DISTRICT’S DETERMINATION OF BREACH. 8.1.1 In the event Applicant terminates this Agreement without the consent of the District, except as provided in Section 5.2, or should Applicant or Applicant’s successor in interest fail to comply with any material term or meet any material obligation of this Agreement, after the notice and cure period provided herein, District shall be entitled to: (a) the recapture of all ad valorem tax revenue that would have been due from Applicant without the benefit of this Agreement; and (b) all penalty and interest as calculated under Section 8.4. For purposes of the recapture calculation, the Applicant shall be entitled to a credit for all payments made under Article 3 and Article 4.
Appears in 6 contracts
Samples: Limitation on Appraised Value Agreement, Limitation on Appraised Value Agreement, Limitation on Appraised Value Agreement
DISTRICT’S DETERMINATION OF BREACH. 8.1.1 In the event Applicant terminates this Agreement without the consent of the District, except as provided in Section 5.2, or should Applicant or Applicant’s successor in interest fail to comply with any material term or meet any material obligation of this Agreement, after the notice and cure period provided herein, District shall be entitled to: (a) the recapture of all ad valorem tax revenue that would have been due from Applicant without the benefit of this Agreement; and (b) all penalty and interest as calculated under Section 8.4. For purposes of the recapture calculationcalculation under subsection (a) in this Section 8.1.1, the Applicant shall be entitled to a credit for all payments made under Article 3 and Article 4.
Appears in 1 contract
