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<br />completion of the IMPROVEMENTS as a good and valuable <br />consideration of this AGREEMENT, OWNER further covenants and <br />agrees that all construction of the IMPROVEMENTS will be in <br />accordance with all applicable state and local laws, codes <br />and regulations or will procure a valid waiver thereof. In <br />further consideration, OWNER shall thereafter, from the date <br />a Certificate of Occupancy is issued until the expiration of <br />this AGREEMENT, continuously operate and maintain the <br />PROPERTY as a prepared food manufacturing plant and related <br />facilities, <br /> <br />Default <br /> <br />~5. In the event that (a) the IMPROVENENTS for which an <br />abatement has been granted are not completed in accordance <br />with this AGREEMENT or (b) OWNER allows its ad valorem taxes <br />owed the CITY to become delinquent and fails to timely and <br />properly follow the legal procedures for protest or contest <br />of any such ad valorem taxes; or (c) OI'lNER breaches any of <br />the terms and conditions of this AGREEMENT, then this <br />AGREEMENT shall be in default. In the event that the O~NER <br />defaults in its performance of either (a), or (b) or (c) <br />above, then the CITY shall give the OWNER written notice of <br />such default and if the OWNER has not cured such default with <br />thirty (30) days of said written notice, or, if such default <br />cannot be cured by the payment of money and cannot with due <br />diligence be cured within a gO-day period owning to cause <br />beyond the control of the OWNER, this AGREEMENT may be <br />terminated by the CITY. Notice shall be in writing and shall <br />be delivered by personal delivery or certified mail to the <br />OWNER at the address of as shown in this section. As <br />liquidated damages in the event of default, all taxes which <br />otherwise would have been paid to the CITY without the <br />benefit of abatement (interest will be charged at the <br />statutory rate for delinquent taxes as determined by Section <br />33.01 of the Proper ty Tax Code of the S ta te of Texas, but <br />without the addition of a penalty) 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 OWNER 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 />Notice <br /> <br />~6. Any written notice required or permitted under the terms <br />of this AGREEMENT shall be given and be deemed to have been <br />duly served if either (a) delivered in person, or (b) <br />deposited certified mail, return receipt requested, postage <br />prepaid in the United States mail, addressed to the <br />designated representative of the respective parties which are <br />designated as follows: <br /> <br />MERIca, INC, TAX ABATEMENT AGREEMENT - Page 3 <br />