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08 - 5 In 5 TaxAbatement Agreement with P-Town Property Holdings
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08 - 5 In 5 TaxAbatement Agreement with P-Town Property Holdings
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determined to be due as a result of any such protest or contest. For the purposes of this <br />Agreement, the Base Value of the existing real property shall be deemed to be the value as <br />shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2023. <br />5.3 This abatement is granted in accordance with the City's guidelines and criteria for <br />the Program, a copy of which is attached hereto as Exhibit 2, provided, however, that in the <br />event of any conflict between this Agreement Exhibit 2, this Agreement shall control. <br />5.4 Upon receipt of the documentation set forth in Article III and in Section 6.6 <br />herein as to each constructed and completed dwelling unit, City will notify the Lamar County <br />Appraisal District to begin the tax abatement as to said unit. <br />C. Default <br />5.5 If (a) the Improvements (all thirteen residential units) for which an abatement has <br />been granted are not completed in accordance with this Agreement (within five (5) years of the <br />effective date hereof); or (b) Owner allows its taxes owed the City to become delinquent and <br />fails to timely and properly follow the legal procedures for protest or contest of any such; or (c) <br />Owner materially breaches any of the other terms, provisions or conditions of this Economic <br />Development Agreement and Tax Abatement Agreement, including but not limited to the <br />Mandatory Anti -Discrimination Provisions set forth herein, then owner shall be considered in <br />default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) <br />above, then City shall give Owner written notice of such default and if Owner has not cured such <br />default within sixty (60) days of said written notice, this Tax Abatement Agreement may be <br />terminated by the City. Notice of default shall be given in accordance with Article V of this <br />Agreement. <br />5.6 As damages in the event of default, and in accordance with the requirements of <br />Section 312.205(a)(4) of the Tax Code of the State of Texas, all taxes which otherwise would <br />have been paid to the City without the benefit of abatement, including taxes on those dwelling <br />units constructed and completed according to the terms of this Agreement, together with interest <br />to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the <br />Property Tax Code of the State of Texas, with all penalties and attorney's fees permitted by the <br />Property Redevelopment and Tax Abatement Act and the Tax Code of the State of Texas, shall <br />be recaptured and will become a debt to the City and shall be due, owing, and paid to the City <br />within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole <br />remedy of the City, subject to any and all lawful offsets, settlements, deductions, or credits to <br />which Owner may be entitled. <br />VI. <br />Additional Terms applicable to both the Economic Development Agreement and <br />the Tax Abatement Agreement No Conflict of Interest. <br />6.1 The Owner represents and warrants that neither the Properties nor the Improvements <br />include any real or personal property that is owned or leased by a member of the Paris City <br />Council or the Planning and Zoning Commission or any member thereof having responsibility <br />for approval of this Agreement. <br />
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