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An acknowledgement by the parties that the only remedy for default <br />is specific performance and that monetary damages are not <br />available to the Owner for any City default. <br />4. Incentive Payments and Required Actions upon Completion of Hotel. <br />Further Terms to be Included in the Operating Covenant Agreement: <br />a. Confirmation that the Hotel is Operating as a four to five start <br />rated or AAA Four Diamond or above Hotel. Upon completion of <br />a Hotel with respect to which an Operating Covenant Agreement <br />has been entered into, the Owner shall provide to the City, at <br />Owner's sole cost and expense, an independent third party audit, <br />by an auditor approved by the City, confirming that the Hotel is <br />operating or will operate as a four to five star rated or AAA Four <br />Diamond or above Hotel. The City shall approve or reject the <br />results of such audit acting in its reasonable discretion. <br />b. Incentive Payments for Hotel, Upon the confirmation described in <br />subsection a. of this section 4, the City shall pay Incentive <br />Payments to an Owner of a Hotel, pursuant to an Operating <br />Covenant Agreement, in an amount equal to fifty percent (50 %) of <br />the HVT collected and remitted to the City during the Operating <br />Period based on the HVT Rate with respect to such Hotel. <br />C. Termination of Incentive Payments. Incentive Payments shall <br />terminate, and the Operating Covenant Agreement shall so provide, <br />upon the expiration of the applicable Operating Period, or at such <br />time as the Hotel ceases to operate as a four to five star rated or <br />AAA Four Diamond or above Hotel for reasons other than <br />Temporary Closure; provided that the Incentive Payments shall <br />terminate upon any closure unless the Owner notifies the City, in <br />writing, of any Temporary Closure within ten (10) days of the initial <br />occurrence of the onset of such condition or conditions that cause <br />such a Temporary Closure. <br />5. Labor Peace Agreement. For each Hotel covered by this Hotel <br />Development Incentive Program in which the City owns the site on which the Hotel is <br />proposed, and leases said property to the Owner or Operator for use by the Hotel, the <br />City shall require that the Hotel Owner or Operator execute a Labor Peace Agreement <br />with any labor union that represents or seeks to represent employees of the Hotel, both <br />during construction and operation of the Hotel. When a Labor Peace Agreement is <br />required because the City owns the site of the Hotel, evidence shall be presented to the <br />City that the Owner or Operator has entered into a Labor Peace Agreement with any <br />labor union that represents or seeks to represent employees of the Hotel, both during <br />construction and operation of the Hotel, meeting the requirements of this section, prior <br />to the issuance of any building permits for the construction of the Hotel. <br />Resolution No. 2016 55A -58 <br />