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<br />I. <br />Term <br /> <br />1.1. The term of this AGREEMENT shall begin on the 8th day of February, 1999, with, <br />as hereinafter provided, tax abatement granted herein beginning with the tax year beginning <br />January 1, 2000, and expiring on December 31, 2006, <br /> <br />II. <br />Area to be Improved <br /> <br />2.1. The property to be the subject of this agreement shall be that property described by <br />metes and bounds in Exhibit A, attached hereto, which is made a part hereof and shall be <br />hereinafter referred to as PROPERTY. <br /> <br />III. <br />Improvements <br /> <br />3.1. The OWNER shall make improvements to the PROPERTY as follows: Retooling <br />and equipping the former Babcock & Wilcox facility. Such improvements will be made upon the <br />PROPERTY herein described and will consist of machinery and equipment for pipe fabrication, <br />bending, and painting, all of which will be particularly described in CITY'S Certificate of <br />Completion prepared after the completion and installation of the improvements and machinery <br />herein described which shall be furnished to and filed with the Chief Appraiser of Lamar County <br />and the Tax Assessor and Collector of the City of Paris. Said Certificate shall be duly executed <br />by the Mayor of the City of Paris and attached hereto as Exhibit B. The improvements described <br />in this paragraph shall be hereinafter referred to as IMPROVEMENTS. The IMPROVEMENTS <br />will be at a cost in excess of $2,000,000,00, and shall be substantially completed on or about <br />August 1, 1999; provided, that OWNER shall have such additional time to complete the <br />IMPROVEMENTS as may be required in the event of "force majeure" if OWNER is diligently <br />and faithfully pursuing completion of the IMPROVEMENTS. For this purpose, "force majeure" <br />shall mean any contingency or cause beyond the reasonable control of OWNER including, without <br />limitation, acts of God, or the public enemy, any natural disaster, war, riot, civil commotion, <br />insurrection, governmental or de facto governmental action, unless caused by acts or omissions <br />of OWNER, fires, explosions, accidents, floods, and labor disputes or strikes, The date of <br />completion of the IMPROVEMENTS shall be defined as the date a Certificate of Occupancy is <br />issued by the City of Paris. <br /> <br />IV. <br />Consideration <br />Improvements <br /> <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 valuable <br /> <br />TAX ABATEMENT AGREEMENT ~ Page 2 <br />