Debt and Scofflaw Check Sample Clauses

Debt and Scofflaw Check. Landmark Owner shall have submitted to the Department a completed “Principal Profile Form” in the City’s then current form for any person holding a direct or indirect ownership interest of more than 7.5% Landmark Owner (or, if Landmark Owner is a not-for-profit entity, any person who is a director or trustee of Landmark Owner), and the City has confirmed that no such person either (a) has any outstanding debt to the City, or if there is any outstanding debt, that all such outstanding obligations have been satisfied, or (b) has been identified as a building code scofflaw or problem landlord pursuant to Section 2- 92-416 of the Municipal Code. If any of the conditions in this Section 5 have not been satisfied to the Department’s reasonable satisfaction within the time periods provided for herein, or waived by the Department, the Department may, at its option, upon thirty (30) days’ prior written notice to Landmark Owner, terminate this Agreement at any time after the expiration of the applicable time period, in which event this Agreement shall be null and void and, except as otherwise specifically provided, neither party shall have any further right, duty or obligation hereunder; provided, however, that if within said thirty (30) day notice period Landmark Owner satisfies said condition(s), then the termination notice shall be deemed to have been withdrawn. Any forbearance by the Department in exercising its right to terminate this Agreement upon a default hereunder shall not be construed as a waiver of such right.
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