Res 1997-141 - Laserfiche WebLink

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Page 3 Developers: 1. fail to complete construction of the Project by the deadline set out in Section 2; 2. refuse, fail or neglect to comply with any of the terms of this Ag reement; 3. made any representation in this Agreement or in the application to the City for infill development incentives that is false or misleading in any material respect; or 4. allow ad valorem taxes on the Property owed to the City to become delinquent and fails to timely and properly protest or contest the taxes. B. If the City Manager determines that the Developers are in default of this Agreement, the City Manager will notify the Developers in writing, and if the default is not cured within 30 days of 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 under this Section, then the Developers will pay to the City the total amount of the Fee Waiver and any reimbursed Street Extension Costs within 30 days of the date of the termination. The City may record a lien against the Property for any portion of these amounts that remains unpaid after that date. SECTION 5. ASSIGNMENT A. This Agreement may be assigned by the Developers to a new owner of the Property with the written consent of the City Council. An assignment will not be approved if the Developers or the new owner are indebted to the City for ad valorem taxes or other obligations. B. The new owner will assume all the duties and obligations of the Developers under this Agreement. SECTION 6. INDEMNITY It is understood and agreed between the parties that the City and the Developers are acting independently and not as a partnership or joint venture in executing and performing this Agreement, and the City assumes no responsibilities or liabilities in