2015 021 Ordinance - Laserfiche WebLink

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4. 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, except in the case of an entity purchasing substantially all of the assets of the Company where said entity continues the Company's same operations in the same location, in which case the rights under this Agreement maybe assigned to said entity. SECTION VIII - REOPENER PROVISION. In the event that the Company fails to generate the requisite MITR for any year of the Term of this Agreement, the Village and the MCIC may elect to consult with the Company on potential appropriate restructuring of the Grant, provided that such adjustment does not increase the grant to which the Company would otherwise be entitled. SECTION IX -BINDING EFFECT Upon execution, this Agreement shall be binding upon, and shall inure to the benefit of the Parties and the respective successors and assigns of each. The Parties hereto represent and warrant that they have full authority to execute this Agreement on behalf of the party for which they execute. SECTION X - FOREBEARANCE NOT A WAVER No act of forbearance or failure of the Parties to insist on the prompt performance of any obligations under this Agreement, either express or implied, shall be construed as a waiver by the of any rights of the Parties under this Agreement or applicable law. Notwithstanding the foregoing, any and all claims by a party under this Agreement must be asserted no later than April 1, 2022, unless otherwise agreed to in writing by the Parties. Page 5