(A) In the event that the company or individual allows its ad valorem taxes owed the city to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest; or violates any of the terms and conditions of the abatement agreement and fails to cure during the cure period in and after described, the agreement then may be terminated and all taxes previously abated by virtue of the agreement will be recaptured and paid within 30 days of the termination.
(B) Should the city determine that the company or individual is in default according to the terms and conditions of its agreement, the city shall notify the company or individual of such default in writing at the address stated in the agreement and, if such is not cured within 30 days from the date of such notice (“cure period”), then the agreement may be terminated.
(2012 Code, § 80-38) (Ord. 071602, passed - -2007)