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5.2 As damages in the event of default, 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, together with interest to be <br />charged at the statutory rate for delinquent taxes a determined by Section 33.01 of the Tax <br />Code of the State of Texas, with all penalties permitted by the Property Redevelopment and <br />Tax Abatement Act and the Tax Code of the State of Texas, shall be recaptured and will <br />become a debt to the City and shall be due, owning, and paid by Owner to the City within <br />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 /> <br />VI. <br />4 · !¡ ³¤¬¤­³ <br />6.1 Subject to the terms and conditions of this Agreement, and subject to the rights <br />and holders of any outstanding bonds of the City, a portion of ad valorem taxes from the <br />Property otherwise owed to the City shall be abated. Said abatement shall be an amount <br />equal to the following percentages of the maintenance and operation (M&O) portion of the <br />taxes assessed upon the increased value of the Property attributed to the Improvements <br />described in Section III of this Agreement and specified in %·§¨¡¨³ 2 hereto, over the value <br />in the year which this Agreement is executed (the “Base Value”), in accordance with the <br />terms of this Agreement and all applicable state and local regulations or valid waivers <br />thereof; provided that the Owner shall have the right to protest or contest any assessment of <br />the Property and said abatement shall be applied to the amount of taxes finally determined <br />to be due as a result of any such protest or contest: <br />Year 1 100% <br />Year 2 100% <br />Year 3 100% <br />Year 4 75% <br />Year 5 75% <br />Year 6 75% <br />Year 7 50% <br /> Year 8 50% <br /> Year 9 50% <br /> Year 10 50% <br /> <br />For the purposes of this Agreement, the Base Value of the existing realand personal property <br />shall be deemed to be the value as shown on the tax rolls of the Lamar County Appraisal <br />District as of January 1, 2024. /¶­¤± ´­£¤±²³ ­£²  ­£  ¦±¤¤² ³§ ³ ¯´±²´ ­³ ³® 4¤· ² 4 · <br />#®£¤ 3¤¢ȁ ΒΐΑȁΑΏΓǾ ­® ³ ·¤² ¶¨«« ¡¤  ¡ ³¤£ ´­£¤± ³§¨² A¦±¤¤¬¤­³ ¥®±  ­¸ ¤°´¨¯¬¤­³ ®± <br />¢®­²³±´¢³¨®­ «®¢ ³¤£ ®­ ³§¤ 0±®¯¤±³¸ ¯±¨®± ³® ³§¤ ¤¥¥¤¢³¨µ¤ £ ³¤ ®¥ ³§¨² !¦±¤¤¬¤­³Ǿ ­®± <br />¶¨«« ³§¤  ¡ ³¤¬¤­³  ¯¯«¸ ³®  ­¸ ¤°´¨¯¬¤­³ ®± ®³§¤± )¬¯±®µ¤¬¤­³²acquiredǾ <br />¢®­²³±´¢³¤£Ǿ  ­£ ¨­²³ ««¤£  ¥³¤± ³§¤ ¨²²´ ­¢¤ ®¥ ³§¤ #¨³¸ § ² ¨²²´¤£ ¨³² #¤±³¨¥¨¢ ³¤ ®¥ <br />Completion. <br /> <br />4 <br /> <br />