15 - Agreement to terminate a tax abatement with T& K Machine, Inc. (Aequs Aero Machine, Inc)

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THE STATE OF TEXAS COUNTY OF LAMAR AGREEMENT TO TERMINATE TAX ABATEMENT AGREEMENT DATED NOVEMBER 12, 2012 BETWEEN THE CITY OF PARIS, TEXAS AND T & K MACHINE, INC., NOW KNOWN AS AEQUS AERO MACHINE, INC. This Agreement to Terminate (the "TERMINATION AGREEMENT") a Tax Abatement Agreement (the "AGREEMENT") dated November 12, 2012 is entered into by and between the CITY OF PARIS, TEXAS ("CITY"), a Texas municipal corporation situated in Lamar County, Texas, acting by its authorized officer whose signature appears below, and AEQUS AERO MACHINE, INC., the successor in interest to T & K MACHINE, INC. ("OWNER") acting by and through its authorized officer whose signature appears below. WITNESSETH: WHEREAS, heretofore, on November 12, 2012, the CITY and OWNER entered into the Tax Abatement Agreement (the "AGREEMENT"), attached as hereto as Exhibit 1 hereto and incorporated by reference as if fully set forth herein, related to OWNER's Single Serve Beverage Line; and WHEREAS, the term of said AGREEMENT expires on December 31, 2019; and WHEREAS, said AGREEMENT relates to PROPERTY owned by OWNER within the City of Paris, which PROPERTY is located within an Enterprise Zone as set forth in the AGREEMENT; WHEREAS, the Texas Tax Code Sec. 312.208(b) provides that a tax abatement agreement may be terminated by mutual consent of the parties in the same manner that the agreement was approved and executed; and WHEREAS, due to prevailing conditions in the industry, OWNER was unable to comply with its obligations under said AGREEMENT; and WHEREAS, as a result of same, CITY and OWNER agree to terminate the AGREEMENT; and NOW, THEREFORE, For all of the foregoing reasons, CITY and OWNER hereto do hereby mutually contract and agree to terminate the Tax Abatement Agreement dated November 12, 2012 and attached hereto as Exhibit 1 and incorporated herein by reference.