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<br />Property <br /> <br />~l, The property to be the subject of the AGREEMENT shall be <br />that property described by metes and bounds and map attached <br />hereto as EXHIBIT A and made a part hereof and shall be <br />hereinafter referred to as PROPERTY, <br /> <br />Improvements <br /> <br />~2. The OWNER shall make improvements to the property as <br />specifically described in Exhibits A and B, hereinafter <br />referred to as IMPROVEMENTS, with a total improvement cost of <br />at least $4,000,000.00 and substantially complete the same on <br />or about December 31, 1993; provided, that OWNER shall have <br />such additional time to complete the IMPROVEMENTS as may be <br />required in the event of "force majeure" if OWNER is <br />diligently and faithfully pursuing completion of the <br />IMPROVEMENTS. For this purpose, "force majeure" shall mean <br />any contingency or cause beyond the reasonable control of <br />OWNER including, without limitation, acts of God or the <br />public enemy, war, riot, civil commotion, insurrection, <br />governmental or de facto governmental action (unless caused <br />by ac ts or omiss ions of OWNER), fires, explos ions, floods, <br />and strikes. The date of completion of the IMPROVEMENTS <br />shall be defined as the date a Certificate of Occupancy is <br />issued by the City of Paris, <br /> <br />Jobs <br /> <br />n, (1) Not later than December 31, 1993, OWNER wi 11 <br />create at least forty (40) new, permanent jobs at the Paris <br />Plant for work to be performed substantially either (a) at <br />the site of the IMPROVEMENTS, or (b) in support of operations <br />per formed by other s at the site of the IMPROVEMENTS. Such <br />jobs to be filled with priority being given to promote among <br />equally qualified job applicants the hiring of employees <br />first from within the Enterprise Zone, second from within the <br />corporate limits of the City of Paris, and third from within <br />the County of Lamar, State of Texas, subject to the laws and <br />regulations of the United States of America and the State of <br />Texas and subject to any labor contracts currently in effect <br />and any successive contracts or past practices. <br /> <br />(2) OWNER agrees that, during that portion of the term <br />of this AGREEMENT occurring subsequent to December 31, 1993, <br />it will not reduce below forty (40) the number of such new, <br />permanent jobs so created. <br /> <br />Use of Property <br /> <br />~4, The OWNER agrees and covenants that it will diligently <br />and faithfully, in a good and workmanlike manner, pursue the <br /> <br />MERICO, INC. TAX ABATEMENT AGREEMENT - Page 2 <br />