24 - Amendment to Residential Tax Abatement Agreement - We're Going to Paris

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before Februar r 12 2024: 1 " Commencin ,, construction of the Im , rovements or 2 securin the entire Proert� by boardmg u�l the buildings thereon so as to prevent person or s from �ainin� enter thereto and continuing towwwsecurewwthe buildings up throual•i uersonw� _µwww comletion of the Improvements. mThis Agreement shall terminate upon the expiration of the abatement period enMa unless otherwise terminated by default or agreement of the Parties. Section 4. Article III, Section 3.5 is hereby amended to read as follows: 3.5 Owner agrees and covenants that it will diligently and faithfully cpm lete the Improvements referenced herein in a good and workmanlike manner no later than Mair 31, 2025 with—in 10 (12) men-Uhs of Rhe F—d-Cf-e-ewativea. Da e of this AgFeeffi-efic Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, and regulations or Owner will procure a valid waiver or variance thereof. Section 5. Article IV, Section B ("Default"), paragraph 4.5 is hereby amended to read as follows: 4.5 If (a) the Improvements for which an abatement has been granted are not completed in accordance with this Agreement (...:*,ii twelve "" months of the e fP e4ive date e= no later than May 31 2025); or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such; or (c) Owner materially breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall be considered in default of this Agreement. In the event Owner defaults in its performance of either (a), (b), or (c) above, then City shall give Owner written notice of such default and if Owner has not cured such default within sixty (60) days of said written notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall be given in accordance with Article V of this Agreement. CITY OF PARIS Reginald B. Hughes Mayor Date Signed: