2025-002 - Approving and authorizing an Economic Development Agreement by and between the City of Paris and AUDAX Enterprises

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5.4 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 be occupied each of the retail spaces comprising the Leased Premises from the time the initial lease is signed. From the Effective Date and continuing thereafter until the Expiration Date, the Company shall continuously lease and cause to be occupied all retail spaces occupied as of the Effective Date. Each of the Future Retailers shall be open for business to the public for the purposes of selling Taxable Items not later than six months after the lease is signed. The Company shall provide written notice to the City of the execution of each new lease, and shall further provide written notice to the City when the New Retailer is open for business. Company shall also notify the City if any current or Future Retailer's lease is terminated within that same time period. All notices required by this Section 5.4 shall be received by the City within 14 days of the event giving rise to the notice. 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; (c) by either party in the event the other party breaches any terms or conditions of this Agreement and such breach is not cured within thirty (30) days after written notice thereof; (d) by City, if Company suffers an Event of Bankruptcy or Insolvency; (e) by City, if any Impositions owed to the City or the State of Texas by Company or any of the Retailers shall become delinquent (provided, however, that the Company retains the right to timely and properly protest and contest any such Impositions); or (f) by either party, if any subsequent Federal or State legislation or any decision of a court of competent jurisdiction declares or renders this Agreement invalid, illegal, or unenforceable. 6.2 Repayment. In the event the Agreement is terminated by the City at any time during the Grant Periods pursuant to Section 6.1(c) (following an uncured breach by the Company), (d), (e), or (f) (provided such legislation or decision requires repayment of the Annual Grants), the Company shall immediately repay to the City an amount equal to the Annual Grants previously paid by the City to the Company as of the date of such termination, plus interest at the rate periodically announced by the Wall Street Journal as the prime or base commercial lending rate, or if the Wall Street Journal shall ever cease