Packet: Tiffin City Council Regular Meeting (03/03/2026)

maintain compliance with local zoning, land use, building and safety codes and regulations throughout the Term of this Agreement. 2. Property Taxes. The Company agrees to make timely payment of all property taxes as they come due with respect to the Property with the completed Project thereon throughout the Term and to submit a receipt or cancelled check in evidence of each such payment. 3. Annual Certification. Upon request by the City, and to assist the City in monitoring the performance of the Company under this Agreement, a duly authorized officer of the Company shall certify to the City to the best of the Company’s knowledge (a) that all taxes owed on the Property have been timely paid; (b) that the Company is not in material violation of this Agreement; and (c) that the Company is in compliance with the Business Operations Requirement. The Company’s certification pursuant to this Section A.3 shall be in substantially the form set forth on Exhibit B attached hereto and shall be submitted to the City within thirty (30) days of the City’s written request. The Company shall provide such supporting documentation as the City may reasonably request in connection with its review of the certification under this Section A.3. 4. 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 Company to complete construction of the Project pursuant to the terms and conditions of this Agreement. ii. Failure by the Company to comply with the Business Operations Requirement. iii. Failure by the Company to fully and timely remit payment of property taxes when due and owing. iv. Failure by the Company 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 Company describing the cause of the default and the steps that must be taken by the Company in order to cure the default. The Company shall have thirty (30) days after receipt of such notice to cure the default or to provide assurances satisfactory to City that the default will be cured as soon as reasonably possible. If the Company 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. Recover an amount equal to the full amount of the Grant previously made to the Company under Section B.1 hereof. The City may take any action, including any legal action it deems necessary, to recover such amount from the Company. -2- 4934-1480-3346\2