Common use of Failure to Commence Operation During Term of Agreement Clause in Contracts

Failure to Commence Operation During Term of Agreement. In the event that the Facility is not completed and does not begin operation with the minimum required number of net new full-time jobs by the January 1 following the actual (not deemed) completion of construction, no abatement shall be given for that tax year, and the full amount of taxes assessed against the property shall be due and payable for that tax year. In the event that the Owner fails to begin operation with the minimum number of net new full-time jobs by the next January 1, then the abatement Agreement shall be subject to termination and all abated taxes during the period of construction shall be recaptured and paid within 60 days of such termination.

Failure to Commence Operation During Term of Agreement. In the event that the Facility is not completed and does not begin operation with the minimum required number of net new full-time jobs by the January 1 following the actual (not deemed) completion of construction, no abatement shall be given for that tax year, and the full amount of taxes assessed against the property shall be due and payable for that tax year. In the event that the Owner fails to begin operation with the minimum number of net new full-time jobs by the next January 1, then the abatement Agreement shall be subject to termination and all abated taxes during the period of construction shall be recaptured and paid within 60 sixty (60) days of such termination.

Failure to Commence Operation During Term of Agreement. In the event that the Facility is not completed and does not begin operation with the minimum required number of net new full-time jobs by the January 1 following the actual (not deemed) completion of construction, no abatement shall be given for that tax year, and the full amount of taxes assessed against the property shall be due and payable for that tax year. In the event that the Owner fails to begin operation with the minimum number of net new full-time jobs by the next January 1, then the abatement Agreement shall be subject to termination terminate and all abated taxes during the period of construction shall be recaptured and paid within 60 days of such termination.