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R .1 In the event that (a)(1) the IMPROVEMENTS for which an abatement hAs be <br />granted are not completed in accordance with this AGREEMENT, (2) the expenditure for <br />IMPROVEMENTS does not meet the amount required herein, or (3) OWNER does not hire <br />least twenty-two (22) new employees over the first five (s) years of the temrm of th <br />AGREEMENT, as is represented herein; or (b) OWNER allows its ad valorem taxes owed, <br />!P1ifVL*jsV-1Ti4EFT6 =1-11-01Z <br />,iefault by OWNER hereunder due to a significant downturn in the warket for parts in the <br />aerospace industry. <br />V11. <br />Personal Property Tax Abatement <br />Inalumin"Tiv, 11Mim, <br />R <br />