2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD

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except that the indemnity provided herein shall not apply to any liability resulting from the actions or omissions of the City. The provisions of this section are solely for the benefit of the parties hereto and not intended to create or grant any rights, contractual or otherwise, to any other person or entity, it being the intention of the parties that the Company shall be responsible for the repayment of any Grants paid to the Company herein that include sales and use tax receipts that the State of Texas has determined were erroneously paid, distributed, or allocated to the City. Article V—Conditions to Annual Grants The City's obligation to pay the Annual Grants shall be conditioned upon the compliance and satisfaction by the Company of the terms and conditions of this Agreement and each of the conditions set forth in this Article V. 5.1 Payment Request. The Company shall, as a condition precedent to the payment of each Annual Grant, provide the City with the applicable payment request. 5.2 Good Standing. The Company shall not have an uncured breach or default of this Agreement. 5.3 Minimum Sales Tax Receipts. As a condition precedent to the payment of each Annual Sales Tax Grant hereunder, City shall have received Sales Tax Receipts of at least thirty thousand dollars ($30,000.00) from the four Retailers combined for the applicable Grant Period. 5.4 Required Use. During the period beginning on the Effective Date and continuing until the Expiration Date, the Leased Premises shall not be used for any purpose other than the Required Use, and the operation of the Leased Premises in conformance with the Required Use shall not cease for more than thirty (30) continuous days except in connection with and to the extent of any event of Force Majeure. 5.5 Continuous Lease and Occupancy. The Company shall, beginning no later than eighteen (18) months after the Effective Date and continuing thereafter until the Expiration Date, continuously lease and cause to occupy the Leased Premises by the Retailers. Each of the Retailers shall be open for business to the public for the purposes of selling Taxable Items not later than January 1, 2024. Article VI—Termination; Repayment 6.1 Termination. This Agreement shall terminate upon any one of the following: (a) by written agreement of the parties; (b) Expiration Date;