2004 042 Ordinance - Laserfiche WebLink

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tax or other laws or administrative rulings of or administration actions by or under authority of the United States of America or of the State, or any failure by the Village to perform or observe any obligation, or covenant, whether express or implied, arising out of or connection with this Agreement. The Company hereby agrees that in the event of a failure by the Company for any reason to make any Service Payment when due, which failure shall occur and continue for a period of three hundred sixty (360) days, the Village, at its option shall have the right to cause the real property tax exemption to be terminated. The Village shall accomplish such termination of the tax exemption by submitting its written request for such termination to the Cuyahoga County Auditor and the State Tax Commissioner, together with the Village's certification as to the amount of delinquent service payments and the period of delinquency, together with a copy of this Agreement. A copy of such Village request for termination of the tax exemption shall be provided to the Company. If the Company has not fully cured the default in making service payments within ninety (90) days from receipt of such Village request for termination; the Company agrees that the County Auditor and State Tax Commissioner and the Village shall terminate said real property tax exemption, retroactively to the tax exemption year for which the Company has failed to make the service payments. The Company also agrees to be obligated for and agrees to pay any interest and penalty that would be due and owing with respect to the real property tax payments due and payable for such tax exemption year or years to which the tax exemption has been retroactively terminated. The Company further agrees for itself and its successors and assigns to prepare and file in cooperation with the Village all necessary applications and supporting documents to obtain the exemption from real property taxation for the Improvements authorized by the Act and the TIF Ordinance, to enable the County to collect Service Payments thereunder and disburse such payments to the Village. The Village will assist and cooperate with the Company in connection with the preparation and filing of the required exemption applications. The Company hereby authorizes the Village, at the Village's discretion, to prepare and file such required exemption applications. Page 4 of 14