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<br />I.
<br />Term
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<br />1.1 The term of this AGREEMENT shall begin on the 8th day of August, 2005, with, as
<br />hereinafter provided, tax abatement granted herein beginning with the tax year beginning January
<br />1, 2006, and expiring on December 31, 2012.
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<br />II.
<br />Area to be Improved
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<br />2,1 The PROPERTY to be the subject of this AGREEMENT shall be that PROPERTY
<br />described in Exhibit A, attached hereto, which is made a part hereof and shall be hereinafter referred
<br />to as PROPERTY.
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<br />III.
<br />Improvements
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<br />3.1 The OWNER's current facilities consist of land, buildings, and other structural
<br />improvements, all as shown on Exhibit A, attached hereto. The OWNER shall make improvements
<br />to the PROPERTY as follows: Expansion in production capacity in the Paris plant consisting of
<br />additional production capability, to be included in a portion of an existing building structurally
<br />modified to accommodate new production equipment. Such improvements will be made upon the
<br />PROPERTY herein described and that portion of Bay 4 described in Exhibit A attached hereto, for
<br />the purposes of the production and configuration of heavy duty metal pipe, to include an addition
<br />to the foundation of and structural improvements to the building; the purchase and installation of one
<br />(1) PB 1400 Induction Bending Machine capable of bending up to 56 inch diameter joints of carbon
<br />and alloy heavy duty metal pipe, said specific piece of equipment to be later identified for future
<br />reference by manufacture's name and serial number; and the purchase and installation of one
<br />Wheelabrator Blast Cabinet capable of grit blasting joints of straight carbon and alloy pipe, to
<br />similarly be later identified for future reference by manufacture's serial number, all of which will
<br />be particularly described in CITY'S Certificate of Completion prepared after the completion and
<br />installation of the improvements and machinery herein described, which shall be furnished to and
<br />filed with the Chief Appraiser of the Lamar County Appraisal District. Said Certificate shall be duly
<br />executed by the Mayor of the City of Paris in the form attached hereto as Exhibit B, The
<br />improvements described in this paragraph shall be hereinafter referred to as IMPROVEMENTS.
<br />The IMPROVEMENTS will be at a cost equal to or in excess of $600,000,00 for improvements to
<br />the existing building, and $2,305,000.00 for purchase of machinery and equipment, for a total
<br />investment of$2,905,000,OO, and shall be substantially completed on or about November 1,2005;
<br />provided, that OWNER shall have such additional time to complete the IMPROVEMENTS as may
<br />be required in the event of "force majeure" if OWNER is diligently and faithfully pursuing
<br />completion of the IMPROVEMENTS. For this purpose, "force majeure" shall mean any contingency
<br />or cause beyond the reasonable control of OWNER including, without limitation, acts of God, or the
<br />public enemy, any natural disaster, war, riot, civil commotion, insurrection, governmental orde facto
<br />governmental action, unless caused by acts or omissions of OWNER, fires, explosions, accidents,
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<br />TAX ABATEMENT AGREEMENT-Pagel
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