Res 1990-005 - Laserfiche WebLink

Home Browse Search

H. 82:7 Ç,) () f\ " , 'L' -12- Agreement shall be secured by a first and prior tax lien on the Property which shall continue in existence from year to year until such time as this Agreement is fully performed by Factory Stores or until all abated taxes, whether assessed or recaptured, are paid in full. The remedies set forth in Sections V(A) through (E) are the exclusive remedies for the defaults forth in set those sections and are cumulative. Unless the City gives written notice to Factory Stores of a breach of, failure to comply with or default in the performance of its obligations under this Agreement prior to March 1 of the year following the year in which such breach, failure or default is alleged to occur, the City shall have waived all such breaches, failures and defaults for such year. I. Notwi thstanding anything to the contrary contained in this Agreement, the this liability of Factory Stores under Agreement shall not exceed the amount of the Tax Abatement actually received by Factory' Stores pursuant to the terms of this Agreement. VI. ECONOMIC INCENTIVES PROVIDED BY THE CITY A. The City agrees to annex the property described in Exhibit A as possible, to exercising reasonable soon diligence as accomplish the same. However, in no event shall the City fail complete to the annexation of the property before December 21, 1990. Completion of the annexation shall mean the adoption of an annexation ordinance with respect to the subject property.