Laserfiche WebLink
<br /> r2.JF <br /> - Page 7 <br /> consent of the City Council, which will not be unreasonably withheld, and Genlyte will be <br /> released of any further duties or obligations under this Agreement. <br /> C. The new owner will assume all the duties and obligations of Genlyte upon the <br /> same terms and conditions as set out in this Agreement. Any assignment of this <br /> Agreement will be to an entity that contemplates the same Improvements to the Property, <br /> except to the extent the Improvements have been completed. No assignment will be <br /> approved if the assignor or the assignee are indebted to the City for ad valorem taxes or <br /> .' , <br /> other obligations. <br /> 8. <br /> PROPERTY TAX APPRAISED VALUE <br /> " <br /> It is understood and agreed between the parties that the Property and all <br /> Improvements upon the Property will be appraised at market value for the purposes of <br /> property tax assessment throughout the term of this Agreement, and that this value may <br /> change during the term of this Agreement. The calculation of abated taxes will make use <br /> of this appraised value as it is determined for ea.ch year of the Abatement Pèriod. <br /> 9. <br /> INDEPENDENT CONTRACTOR/INDEMNITY <br /> It is understood and agreed between the parties that the City and Genlyte, in <br /> executing this Agreement, and in performing their respective obligations, are acting <br /> independently, and not in any form of partnership or joint venture. The City assumes no <br /> responsibilities or liabilities to any third parties in connection with this Agreement, and <br /> Genlyte agrees to indemnify, defend and hold the City harmless from any such liabilities. <br /> . <br />