Laserfiche WebLink
<br />B. <br /> <br />QiþFJ <br />U;', " <br /> <br />Ol)r: <br />(,í i-, " " <br /> <br />-5- <br /> <br />deadline for completion of such construction. <br /> <br />If such breach <br /> <br />is not cured within sixty <br /> <br />(60) days from the date of receipt <br /> <br />of such notice (the "Cure Period"), then this Agreement may <br /> <br />be terminated by the City, <br /> <br />provided however, <br /> <br />that if the <br /> <br />breach or failure to cure is the result of a force majeure <br /> <br />event and VF cannot with due diligence cure the breach within <br /> <br />the Cure Period, the Cure Period shall be extended if VF upon <br /> <br />receipt of such notice, advises the City of VF's intention to <br /> <br />institute all steps necessary to cure such breach, and if VF <br /> <br />thereafter <br /> <br />institutes <br /> <br />and <br /> <br />completion <br /> <br />prosecutes <br /> <br />to <br /> <br />such <br /> <br />construction. <br /> <br />For the purposes of this Agreement, the term <br /> <br />"force majeure event" shall mean an act of God, war, civil <br /> <br />commotion, riots, strikes, picketing or other labor disputes, <br /> <br />unavailability of <br /> <br />labor or materials, <br /> <br />governmental <br /> <br />action <br /> <br />(unless caused by acts or omissions of VF), fire, explosion <br /> <br />or other casualty, or natural disaster; the term shall not <br /> <br />include financial inability or economic downturn. <br /> <br />In the event that VF allows its ad valorem taxes to the City <br /> <br />which may be owed on the Property to become delinquent and <br /> <br />fails to timely and properly follow the legal procedures for <br /> <br />their <br /> <br />and/or <br /> <br />may <br /> <br />then be <br /> <br />protest <br /> <br />this <br /> <br />contest <br /> <br />Agreement <br /> <br />terminated by the City and all taxes previously abated by <br /> <br />virtue <br /> <br />of <br /> <br />this <br /> <br />will <br /> <br />Agreement <br /> <br />be <br /> <br />recaptured, <br /> <br />the <br /> <br />Tax <br /> <br />Abatement will be rescinded and the previously abated taxes <br /> <br />will be paid by VF to the City within sixty (60) days of the <br /> <br />termination. <br /> <br />C. <br /> <br />The City Council may declare a default hereunder by VF and <br /> <br />terminate this Agreement if, after notice and a cure period <br />