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I. <br />Term <br />1.1 The effective date of this Agreement is the 28th day of January, 2020, with the <br />tax abatement being effective from and after January 1, 2021, and terminating on <br />December 31, 2027 (an abatement period of seven (7) years (the "Abatement <br />Period")). Said Abatement Period will terminate on December 31, 2027, regardless of when <br />Owner completes the Improvements described in Sections II and III herein below. <br />II. <br />The "Property" - Area to be Improved <br />2.1 The Improvements defined in paragraph III below and made the subject of this <br />Agreement shall be located on the Property located in Paris, Lamar County, Texas Plant and <br />described in Exhibit attached hereto and incorporated herein by reference, which <br />Property is within the Enterprise Zone. <br />III. <br />Consideration: Improvements <br />3.1 The Owner shall construct and operate an assembling and warehousing plant <br />to be used in its business of assembling tire and wheel assemblies (herein called the <br />"Improvements") at the Property located in Paris, Lamar County, Texas, which are more <br />particularly described in Exhibit 3. attached hereto and incorporated herein by reference. <br />Owner commits herein to invest no less than SIX MILLION AND NO/100 DOLLARS <br />($6,000,000.00) and up to EIGHT MILLION TWO HUNDRED THOUSAND AND NO/100 <br />DOLLARS ($8,200,000.00) to construct the Improvements, which shall be completed prior <br />to December 31, 2020. All of said improvements shall be described in the City's Certificates <br />of Completion defined Section X, "Reporting Requirements." For the purposes of this the <br />default provision of this Tax Abatement Agreement (Section V), the Improvements will be <br />deemed completed upon the issuance by the City of Certificates of Occupancy for the <br />structures included in the Improvements. Once Owner has applied for said Certificates of <br />Occupancy, the City shall not unreasonably delay the issuance of same. Notwithstanding the <br />foregoing, however, Owner shall have such additional time to complete the Improvements <br />as may be required in the event of "force majeure" if Owner is diligently and faithfully <br />pursuing completion of the Improvements. For this purpose, "force majeure" shall mean any <br />contingency or cause beyond the reasonable control of Owner including, without limitation, <br />acts of God, any natural disaster, war, riot civil commotion, insurrection, governmental or de <br />facto governmental action unless caused by acts or omissions of Owner, fires, explosions, <br />accidents, floods, and labor disputes or strikes. <br />3.2 The Owner agrees and covenants that it will diligently and faithfully, in a good <br />and workmanlike manner, pursue the completion of the Improvements. As good and <br />valuable consideration for this Agreement, Owner further covenants and agrees that all <br />construction of the Improvements will be in accordance with all applicable state and local <br />2 <br />