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<br />-4- <br /> <br />()OF'i' <br />U /, .1 <br /> <br />Of) <br />nt, <br /> <br />land upon which the improvements are located, <br /> <br />nor to the value of <br /> <br />inventory, equipment that is not affixed to the Property, or any other <br /> <br />personal property, nor to any improvements exceeding the square footage <br /> <br />area specified in Section II above. <br /> <br />IV. <br /> <br />RECORDS AND AUDITS; INSPECTIONS <br /> <br />A. <br /> <br />On or before February 1 of each tax year, beginning in 1992, <br /> <br />and ending in 1996, VF shall furnish to the City certified <br /> <br />records supporting VF's request for each year abatement is to <br /> <br />be provided under this Agreement. <br /> <br />The City shall evaluate <br /> <br />the information furnished and shall have the right to request <br /> <br />and receive from VF additional relevant information needed to <br /> <br />help the City determine VF's compliance with this Agreement. <br /> <br />B. <br /> <br />At all times until the City's rights to declare default by VF <br /> <br />have expired, the City shall, upon reasonable prior notice, <br /> <br />have access to the property and facilities of VF for the <br /> <br />purpose of inspection to ensure that the improvements are <br /> <br />constructed, <br /> <br />maintained <br /> <br />and' <br /> <br />used <br /> <br />in <br /> <br />accordance <br /> <br />with <br /> <br />the <br /> <br />conditions of this Agreement. <br /> <br />V. <br /> <br />DEFAULT <br /> <br />A. <br /> <br />The City Council may declare a default hereunder by VF if, <br /> <br />after notice and a cure period as provided below, VF fails to <br /> <br />complete <br /> <br />construction <br /> <br />of <br /> <br />the <br /> <br />improvements <br /> <br />described <br /> <br />in <br /> <br />Section II (A) <br /> <br />within the time frame stated. <br /> <br />In the event <br /> <br />that the City Council determines that VF has breached its <br /> <br />obligations under Section II(A), the City Manager of the City <br />shall notify VF in writing within thirty (30) days after the <br />