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<br />property to inspect the IMPROVEMENTS in order to insure that <br />the construction of the IMPROVEMENTS are in accordance with <br />this AGREEMENT and all applicable state and local laws and <br />regulations or that the same have been validly waived. After <br />completion of the IMPROVEMENTS, the CITY shall have the <br />continuing right to inspect the PROPERTY to insure that it is <br />thereafter maintained and operated in accordance with this <br />agreement during the term of the AGREEMENT. <br /> <br />Abatement <br /> <br />~12, Subject to the terms and conditions of this AGREEMENT, <br />and subject to the rights and holders of any outstanding <br />bonds of the CITY, a portion of ad valorem real property <br />taxes from the property otherwise owed to the CITY shall be <br />abated, Said abatement shall be an amount equal to 100% of <br />the taxes assessed upon the increased value of the <br />IMPROVEMENTS (including real and personal property) over the <br />value in the year in which this AGREEMENT is executed and in <br />accordance with the terms of this AGREEMENT and all <br />applicable state and local regulations or valid waiver <br />thereof; provided that the OWNER shall have the right to <br />protest or contest any assessment of the property and said <br />abatement shall be applied to the amount of taxes finally <br />determined to be due as a result of any such protest or <br />contest. Said abatement shall extend for a period of seven <br />(7) years beginning from the first day of January of the year <br />following completion of the improvements. <br /> <br />Legal <br /> <br />H3. (1) This AGREEMENT was authorized by resolution of the <br />City Council at its regularly scheduled meeting on the 14th <br />day of September, 1992, authorizing the Mayor to execute the <br />AGREEMENT on behalf of the City. <br /> <br />(2) This AGREEMENT shall constitute a valid and binding <br />AGREEMENT between the CITY and OWNER pursuant to authority <br />granted by its Board of Directors on the 14th day of <br />September, 1992. <br /> <br />(3) This AGREEMENT shall constitute a valid and binding <br />AGREEMENT between the CITY and OWNER when executed in <br />accordance herewith, regardless of whether any other taxing <br />unit executes a similar agreement for tax abatement. <br /> <br />(4) <br />Texas, <br /> <br />This AGREEMENT is performable in Lamar County, <br /> <br />(5) This AGREEMENT is effective this 14th day of <br />September, 1992, <br /> <br />MERICO, INC. TAX ABATEMENT AGREEMENT - Page 5 <br />