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<br />-5- <br /> <br />04)'" <br />C):" l <br /> <br />Q.{) <br />( , ,:, <br /> <br />in the tax year in which this Agreement is signed which is attributable <br /> <br />to permanent improvements located upon the property shall be abated <br />(the "Tax Abatement") for five (5) calendar years, subject to Section V <br /> <br />of this Agreement. <br /> <br />This abatement shall not extend to the value of the <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 />?ersonal property, nor to any improvements exceeding the square footage <br /> <br />areas 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, Factory Stores shall furnish to the City <br /> <br />certified records supporting Factory Stores' request for each <br /> <br />year abatement is to be provided under this Agreement. <br /> <br />The <br /> <br />City shall evaluate the information furnished and shall have <br /> <br />the <br /> <br />right <br /> <br />to <br /> <br />request <br /> <br />and <br /> <br />receive <br /> <br />from <br /> <br />Factory <br /> <br />Stores <br /> <br />additional <br /> <br />relevant <br /> <br />information <br /> <br />needed <br /> <br />to <br /> <br />help <br /> <br />the <br /> <br />City <br /> <br />determine Factory Stores' compliance with this Agreement. <br /> <br />B. <br /> <br />At all times until the City's rights to declare default by <br /> <br />Factory Stores have expired, the City shall, upon reasonable <br /> <br />prior notice have access to the property and facilities of <br /> <br />Factory Stores for the purpose of inspection to ensure that <br /> <br />the <br /> <br />improvements <br /> <br />are <br /> <br />constructed, <br /> <br />maintained <br /> <br />and used <br /> <br />in <br /> <br />accordance with the conditions of this Agreement; provided <br /> <br />that <br /> <br />the <br /> <br />City <br /> <br />shall <br /> <br />not <br /> <br />directly <br /> <br />contact <br /> <br />any <br /> <br />tenant <br /> <br />of <br /> <br />Factory Stores about any matter concerning this Agreement. <br /> <br />V. <br /> <br />DEFAULT <br />