Common use of OPTION TO TERMINATE AGREEMENT Clause in Contracts

OPTION TO TERMINATE AGREEMENT. (a) In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. (a) As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.5, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.5 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.6 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the optionoption following the start of the first year of the Qualifying Time Period, but prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 6.6 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.7, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.7 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, option prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 6.8 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. (a) In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IVSection 4.3, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction and rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 4.11 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Subject to Section 4.11, Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. (a) In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time PeriodInvestment, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. If with respect to any Tax Year of the Tax Limitation Period beginning after the second Tax Year of the Tax Limitation Period, aggregate payments paid or due under Articles IV, V, and VI through such Tax Year exceed the aggregate Net Tax Benefit through such Tax Year of the Tax Limitation Period, the Applicant shall have the option to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing or its exercise of such option. The option to terminate the Agreement during any Tax Year of the Tax Limitation Period would only be available to the Applicant in any given Tax Year of the Tax Limitation Period in which aggregate payments paid or due under Articles IV, V, and VI exceed the aggregate Net Tax Benefit through such Tax Year of the Tax Limitation Period. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 4.10 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.7, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.7 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, option prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.Section

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.5, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.5 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.6 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing this provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. (a) In the event the Applicant determines that it will not commence or complete construction of the Applicant’s 's Qualified Investment during the Qualifying Time PeriodInvestment, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. In addition, if with respect to any Tax Year of the Tax Limitation Period beginning after the second Tax Year of the Tax Limitation Period, (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District's actual maintenance and operations tax rate for such Tax Year) if the Applicant had not entered into this Agreement, the Applicant shall have the option to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. The option to terminate the Agreement within the time period stated in the preceding sentence would only be available to the Applicant in any given Tax Year of the Tax Limitation Period in which the value limitation would be greater than the value of the project. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 4.10 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.7, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.7 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, option prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 6.8 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.5, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.5 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.6 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, option prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.Section

OPTION TO TERMINATE AGREEMENT. As used in Section 7.1, “option to terminate” means the options granted to Applicant in paragraphs (aA) and (B) of this Section 4.11. A. In the event the Applicant determines that it will not commence or complete construction that, for any Tax Year of the Applicant’s Qualified Investment during Tax Limitation Period beginning with the Qualifying Time Period, the Applicant shall have the option, prior to the commencement second Tax Year of the Tax Limitation Period, (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing for such Tax Year, plus the sum of its exercise of such option. Applicant shall pay any all payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article Articles IV, V, and VI of this Agreement with respect to a such Tax Year, exceeds (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year is subject to reduction rollover in accordance with (determined by using the provisions of Section 4.11 aboveDistrict’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement (an “Agreement Excess Payment”), then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the such option to terminate described in this Section 4.12(b) Agreement by notifying the School District of such exercise its election in writing not later than the July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such the Agreement Excess Payment occurred. Any termination of this agreement Agreement under this paragraph 4.11(A) shall be effective immediately prior to the second Tax Year next following the Tax Year in which the excess giving rise Agreement Excess Payment occurred. The calculation and comparison of the amounts described in clauses (i) and (ii) of the first sentence of this paragraph 4.11(A) shall be included in all calculations made pursuant to Article IV of this Agreement. B. In the event that Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment prior to the beginning of the Tax Limitation Period, Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option occurredto terminate this Agreement by notifying the District of Applicant’s unilateral determination to terminate this Agreement. Any termination of this Agreement under this paragraph 4.11(B) shall be effective immediately. Applicant shall remain responsible for pay any and all amounts accrued under this Agreement as Supplemental Payment owed with respect to the year of termination within thirty (30) days after Applicant delivers the effective date notice of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. (a) A. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the optionoption following the start of the first year of the Qualifying Time Period, but prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 6.6 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) B. In the event that any payment otherwise due from the Applicant to the School District under Article IV IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover a deferral in accordance with the provisions of Section 4.11 above6.5, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the such option to terminate described in this Section 4.12(b) Agreement by notifying the School District of such exercise its election in writing not later than the July 31 of the year following the Tax Year with respect to which a reduction deferral under Section 4.10 6.5 is applicable, and any such . Any termination of this agreement Agreement under the foregoing provisions of this Section 6.6 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the excess deferral giving rise to such the option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.7, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.7 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, option prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due and not yet paid as of termination under Articles IV, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.Section

OPTION TO TERMINATE AGREEMENT. As used in this Agreement, “option to terminate” means Applicant’s right to terminate this Agreement pursuant to paragraphs A and B below. A. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral in accordance with the provisions of Section 6.7, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a deferral under Section 6.7 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral giving rise to the option occurred. Applicant shall pay any payments accrued and not yet paid under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (a30) days after Applicant delivers its termination election. B. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the optionoption following the start of the first year of the Qualifying Time Period, but prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments due accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination including payments deferred from prior years pursuant to Section 6.3termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this Section 4.12 6.8 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period. (b) In the event that any payment otherwise due from the Applicant to the School District under Article IV or Article VI of this Agreement with respect to a Tax Year is subject to reduction rollover in accordance with the provisions of Section 4.11 above, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise the option to terminate described in this Section 4.12(b) by notifying the School District of such exercise in writing not later than July 31 of the year following the Tax Year with respect to which a reduction under Section 4.10 is applicable, and any such termination of this agreement shall be effective immediately prior to the Tax Year next following the Tax Year in which the excess giving rise to such option occurred. Applicant shall remain responsible for any and all amounts accrued under this Agreement as of the effective date of the termination, including any amounts subject to rollover under Section 4.11 above.