Res 1989-050 - Laserfiche WebLink

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'7 ç) g 58? -3- -, :, \, end of the Abatement Period, and if such default is not cured within sixty (60) days from the date of such notice ( "Cure Period" ), then this Agreement may be terminated; provided, however, that in the case of a default, other than the creation of jobs, for causes beyond HHJVls reasonable control which HHJV cannot with due diligence cure within the sixty (60) day period, the Cure Period shall be extended if HHJV shall immediately upon receipt of such notice, advise the City of HHJV1s intention to institute all steps necessary to cure such default and HHJV shall i nsti tu te and thereafter prosecute to completion with reasonable dispatch all steps necessary to cure same. B. In the event that HHJV allows its ad valorem taxes to the City which may be owed on the property at Exhibit A and improvements listed in Part II to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest, or if HHJV violates any of the terms and conditions of this Agreement and fails to cure them during the Cure Period, this Agreement may then be terminated and all Abated Taxes previously abated by virtue of this Agreement will be recaptured, the Tax Abatement will be rescinded and such previously Abated Taxes will be paid within sixty (60) days of the termination. C. In the event the improvements are completed and HHJV begins its commercial operations and services but subsequently ceases to engage in such commercial operations or services for any reason except in case of fire, explosion or other casualty, accident or natural disaster, for a period of one (1) year during the abatement period, then this Agreement shall terminate. In the event of termination pursuant to the provisions of this paragraph, the Tax Abatement for the calendar year during which the facility is no longer used for commercial operations or services shall terminate but there shall be no recapture of prior years' Abated Taxes abated by virture of this Agreement. The Abated Taxes otherwise abated for the calendar year during which the facility no longer is used for commercial operations or services shall be paid to the City prior to the delinquency date for such year; provided, however, that in no event shall owner be required to pay such taxes within less than sixty (60) days of the termination. D. If HHJV defaults with respect to jobs creation, the City will deal with such default under this subsection. If the City Council determines that HHJV has failed to create the jobs specified in part II, above, then for each job less than fifteen (15) jobs created, HHJV shall be required to pay to the City of San Marcos an amount of money equal to one fifteenth (1/15) of the total amount of Abated Taxes under this Agreement at the time a default is declared by the City Council with respect to part II.B., above. For the purposes of this paragraph, the amount of said abated taxes shall be determined by taking into account the total capital outlays provided for in part II. A., above, and actually made for the construction and/or renovation of the facilities specified therein, calculated at the 1989 tax rate of fifty-eight and two-tenths cents ($.582) per one hundred dollars ($100) of valuation. E. If pursuant to subsection A, the City declares that HHJV is in default with respect to this Agreement and thereafter the City terminates this Agreement, in whole or in part, the City shall be entitled to collect from HHJV the full value of all fee waivers provided for in part VI, below. The City shall be entitled to and receive a lien against the real property described in Exhibit A to secure the full value of the fees so waived.