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by a delinquent tax statement issued by the Lamar County Appraisal District or other tax <br />assessor -collector for the Grantors, and filed in the deed records of Lamar County, Texas; <br />and (4) failure to pay any fee required to be paid by law, evidenced by an affidavit of such <br />fact being filed in the deed records of Lamar County, Texas; before any affidavit relating to <br />contingencies 1-4 above shall be filed in the deed records of Lamar County, Texas, the <br />Grantee shall be given notice of the event causing the reverter and 10 business days to cure <br />(the first day shall be the date the notice is presented to Grantee if hand delivered to the <br />Grantee, otherwise the second business day after the notice is turned over to the United <br />States Postal Service or other delivery service for delivery to the Grantee). <br />V. <br />Terms Specific to the Residential Tax Abatement Agreement—Texas Tax Code Chapter <br />312 <br />5.1 The ten -n of this Tax Abatement Agreement shall. commence on November 12, 2024. <br />It is the intention of this Tax Abatement Agreement that Owner receive an abatement of taxes on <br />each dwelling unit constructed as it is completed and issued a Certificate of Completion by City. <br />Consequently, each dwelling unit constructed and completed shall have its own five (5) year <br />abatement period. The abatement period for each constructed and completed dwelling unit shall <br />commence on January I of the year following City's issuance of a Certificate of Completion on <br />said dwelling unit and end on the fifth (5) anniversary of the commencement of the abatement <br />period. This Tax Abatement Agreement shall, terminate upon the expiration of the final abatement <br />period granted herein unless otherwise terminated by default or agreement of the Parties. <br />B. Abatement <br />5.2 Subject to the terms and conditions of this Economic Development Agreement and <br />Tax Abatement Agreement, in further consideration for the construction and completion of the <br />Improvements required herein and subject to the rights and holders of any outstanding bonds of <br />the City, a portion of the maintenance and operations (M & 0) ad valorem property taxes assessed <br />upon each Improvement and otherwise owed to the City shall be abated for a period of five (5) <br />years in an amount equal to one hundred percent (100%) per year of the taxes assessed upon the <br />increased value of the Improvements made by Owner to the Properties described in Section 3.1 of <br />this Agreement, over the value in the year by which this agreement is executed (the "Base Value"), <br />in accordance with the terms of this Agreement and all applicable state and local regulations or <br />valid waivers thereof; provided that the Owner shall have the right to protest or contest any <br />assessment of the Properties and said abatement shall be applied to the amount of taxes finally <br />determined to be due as a result of any such protest or contest. For the purposes of this Agreement, <br />the Base Value of the existing real property shall be deemed to be the value as shown on the tax <br />rolls of the Lamar County Appraisal District as of January 1, 2024 <br />R <br />