Res 2007-112 - Laserfiche WebLink

Home Browse Search

Section 4.02. At all times until the City=s rights to declare default against SMVP have expired, the City will have access to the Property and the Facility upon reasonable prior notice for the purpose of inspecting them to ensure that the Facility are constructed, maintained and used in accordance with the terms of this Agreement. PART 5. DEFAULT Section 5.01. The City Manager may declare a default under this Agreement if SMVP: 1. fails to complete construction of Phase One and Phase Two of the Facility by the deadline in Section 2.02 above; 2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the provision for achieving and maintaining occupancy of Phase One and Phase Two of the Facility in Section 2.03 above, 3. made any representation in this Agreement or in the application to the City for tax abatement that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property or the Facility owed to the City to become delinquent unless SMVP timely and properly protests or contests the taxes. Section 5.02 If the City Manager determines that SMVP is in default of this Agreementona basis other than the failure to achieve or maintain occupancy, or to pay ad valorem taxes on the Property or the Facility, the City Manager will notify SMVP in writing, and ifthe default is not cured within 60 days from the date ofthe notice, then the City Council may terminate this Agreement. No cure is allowed for defaults involving the failure to achieve or maintain occupancy, or to pay ad valorem taxes on the Property or the Facility. If the City Council terminates this Agreement, the Tax Abatement for the remainder of the Abatement Period will be rescinded. Section 5.03. If this Agreement is terminated under this Section, SMVP will 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 will 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. Section 5.04. At the time this Agreement is fully performed by SMVP, and upon the written request of SMVP, the City Manager will execute a certificate in recordable form stating this Agreement has been performed, and SMVP will be released of all further duties or obligations under this Agreement. 3