Common use of Discontinuance of Operations During Term of Agreement Clause in Contracts

Discontinuance of Operations During Term of Agreement. In the event the facility is completed and begins operation, but subsequently discontinues operations during the term of the Agreement after the completion of construction, (i) for more than 120 consecutive days due to major equipment failure, renovation, or replacement; or (ii) for a temporary basis due to fire, explosion or other casualty or accident, pandemic, or natural disaster, the Agreement may be terminated by the Fort bend County and all taxes previously abated by virtue of the Agreement shall be recaptured and paid within sixty (60) days from the date of termination. If the County does not receive full payment within said 60 days, a penalty may be added, equal to 15% of the total amount abated.

Discontinuance of Operations During Term of Agreement. In the event the facility is completed and begins operation, but subsequently discontinues operations during the term of the Agreement after the completion of construction, (i) for more than 120 consecutive days due to major equipment failure, renovation, or replacement; or (ii) for a temporary basis due to fire, explosion or other casualty or accident, pandemic, or natural disaster, the Agreement may be terminated by the Fort bend County District and all taxes previously abated by virtue of the Agreement shall be recaptured and paid within sixty (60) days from the date of termination. If the County District does not receive full payment within said 60 days, a penalty may be added, equal to 15% of the total amount abated.

Discontinuance of Operations During Term of Agreement. In the event the facility is completed and begins operationoperation with the required minimum number of permanent jobs, but subsequently discontinues operations and the minimum number of permanent jobs is not maintained on any January 1st during the term of the Agreement after the completion of construction, (i) for more than 120 consecutive days due to major equipment failure, renovation, or replacement; or (ii) for any reason except on a temporary basis due to fire, explosion or other casualty or accident, pandemic, accident or natural disaster, the Agreement may be terminated by the Fort bend County and all taxes previously abated by virtue of the Agreement shall be recaptured and paid within sixty (60) days from the date of termination. If the County does not receive full payment within said 60 days, a penalty may be added, equal to 15% of the total amount abated.