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D. Local Purchasing <br />3.4 As further consideration for the incentives granted herein, where possible, Owner <br />shall purchase building materials and fixtures from vendors located within the City of Paris. <br />E. Default <br />3.5 It shall be an act of default of the Economic Development Agreement should <br />Owner fail to construct and compete all of the Improvements specified herein within the five (5) <br />year term set forth herein. In such case, City will exercise its right of reversion to each parcel on <br />which a residential development has not been constructed and completed, and Owner agrees to <br />divest itself of any ownership interest in any and all such parcels conveyed to Owner under this <br />Agreement. <br />IV. <br />Terms Specific to the Residential Tax Abatement Agreement— <br />Texas Tax Code Chapter 312 <br />A. Term <br />4.1 The term of this Tax Abatement Agreement shall commence on May 9, 2022. It is <br />the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on <br />each dwelling unit constructed as it is completed and issued a Certificate of Completion by City. <br />Consequently, each dwelling unit constructed and completed shall have its own five (5) year <br />abatement period. The abatement period for each constructed and completed dwelling unit shall <br />commence on January 1 of the year following City's issuance of a Certificate of Completion on <br />said dwelling unit and end on the fifth (51') anniversary of the commencement of the abatement <br />period. This Tax Abatement Agreement shall terminate upon the expiration of the final <br />abatement period granted herein unless otherwise terminated by default or agreement of the <br />Parties. <br />B. Abatement <br />4.2 Subject to the terms and conditions of this Economic Development Agreement and <br />Tax Abatement Agreement, in further consideration for the construction and completion of the <br />Improvements required herein and subject to the rights and holders of any outstanding bonds of <br />the City, a portion of the ad valorem property taxes assessed upon each Improvement and <br />otherwise owed to the City shall be abated for a period of five (5) years in an amount equal to <br />100% per year of the taxes assessed upon the increased value of the Improvements made by <br />Owner to the Properties described in Section 1.1 of this Agreement, over the value in the year by <br />which this agreement is executed (the "Base Value"), in accordance with the terms of this <br />Agreement and all applicable state and local regulations or valid waivers thereof; provided that <br />the Owner shall have the right to protest or contest any assessment of the Properties and said <br />abatement shall be applied to the amount of taxes finally determined to be due as a result of any <br />L, <br />