1999-025-PARIS PANDA POWER, REINVESTMENT ZONE 1998-I

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IV. Consideration Improvements 4.1. The OWNER agrees and covenants that it will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the IMPROVEMENTS as a good and valuable consideration of this AGREEMENT. OWNER further covenants and agrees that all construction of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes and regulations or will procure a valid waiver thereof. In further consideration, OWNER shall thereafter, from the dllte a Certificate of Occupancy is issued until the expiration of this AGREEMENT, continuously operate and maintain the PROPERTY as a natural gas-fIred electric generating facility. V. Consideration Jobs 5.1. Not later than December 31, 2001, or such later date as may be mutually agreed upon by CITY and OWNER, OWNER will create at least thirty (30) new, permanent jobs at the Paris Plant for work to be performed substantially either (a) at the site of the IMPROVEMENTS, or (b) in support of operations performed by others at the site of the IMPROVEMENTS. Such jobs to be filled with priority being given to promote among equally qualified job applicants the hiring of employees first from within the City of Paris Enterprise Zone, second from within the corporate limits of the City of Paris, and third from within the County of Lamar, State of Texas, subject to the laws and regulations of the United States of America and the State of Texas and subject to any labor contracts currently in effect and any successive contracts or past practices. 5.2. OWNER agrees that, during the term of the AGREEMENT, it will not reduce below thirty (30) the number of such new, permanent jobs so created. VI. Default 6.1. In the event that (a) the IMPROVEMENTS for which an abatement has been granted are not completed in accordance with this AGREEMENT or (b) OWNER allows its ad valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such ad valorem taxes; or (c) OWNER materially breaches any of the terms and conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the OWNER defaults in its performance of either (a), or (b) or (c) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default by the payment of money within thirty (30) days of said written notice, or, if such default cannot be so cured within such thirty (30) day period by the payment of money, then such thirty (30) day period shall be extended an additional sixty (60) days immediately TAX ABATEMENT AGREEMENT - Page 3