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A total of $19,400,000.00 will be spent by OWNER in making these
<br />IMPROVEMENTS to the PROPERTY during the term of this tax abatement
<br />agreement.
<br />All such IMPROVEMENTS will be described in the CITY'S Certificate of Completion prepared
<br />after the completion and installation of the above described building modifications and
<br />improvements, personal property, machinery and equipment. The description shall be furnished
<br />by OWNER to CITY in OWNER'S sworn report described in Section 11. 1, below and attached
<br />to CITY'S Certificate of Completion. The description shall also be filed with the Chief Appraiser
<br />of the Lamar County Appraisal District. Said Certificate shall be duly executed by the Mayor of
<br />the City of Paris in the form attached hereto as Exhibit C. The IMPROVEMENTS will be at a
<br />cost equal to or in excess of $19,400,000.00 for the capital cost and installation of the building
<br />modifications, machinery, equipment and production lines. Site preparation shall occur during
<br />April, 2013, immediately after this Agreement is executed and approved by the CITY;
<br />installation shall commence in May, 2013; and production is expected to commence as soon as
<br />possible thereafter during the year, 2013. OWNER contemplates that all such
<br />IMPROVEMENTS shall be completed by the end of the year, 2017; provided, that OWNER
<br />shall have such additional time to complete the IMPROVEMENTS as may be required in the
<br />event of "force majeure" if OWNER is diligently and faithfully pursuing completion of the
<br />installation of the IMPROVEMENTS. For this purpose, "force majeure" shall mean any
<br />contingency or cause beyond the reasonable control of OWNER including, without limitation,
<br />acts of God, or the public enemy, any natural disaster, war, riot, civil commotion, insurrection,
<br />governmental or de facto governmental action, unless caused by acts or omissions of OWNER,
<br />fires, explosions, accidents, floods, and labor disputes or strikes. The date of completion of the
<br />IMPROVEMENTS shall be reflected in the Certificate of Completion issued by the City of
<br />Paris, Texas, referred to above.
<br />IV.
<br />Consideration
<br />(Improvements)
<br />4.1 The OWNER agrees and covenants that it will diligently and faithfully, in a good
<br />and workmanlike manner, pursue the completion of the IMPROVEMENTS. As a good and
<br />valuable consideration for this AGREEMENT, OWNER further covenants and agrees that all
<br />construction of the IMPROVEMENTS will be in accordance with all applicable state and local
<br />laws, codes and regulations or OWNER will procure a valid waiver thereof. In further
<br />consideration, OWNER shall thereafter, from the date a Certificate of Completion is issued, or
<br />that the IMPROVEMENTS are completed as agreed, until the expiration of this AGREEMENT,
<br />continuously operate and maintain the PROPERTY, including the specific units of new
<br />machinery and equipment as identified herein, as a food production plant.
<br />V.
<br />Consideration
<br />(Jobs)
<br />5.1 OWNER agrees that it will employ full -time employees to operate the new lines
<br />Of production described above to be conducted at the PROPERTY, provided, however, that the
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