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<br />RESOLUTION NO. <br /> <br />86-019 <br /> <br />WHEREAS, the City Council of the City of Paris did <br />heretofore in Ordinance No. 85-018 authorize the entering to <br />an agreement with Merico, Inc" a Texas corporation, which <br />agreement was entered into on the 15th day of April, 1985; <br />and, <br /> <br />WHEREAS, Section 3,4 gave to either party to the <br />agreement, that being the City of Paris and Merico, Inc., <br />the right to terminate the agreement in the event the <br />estimated total capital cost, including all estimated cost <br />and cost actually incurred at such time, or for which the <br />City may have become obligated by such time exceeds the sum <br />of $1,420,000,00. The notice of such termination should be <br />in writing and should be given within sixty days of the date <br />upon which the City should have provided all proposals for <br />the construction of the expanded facility, as that term is <br />therein defined, all other documents and information avail- <br />able to the City and required in said section to be <br />furnished to Merico, Inc,: and, <br /> <br />WHEREAS, in order to forego the time delay necessary to <br />allow the sixty day period in which either party could <br />exercise its right to terminate it is expedient for each <br />party to waive its right to terminate in order that the <br />project may move forward as rapidly as possible; and, <br /> <br />WHEREAS, the City Council of the City of Paris is <br />desirous of waiving its right to terminate conditioned upon <br />a similar waiver of right to terminate being executed by <br />Merico, Inc.; NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, That the City Council of the City of Paris does <br />hereby waive the City of Paris I right to terminate the <br />agreement with Merico, Inc, provided for in Section 3,4 of <br />Article III of said agreement conditioned and subject to <br />Merico, Inc,' s waiver of its rights to terminate therein <br />contained. <br /> <br />Passed and adopted this 24th day of February, 1986, <br /> <br />~ ~~)~~ <br />G org Fisher, r., Mayor <br /> <br />ATTEST: <br /> <br />, <br /> <br />~'" ~ll~""~~ <br />Mattie unninll'ham. Citv er <br />