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749 Main Street <br />Louisville, CO 80027 <br />303.335.4531 <br />aarond @louisvilleco.gov <br />9. Termination. This Agreement shall terminate and become void and of no <br />force or effect upon the City if, by June 30, 2016, Company has not <br />completed the first phase of the Project as described in Company's <br />application of business assistance (as evidenced by a successful final <br />inspection for the Project); or should fail to comply with any City code. <br />10. Business Termination. In the event that, within five (5) years of the <br />completion of the first building improvements at the Project Location (as <br />determined by, the date of issuance of the certificate of occupancy or final <br />inspection for the first phase of the Project), the Company ceases <br />operations at the Project Location, Company shall pay to the City a portion <br />of the total amount of fees and taxes which were due and payable to the <br />City but were rebated by the City to Company, as well as reimburse the <br />City for any funds provided to Company pursuant to this Agreement. For <br />each full month the Company and /or its successors and assigns, cease <br />operations at the Project Location, the City shall receive back 1.67% of the <br />foregoing amounts. <br />11. Subordination. The. City's obligations pursuant to this Agreement are <br />subordinate to the City's obligations for the repayment of any current or <br />future bonded indebtedness and are contingent upon the existence of a <br />surplus in sales and use tax revenues in excess of the sales and use tax <br />revenues necessary to meet such existing or future bond indebtedness. <br />City,shall meet its obligations 'under this Agreement only after the City <br />has satisfied all other obligations with respect to the use of sales tax <br />revenues for bond repayment purposes. For the purposes of this <br />Agreement, the terms "bonded indebtedness," "bonds," and similar terms <br />describing the possible forms of indebtedness include all forms of <br />indebtedness that may be incurred by the City, including, but not limited <br />to, general obligation bonds, revenue bonds, revenue anticipation notes, <br />tax increment notes, tax increment bonds, and all other forms of <br />contractual indebtedness of whatsoever nature that is in any way secured <br />or collateralized by sales and use tax revenues of the City. <br />12.Annual Appropriation. Nothing in this Agreement shall be deemed or <br />construed as creating a multiple fiscal year obligation on the part of the <br />City within the meaning of Colorado Constitution Article X, Section 20 or <br />any other constitutional or statutory provision, and the City's obligations <br />hereunder are expressly conditional upon annual appropriation by the City <br />Council, in its sole discretion. Company understands and agrees that any <br />decision of City Council to not appropriate funds for payment shall be <br />Page 4 of 6 <br />