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<br />VI. <br />Default <br /> <br />6.1. In the event that (a) the IMPROVEMENTS for which an <br />abatement has been granted are not completed in accordance with <br />this AGREEMENT or (b) OWNER allows its ad valorem taxes owed the <br />CITY to become delinquent and fails to timely and properly follow <br />the legal procedures for protest or contest of any such ad <br />valorem taxes; or (c) OWNER breaches any of the terms and <br />conditions or this AGREH1ENT, then this AGREEMENT shall be in <br />default. In the event the OWNER defaults in its performance of <br />either (a), or (b) or (c) above, then the CITY shall give the <br />OWNER written notice of such default and if the OWNER has not <br />cured such default with thirty (30) days of said written notice, <br />or, if such default cannot be cured by the payment of money and <br />cannot with due diligence be cured within a 90-day period due to <br />cause beyond the control of the OWNER, this AGREEMENT may be <br />terminated by the CITY. Notice shall be in accordance with <br />paragraph 13.3. As liquidated damages in the event of default, <br />all taxes which otherwise would have been paid to the CITY <br />without the benefit of abatement, together with interest to be <br />charged at the statutory rate for delinquent taxes as determined <br />by Section 33.01 of the Property Tax Code of the State of Texas, <br />with all penalties permitted by the Property Redevelopment and <br />Tax Abatement Act and the Property Tax Code of the State of <br />Texas, will become a debt to the CITY and shall be due, owing and <br />paid to the CITY within sixty (60) days of the expiration of the <br />above mentioned applicable cure period as the sole remedy of the <br />CITY subject to any and all lawful offsets, settlements, <br />deductions, or credits to which OWNER may be entitled. The <br />parties acknowledge that actual damages in the event of default <br />and termination would be speculative and difficult to determine. <br /> <br />VII. <br />Tax Abatement <br /> <br />7.1. It is understood and agreed among the parties that the <br />PROPERTY, also known as Tax Reinvestment Zone Number Two-A, shall <br />be appraised at market value prior to the construction and <br />installation of the IMPROVEMENTS for the purposes of property tax <br />assessment effective January 1, 1993, and continued at market <br />value without said IHPROVEMENTS until the expiration of this <br />AGREEMENT. The CITY, acting under and pursuant to the said Texas <br />Property Redevelopment and Tax Abatement Act, hereby covenants <br />and agrees to abate, <br /> <br />(a) all CITY real property taxes that would other <br />be payable with respect to the IMPROVEMENTS, and <br /> <br />(b) All CITY personal property taxes that would <br />be payable with respect to all personal property, <br />except inventory and supplies, that is brought <br /> <br />wise <br /> <br />otherwise <br />save and <br />onto the <br /> <br />TAX ABATEMENT AGREEMENT - Page 4 <br />