2015 020 Ordinance - Laserfiche WebLink

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and provide the Village with a report setting forth the total amount of any deficiency as calculated by Section V of this Agreement. SECTION V -DEFAULTS AND REMEDIES If the Company defaults in the performance of its obligations under this Agreement, the Village and/or the MCIC shall serve written notice of such default on the Company and demand the default be cured. If any such default continues for a period of sixty (60) or more days after the Company receives written notice of such default, then the Village and MCIC shall have the right to pursue rights and remedies as are set forth in this Agreement and as may otherwise be available in law. Among any other remedies allowed by law, the Village and the MCIC shall have the right, but not the obligation, to require the Company to refund the Grant received by the Company in an amount equal to the deficiency between the income tax revenue actually generated for the Term and five times the MITR. In the event this Agreement terminates prior to the expiration of the Term, the Village shall have the right, but not the obligation, to require the Company to refund the Grant in an amount equal to the deficiency between the income tax revenue actually generated for the calendar years which have elapsed (including the calendar year in which the Agreement is terminated) and the requisite MITR to be generated for such period. Within sixty (60) days of such demand, the Company shall forward such amount to the Village. If the Village or MCIC defaults in the performance of their respective obligations under this Agreement, the Company shall serve written notice of such default and demand the default be cured. If any such default continues for a period of sixty (60) or more days after the Company gives the Village and MCIC written notice of such default, then the Company will have the right to pursue rights and remedies as are available in law. SECTION VI -LIABILITY OF OFFICERS AND AGENTS This Agreement is not intended to subject any official, officer, agent, or employee of the Village, the MCIC, or the Company to personal liability or accountability by reason of the execution or performance of this Agreement. SECTION VII -NON-ASSIGNMENT The Company shall not pledge, mortgage, grant a security interest in, assign, or collaterally assign this Agreement, or any rights, privileges, or claims under this Agreement, to any person or entity. Page 4