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<br />VI. <br />Default <br /> <br />6.1. In the event that (a) the IMPROVEMENTS for which <br />an abatement has been granted are not completed in accordance <br />with this AGREEMENT or (b) CAMPBELL allows its ad valorem <br />taxes owed the CITY to become delinquent and fails to timely <br />and properly follow the legal procedures for protest or <br />contest of any such ad valorem taxes; or (c) CAMPBELL <br />breaches any of the terms and conditions of this AGREEMENT, <br />then this AGREEMENT shall be in default. In the event the <br />CAMPBELL defaults in its performance of either (a), or (b) or <br />(c) above, then the CITY shall give the CAMPBELL written <br />notice of such default and if the CAMPBELL has not cured such <br />default with thirty (30) days of said written notice, or, if <br />such default cannot be cured by the payment of money and <br />cannot with due diligence be cured within a 90-day period due <br />to cause beyond the control of the CAMPBELL, this AGREEMENT <br />may be terminated by the CITY. Notice shall be in accordance <br />with paragraph 13.3. As liquidated damages in the event of <br />default, all taxes which otherwise would have been paid to <br />the CITY without the benefit of abatement, together with <br />interest to be charged at the statutory rate for delinquent <br />taxes as determined by Section 33.01 of the Property Tax Code <br />of the State of Texas, with all penalties permitted by the <br />Property Redevelopment and Tax Abatement Act and the Property <br />Tax Code of the State of Texas, will become a debt to the <br />CITY and shall be due, owing and paid to the CITY within <br />sixty (60) days of the expiration of the above mentioned <br />applicable cure period as the sole remedy of the CITY subject <br />to any and all lawful offsets, settlements, deductions, or <br />credits to which CAMPBELL may be entitled. The parties <br />acknowledge that actual damages in the event of default and <br />termination would be speculative and difficult to determine. <br /> <br />VII. <br />Tax Abatement <br /> <br />7.1. It is understood and agreed among the parties that <br />the PROPERTY, also known as Tax Reinvestment Zone Number <br />Four, shall be appraised at market value prior to the <br />construction and installation of the IMPROVEMENTS for the <br />purposes of property tax assessment effective January 1, <br />1994, and continued at market value without said IMPROVEMENTS <br />until the expiration of this AGREEMENT. The CITY, acting <br />under and pursuant to the said Texas Property Redevelopment <br />and Tax Abatement Act, hereby covenants and agrees to abate, <br /> <br />(a) all CITY real property taxes that would other wise <br />be payable with respect to the IMPROVEMENTS, and <br /> <br />TAX ABATEMENT AGREEMENT - Page 4 <br />