Res 1990-005 - Laserfiche WebLink

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A. Co.?7,,'" J' '. Rr~ -6- The City Council may declare a default hereunder by Factory Stores if, after notice and a cure period as provided below, Factory fails Stores complete to construction of the improvements described in Section II(A) within the time frame stated. In the event that the City Council determines that Factory Stores has breached its obligations under Section II (A) , the City Manager of the City shall notify Factory Stores in writing within thirty (30) days after the deadline for completion of such construction. If such breach is not cured within sixty ( 60) days from the date of receipt of such notice (the" Cure Period"), then this Agreement may be terminated by the City, provided however, that if the breach or failure to cure is the result of a force majeure event and Factory Stores cannot with due diligence cure the breach within the Cure Period, the Cure Period shall be extended if Factory Stores upon receipt of such notice, advises the City of Factory Stores' intention to institute all steps necessary to such thereafter breach, and if cure Factory Stores institutes and prosecutes to completion such construction. For the purposes of this Agreement, the term "force majeure event" shall mean an act of God, war, civil commotion, riots, strikes, picketing or other labor disputes, governmental action (unless caused by acts or omissions of Factory Stores), fire, explosion or other casualty, or natural disaster; the term shall not include financial inability or economic downturn. B. In the event that Factory Stores allows its ad valorem taxes to the City which may be owed on the Property to become