2005-088-RES APPROVING TAX ABATEMENT AGREEMENT WITH TURNER INDUSTRIS GROUP

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this AGREEMENT shall control. VIII. No Conflict ofInterest 8,1 The OWNER represents and warrants that the PROPERTY does not include any property that is owned or leased by a member of the Planning and Zoning Commission of the City of Paris, nor by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT, IX, Conditions 9,1 The terms and conditions of the AGREEMENT are binding upon the successors and assigns of all parties hereto, 9.2 It is understood and agreed between the parties that the OWNER, in performing its obligations hereunder, is acting independently, and the CITY assumes no responsibility or liability in connection therewith to third parties and OWNER agrees to indemnify and hold hannless the CITY therefrom; it is further understood and agreed among the parties that the CITY, in performing its obligations hereunder, is acting independently, and the OWNER assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the CITY agrees to indemnify and hold hannless the OWNER therefrom. X. Compliance Provisions 10.1 The OWNER agrees that the CITY, its agents and employees, shall have the reasonable right of access to records concerning the OWNER's investment in the IMPROVEMENTS for the purpose of conducting an audit of the project improvements and project costs. Any such audit shall be made only after giving the OWNER notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with the operation of the facility. Upon request, the OWNER will provide the CITY with a detailed Asset Report with an itemized list of assets placed into service from the date of execution of this AGREEMENT to November 1,2005, The Asset Report will provide the date on which the asset was capitalized, the acquisition amount, and the accumulated depreciation amount. At the CITY's request, the OWNER will provide actual invoices to support the amounts shown on the Asset Report. 10.2 The OWNER further agrees that the CITY, its agents and employees, shall have reasonable right of access to the PROPERTY to inspect the IMPROVEMENTS in order to insure that the construction of the IMPROVEMENTS are in accordance with this AGREEMENT and all applicable state and local laws and regulations or valid waiver thereof. After completion of the IMPROVEMENTS, the CITY shall have the continuing right to inspect the PROPERTY to insure that it is thereafter maintained and operated in accordance with this AGREEMENT during the term TAX ABATEMENT AGREEMENT - Page S