8963-17 Amend Rockport Square Project Tax Financing Agreement with LCSD

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(c) Third, for repayment to the School District of the $391,889.11 from remaining service payments received by the City, to the extent available, unless the City becomes obligated to repay shortfall payments to any entity under any development agreement with the City governing the Project, in which case the City's repayment obligation to such entity shall be superior the provisions in section 2(c). (d) Fourth, to the City an amount that does not exceed $500,000 in the aggregate over the remaining period of the Agreement after the annual payment of obligations in Sections 2(a) and 2(b), and upon satisfaction of the item in Section 2(c). (e) Fifth, any amounts remaining in the Fund after all of the foregoing priorities have been satisfied shall be equally shared by the City and School District. 3. Failure of a party to complain of any act or omission on the part of the other party, no matter how long the same may continue, shall not be deemed a waiver by said party of any of its rights there under. 4. This First Amendment Agreement shall be binding upon the parties thereto, their successors and assigns, to the extent permitted by law. Every party shall execute and deliver to the requesting party all instruments, certificates and other documents reasonably requested by a party with respect thereto. 5. All the individuals signatory hereto represent and warrant their authority to execute and deliver this instrument. 6. This First Amendment Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall be deemed an original, but such counterparts together shall constitute but one and same instrument. 7. In the event any provision or term of this First Amendment Agreement is found to be void or unenforceable to any extent and for any reason, it is the agreed upon intent of the parties hereto that all remaining provisions or terms of this First Amendment Agreement shall remain in full force and effect to the maximum extent permitted and that this First Amendment Agreement shall be enforceable as if such void or unenforceable provision or term had never been a part hereof. 8. No provision of this First Amendment Agreement may be modified, waived, or discharged unless the waiver, modification or discharge is agreed to in writing and signed by the parties. 9. The parties agree they have read this First Amendment Agreement, understand its terms and voluntarily accept the consideration recited above for the purpose of making a full and complete compromise, adjustment and settlement of all claims.