11 - Economic Development Agreement with Paris Hotel, LP for TownPlace & Fairfield Inn Development

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"Expiration Date" shall mean June 1, 2029. "Force Majeure" shall mean any contingency or cause beyond the reasonable control of a party including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, government or de facto government action, fires, explosions or floods, strikes, slowdowns, or work stoppages (unless caused by the intentionally wrongful acts or omissions of the party). "Grant Period" shall mean a full calendar year. The first Grant Period shall commence on January 1, 2024 through and including December 31, 2024. Additional Grant Periods for the Annual Property Tax Grants will be the calendar years 2025, 2026, 2027, and 2028. Additional Grant Periods for the Annual Sales Tax Grants will be the calendar years 2025 and 2026. "Impositions" shall mean all taxes, assessments, use and occupancy taxes, excises, license and permit fees, and other charges, by public or governmental authority, general and special, ordinary and extraordinary, foreseen and unforeseen, which are or may be assessed, charged, levied, or imposed by any public or government authority on the Company or any property or any business owned by Company within the City. "Improvements" shall mean the construction, equipping, and furnishing of a dual branded TownPlace Suites and Fairfield Inn, both by Marriott, hotel. "Payment Request" as it relates to an Annual Sales Tax Grant shall mean a written request from Company to the City for payment of the applicable Annual Sales Tax Grant for the applicable Grant Period. "Payment Request" as it relates to an Annual Property Tax Grant shall mean a written request from the Company for the City to remit the Annual Property Tax Grant for the applicable Grant Period. The Payment Requests for the Annual Grants may be made concurrently and in the same document. Payment Requests shall be submitted on the forms provided in Exhibit B, attached hereto and incorporated herein by reference. "Property" shall mean the 3.865 acre tract described as City of Paris, Block 307, Lot 8, Reding Russell Survey, Abstract No. 786, located at 3005 North Main, Paris, Texas, LCAD #104787 and more fully described in Exhibit A. attached hereto and incorporated herein by reference. "Required Capital Investment" shall mean a capital investment of at least $12,000,000.00to include construction costs and the cost of tangible personal property to furnish and equip the Hotel. "Required Use" shall mean the Company's continuous use and occupancy of the Property as the dual branded Marriott properties TownPlace Suites and Fairfield Inn.