIGNMENT A. This Agreement may be assigned by the Developer to a new ovvner of the Property with the written consent of the City Council. An assignment will not be approved if the Developer or the new o'vVner are indebted to the City for ad valorem taxes or other obligations. B. The new o\vner will assume all the duties and obligations of the Developer under this Agreement. 6. INDEMNITY It is understood and agreed between the parties that the City and the Developer are acting independently and not as a pannership or joint venture in executing and performing this Agreement. The City assumes no responsibilities or liabilities in connection with this Agreement to third parties, and the Developer agree to indemnify, defend and hold the City harmless from any such liabilities. 7. MISCELLANEOUS A. All notices called for or required by this Agreement will be delivered to the follo\ving by certified mail: DEVELOPER: Legend Communities, Inc. D/b/a SDC Austin Communities 515 Capital of Texas Highway South, Suite 245 Austin, TX 78746