Res 1995-062 - Laserfiche WebLink

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76Þ Page 5 terminate this Agreement. No Cure Period is allowed for defaults involving the failure to create or maintain jobs or to pay ad valorem taxes on the Property. B. If the City Council terminates this Agreement under this Section 5 on a basis other than the failure to create or maintain jobs, all taxes previously abated by virtue of this Agreement will be recaptured, the Tax Abatement will be rescinded and Thrifty Call will pay the previously abated taxes to the City within 60 days of the termination date. C. If the City Council determines that Thrifty Call has failed to creàte the full number of full-time job 'equivalents described in Section 2 by December 31, 1995, then this Agreement shall terminate, and the Tax Abatement will be rescinded. If the City Council determines that Thrifty Call has failed to maintain the full number of full-time job equivalents for any calendar year specified in Section 2, then Thrifty Call's Tæ< Abatement for the current tax year will be limited to AlX of the taxable value of the Improvements, with "A" being the number of full-time job equivalents maintained during the previous calendar year, and "X" being the number of full-time job equivalents specified in Section 2 to be maintained during that calendar year, and, in addition, the City Council may terminate this Agreement as to any tax year of the Abatement Period remaining under this Agreement. D. If the City terminates this Agreement under this Section 5, in whole or in part, Thrifty Call shall pay to the City the full value of all fee waivers provided for in Section 6 below within 60 days of the termination date. The City shall be entitled to record a lien against the Property to secure the full value of the fees so waived if this payment is not timely made. E. At such time as this Agreement is fully performed by Thrifty Call, the City Manager will execute a certificate in recordable form stating this Agreement has been