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6344 WWWK010 I I u all I) minjium I <br />3.7 Owner may not use the parcels described in Section 2.1 and conveyed to Owner <br />pursuant to the terms of this Agreement for any other purpose other than to construct the <br />Improvements set forth in this Article. Use of any parcel for any other purpose than residential <br />dwelling units shall constitute a separate act of default of the Agreement and will trigger the <br />default provisions and remedies set forth hereunder. <br />MR) - I M <br />A. The Abatement <br />and holders of any outstanding bonds of the City, a portion of the ad valorem property taxes <br />assessed upon the Improvements and otherwise owed to the City shall be abated for a period of <br />five (5) years in an amount equal to 100% per year of the taxes assessed upon the increased <br />value of the Improvements made by Owner to the Properties described in Section 2.1 of this <br />LI I 141M 11 V) I a Wils"01,10 (0316RIJ a 11# 001W, 111# N I WN191 to It I) r. I I.T41 0 Uvi WNW-Ma"m Em I <br />rrug, Iu PTWV—H!I <br />......... <br />hereto as Exhibit 2 this Agreement shall control. <br />4.5 If (a) the Improvements for which an abatement has been granted ate not <br />completed in accordance with this Agreement (within twelve (12) months of the effective date <br />� XWO-1166411AM"I'M <br />considered in default of this Agreement. In the event Owner defaults in its performance of either <br />(a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has <br />not cured such default within sixty (60) days of said written notice, this Tax Abatement <br />Agreement may be terminated by the City, Notice of default shall be given in accordance with <br />