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Improvements. Once Owner has applied for said Certificates of Occupancy, the City shall <br />not unreasonably delay the issuance of same. Notwithstanding the foregoing, however, <br />Owner shall have such additional time to complete the Improvements as may be required <br />in the event of "force majeure" if Owner is diligently and faithfully pursuing completion of <br />the Improvements. For this purpose, "force majeure" shall mean any contingency or cause <br />beyond the reasonable control of Owner including, without limitation, acts of God, any <br />natural disaster, war, riot civil commotion, insurrection, governmental or de facto <br />governmental action unless caused by acts or omissions of Owner, fires, explosions, <br />accidents, floods, and labor disputes or strikes. <br />3.2 The Owner agrees and covenants that it will diligently and faithfully, in a <br />good and workmanlike manner, pursue the completion of the Improvements. As good and <br />valuable consideration for this Agreement, Owner further covenants and agrees that all <br />construction of the Improvements will be in accordance with all applicable state and local <br />laws, codes and regulations, or Owner will procure a valid waiver thereof. In further <br />consideration, Owner shall thereafter, from the date a Certificates of Occupancy for the <br />structures on the Property are issued or the Improvements are completed as agreed until <br />the expiration of this Agreement, continuously operate and maintain the Property and the <br />Improvements as a spiral weld pipe manufacturing plant. <br />IV. <br />Consideration <br />Jobs <br />4.1 The City has provided in its Guidelines and Criteria for Tax Abatements, that <br />in order to be eligible for a tax abatement, a new employer must make a minimal capital <br />investment of $1,000,000.00 and create at least ten (10) new jobs. Owner herein has <br />committed to a minimum investment of $72,000,000.00, and as a part of the Master <br />Economic Development Agreement, has committed to creating at least sixty (60) new full- <br />time equivalent positions with an estimated direct payroll of approximately $3,147,027.00. <br />Due to the substantial penalties set forth in Master Economic Development Agreement <br />should Owner fail to create and maintain said sixty (60) full-time equivalent positions, the <br />City has agreed to forego any penalties for such failure in this Tax Abatement Agreement. <br />In so doing, the City Council has determined that the penalties set forth in the Master <br />Economic Develop Agreement provide sufficient protections for the City. <br />V. <br />Default <br />5.1 In the event that (a) the Improvements for which an abatement has been <br />granted are not completed in accordance with this Agreement or the expenditure for the <br />Improvements does not meet the amount required herein; or (b) Owner allows its ad <br />valorem taxes owed the City to become delinquent and fails to timely and properly follow <br />the legal procedures for protest or contest of any such ad valorem taxes; or (c) Owner <br />materially breaches any of the other terms and conditions of this Agreement, then this <br />Agreement shall be in default. In the event the Owner defaults in its performance of either <br />3 <br />32322920 v5 <br />