Notwithstanding the provisions of Section 15(a)(5) of the Act to the contrary, and subject to the terms of this chapter including, but not limited to § 37.11 herein, this chapter constitutes a contract between the village and the sponsor to provide an exemption from ad valorem property taxes and to accept the payment of an annual service charge in lieu of such taxes, as previously described in this chapter. It is expressly recognized that the authority and USDA-RD are third party beneficiaries to this chapter.
(A) Event of default. An event of default shall occur if owner fails to pay when due, taxes, utility expenses or other charges owing the village for a period of 30 days after written notice from village that the same is due and payable. It shall also be event of default if the owner fails to comply with requirements of this chapter or the municipal services agreement between the village and the owner for a period of 30 days after written notice from the village. A copy of any notice of default shall also be given to the Michigan State Housing Development Authority, Attn: Director of Legal Affairs, 735 East Michigan Avenue, Lansing MI 48912.
(B) Village remedies in event of default. Upon the occurrence of any event of default, village may declare this chapter to be null and void by adopting a resolution to that effect without further notice other than that required in division (A) above of this section.
(Ord. 216, passed 5-7-12; Ord. 217, passed 1-14-2013)