|
and construction use tax and ten percent �1'(?%) of :the .sales tax rebates
<br />provided sto 'the:. Com,pa"ny pursuant to th!s Agreement for each -full year
<br />that the Company, and/or its .successors. and assigns, cease operations, at
<br />theRto)ect Location,
<br />12. Subordination: 1'lia ,ity's obligations pursuant to this. Agreement are
<br />subordinate to the City's .obligations for the repayment of any "-r'e;ri# or
<br />future bonded J debtedne_ss and are .contingent 'upon the existence ofa
<br />surplus in sales tax, ,revenues in excess of the sales tax revenues:
<br />necessary to meet such existing or fuure bond indebtedness., 'The City
<br />shall meet ,its :obligations, ;under this Agreement only .after the City -ias
<br />satisfied` all other obligations wif# respect to, the use of sales tag rdven ues.
<br />for bond repayment.
<br />purposes._ For the purposes:'of this Agreeme6 'the
<br />terms "bonded, indebtedness," "bonds," -and similar terms describing the
<br />possible forms of indebtedness include all forms of indebtedness that may
<br />be incurred by ;the City, including, but no# limited `to, general obligation
<br />bonds; revenue bonds, revenue anticipation notes, tax increment notes,
<br />tax increment bond$, and a!! other forms of contractual ;indebtedness 'of
<br />whatsoever, nature.that is ! anyway scoured or collateralized bysales tax:
<br />revenues of the City.:.
<br />13' Annual AppMriation; Nothing in this :Agreement shall be adeemect or
<br />construed as creating a mult,11iple fiscal year obligafipn on. fide par# of the.
<br />City within the meaning of Colorado Constitution Article ?C; Section 2Q or
<br />any other constitutional or statuto . ry provision, and the City's obligations
<br />hereunder are expressly oonditional upon annual appropriation by the City:
<br />Council, in its sole discretion,. Company understands and :agrees that any
<br />decision of City. Gouncrl not .to appropriate funds fI.or paymerit. shall be
<br />without penalty or liability to'the City 'and, further, shall not affect, impair,
<br />or invalidate -any. of -,the remaining terms :or, provisions, of "this Agreement.
<br />14Governing' Law Venue Disoute Resolution. This, fgreement. shall- be
<br />govarned and construed: in ;accordance WIM the. Maws of the State. of
<br />Colorado. This Agreement .shall: 'ba subaect.:to, and construed in. strict
<br />accordance' with, the Lousvllle City Charter ,and the Louisville Municipal
<br />Code Any action arising out of in connection frith, orreJ9tjng to thus,
<br />Agreeent shall be :filed in 'the .District Court of .BWid�er County of, the.
<br />State -,of Colorado and in no other" court or jurisdiction. In 'the event of, a
<br />dispute concerning any provision of this. Agreement, the parties.agree"11 at
<br />priorto commencing .any litigation; they shall first engage in good faith the
<br />services of a mutually acceptable., qualified, and. experienced mediator,: or
<br />panel of mediators for the purpose of resolving such' :dispute In,' .event
<br />such dispute is .not fully resolved by mediation'or otherwise. within so days:
<br />of a request for mediation by either party then either party; as their
<br />exclusive 'remedy, may :commence binding arbitration regarding the
<br />dispute. through .Judicial Arbiter Group,. ;Judgment on -any :arbitratfon.
<br />award.may be enforced in any hurtgf'compe#ent furisdic#ion;,
<br />Page 4 of $
<br />
|