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number of employees projected below may vary one way or another by a few employees as this <br />PROJECT proceeds to be implemented. OWNER will employ 100 full -time employees to work <br />at the PROPERTY during the year, 2013; and will have 200 total full -time employees working at <br />the PROPERTY by the end of the year, 2014. The number of employees shall then increase to <br />393 full -time employees by the end of the year, 2017. <br />5.2 OWNER agrees to maintain a minimum of 393 full -time employees at the <br />PROPERTY from the end of calendar year 2017 through the end of this Tax Abatement <br />Agreement (December 31, 2023) and thereafter to retain sufficient employment levels to <br />efficiently operate and support its plant operations going forward. <br />W. <br />Default <br />6.1 If (a) the IMPROVEMENTS for which an abatement has been granted are not <br />completed in accordance with this AGREEMENT or the expenditure for the <br />IMPROVEMENTS does not meet the amount required herein; or (b) OWNER fails to employ <br />the number of full -time employees at the PROPERTY by the end of the years 2013, 2014 and <br />2017, respectively, and throughout the term of this Agreement as stated in Sections 5.1 and 5.2 <br />above; or (c) OWNER allows its ad valorem taxes owed the CITY to become delinquent and <br />fails to timely and properly follow the legal procedures for protest or contest of any such ad <br />valorem taxes; or (d) OWNER materially breaches any of the other terms, provisions or <br />conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the <br />OWNER defaults in its performance of either (a), (b), (c) or (d) above, then the CITY shall <br />give the OWNER written notice of such default and if the OWNER has not cured such default <br />within sixty (60) days of said written notice, this AGREEMENT may be modified or <br />terminated by the CITY. Notice shall be in accordance with paragraph 13.3. As liquidated <br />damages in the event of default, and in accordance with the requirements of Section 312.205 <br />(a)(4) of the Property Tax Code of the State of Texas, all taxes which otherwise would have <br />been paid to the CITY without the benefit of abatement, together with interest to be charged at <br />the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax <br />Code of the State of Texas, with all penalties permitted by the Property Redevelopment and <br />Tax Abatement Act and the Property Tax Code of the State of Texas, shall be recaptured and <br />will become a debt to the CITY and shall be due, owing, and paid to the CITY within sixty <br />(60) days of the expiration of the above - mentioned applicable cure period as the sole remedy <br />of the CITY, subject to any and all lawful offsets, settlements, deductions, or credits to which <br />OWNER may be entitled. The parties acknowledge that actual damages in the event of default <br />and termination would be speculative and difficult to determine. <br />VII. <br />Real and Personal Property Tax Abatement <br />7.I Subject to the terms and conditions of this AGREEMENT, and subject to the <br />rights and holders of any outstanding bonds of the CITY, a portion of the ad valorem property <br />taxes assessed upon the IMPROVEMENTS and otherwise owed to the CITY shall be abated <br />as is stated in this Section. Said abatement shall be an amount equal to one hundred percent <br />(100 %) of the taxes assessed upon the completed value of the IMPROVEMENTS, as they are <br />4 <br />