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<br />The Parties hereto do mutually contract and agree as follows: <br /> <br />I. <br />Term <br /> <br />1.1 The term of this AGREEMENT shall begin on the 14th day of February, 2000, <br />with, as hereinafter provided, the tax abatement granted herein beginning with the tax year of <br />January 1,2001, and expiring on December 31,2007. <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 <br />described by metes and bounds in Exhibit A, attached hereto, which is made a part hereof and <br />shall be hereinafter referred to as PROPERTY. <br /> <br />III. <br />Improvements <br /> <br />3.1 The OWNER shall make improvements to the PROPERTY as follows: Expansion <br />in production capacity in the Paris plant consisting of additional production lines and modifications <br />to the existing buildings and utilities. Such improvements will be made upon the PROPERTY <br />herein described and will consist of machinery, equipment, and utilities installed to manufacture <br />bakery products; and an approximately 33,000 square foot expansion to the existing bakery, all <br />of which will be particularly described in CITY'S Certificate of Completion prepared after the <br />completion and installation of the improvements and machinery herein described which shall be <br />furnished to and filed with the Chief Appraiser of the Lamar County Appraisal District. Said <br />Certificate shall be duly executed by the Mayor of the City of Paris and attached hereto as Exhibit <br />B. The improvements described in this paragraph shall be hereinafter referred to as <br />IMPROVEMENTS. The IMPROVEMENTS will be at a cost in excess of $10,000,000, and shall <br />be substantially completed on or about March 28, 2001; provided, that OWNER shall have such <br />additional time to complete the IMPROVEMENTS as may be required in the event of "force <br />majeure" if OWNER is diligently and faithfully pursuing completion of the IMPROVEMENTS. <br />For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable <br />control of OWNER including, without limitation, acts of God, or the public enemy, any natural <br />disaster, war, riot, civil commotion, insurrection, governmental or de facto governmental action, <br />unless caused by acts or omissions of OWNER, fires, explosions, accidents, floods, and labor <br />disputes or strikes. <br /> <br />TAX ABATEMENT AGREEMENT. Page 2 <br />