I-1 - Development Agreement - Park 3 - Boardwalk

Johnson County, above and beyond the Base Valuation (as hereinafter defined) of the Property; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. The Base Valuation of the Property for purposes of calculating Incremental Property Tax Revenues under this Agreement and Section 403.19 of the Code of Iowa shall be the valuation of the Property on January 1 of the year prior to year in which the Triggering Certification is filed. Upon request, the City staff shall provide reasonable assistance to the Developer in completing the worksheet required under this Section A.5. 6. Default Provisions. a. Events of Default. The following shall be “Events of Default” under this Agreement, and the term “Event of Default” shall mean, whenever it is used in this Agreement (unless otherwise provided), any one or more of the following events: (i) Failure by the Developer to complete construction of the Project, pursuant to the terms and conditions of this Agreement. (ii) Failure by the Developer to fully and timely remit payment of property taxes when due and owing. (iii) Failure by the Developer to comply with the Operational Requirement pursuant to the terms and conditions of this Agreement. (iv) Failure by the Developer to comply with Sections A.4 and A.5 of this Agreement. (v) Failure by the Developer to observe or perform any other material covenant on its part, to be observed or performed hereunder. b. Notice and Remedies. Whenever any Event of Default described in this Agreement occurs, the City shall provide written notice to the Developer describing the cause of the default and the steps that must be taken by the Developer in order to cure the default. The Developer shall have thirty (30) days after receipt of the notice to cure the default or to provide assurances satisfactory to the City that the default will be cured as soon as reasonably possible. If the Developer fails to cure the default or provide assurances, the City shall then have the right to: (i) Pursue any action available to it, at law or in equity, in order to enforce the terms of this Agreement. (ii) Withhold the Payments provided for under Section B.1 below. (iii) Terminate this Agreement. -3- 4910-7132-5999\1