Common use of OPTION TO TERMINATE AGREEMENT Clause in Contracts

OPTION TO TERMINATE AGREEMENT. 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. Additionally, in the event that prior to the beginning of the Tax Limitation Period, the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment, the Applicant shall have the option, prior to the beginning of the Tax Limitation Period, to terminate this Agreement by notifying the District in writing of its exercise of such option. Any termination of this Agreement under the immediately preceding sentence shall be effective immediately upon giving such written notice to the District and this option shall expire upon commencement of the Tax Limitation Period.

OPTION TO TERMINATE AGREEMENT. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3Article IV, Article V 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 6.76.3, 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 6.3 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 6.4 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. Additionally, in the event that prior to the beginning of the Tax Limitation Period, the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment, the Applicant shall have the option, prior to the beginning of the Tax Limitation Period, to terminate this Agreement by notifying the District in writing of its exercise of such option. Any termination of this Agreement under the immediately preceding sentence shall be effective immediately upon giving such written notice to the District and this option shall expire upon commencement of the Tax Limitation PeriodDistrict.

OPTION TO TERMINATE AGREEMENT. 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 6.76.3, 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 6.3 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 6.4 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. Additionally, in the event that prior to the beginning of the Tax Limitation Period, the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment, the Applicant shall have the option, prior to the beginning of the Tax Limitation Period, to terminate this Agreement by notifying the District in writing of its exercise of such option. Any termination of this Agreement under the immediately preceding sentence shall be effective immediately upon giving such written notice to the District and this option shall expire upon commencement of the Tax Limitation PeriodDistrict.

OPTION TO TERMINATE AGREEMENT. In the event that any payment otherwise due from the Applicant to the District under Section 4.2 or 4.3Article IV, Article V V, or Article VI of this Agreement with respect to a Tax Year is subject to a deferral reduction in accordance with the provisions of Section 6.76.5, 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 reduction under Section 6.7 6.5 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 6.8 6.6 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the deferral reduction giving rise to the option occurred. Additionally, in the event that prior to the beginning of the Tax Limitation Period, the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment, the Applicant shall have the unilateral option, at any time prior to the beginning of the Tax Limitation Period, to terminate this Agreement by notifying the District in writing of its exercise of such option. Any termination of this Agreement under the immediately preceding sentence shall be effective immediately upon giving such written notice to the District and this option shall expire upon commencement of the Tax Limitation PeriodDistrict.