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Period will commence on January I' of the year immediately after issuance of the Certificate Completion and will be effective for a period of five (5) years. C. Abatement 5.3 Subject to the terms and conditions of this Economic Development Agreement Tax Abatement Agreement, in further consideration for the construction and completion of t Improvements required herein (new construction of one (1) single-family home) and subject to t tights and holders of any outstanding bonds of the City, a portion of the maintenance operations (M & 0) ad valorem property taxes assessed upon each Improvement and otherwi mi vzn 2m 4-1: a Tffv�-,W of 6 1(5) vears i nt e ual to 100% nerve ot the taxes assessect upon me increasea value oi Tne impro verneins 771717 wy OTTYMMT Lar, described in Section 3.1 of this Agreement, over the value in the year by which this agreement a _w4 ent executed (the "Base Value"), in accordance with the terms of this Agreement and all applicab ng state and local regulations or valid waivers thereof, provided that the Owner shall have the ri 'd to t to protest or contest any assessment of the Properties and said abatement shall be applied amount of taxes finally determined to be due as a result of any such protest or contest. For t value as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2026 wit: ONE THOUSAND SIX HUNDRED -THIRTY AND NO/100 DOLLARS ($1,630.00). 5.4 This abatement is granted in accordance with the City's Guidelines and Criteria the Program, a copy of which is attached hereto as Exhibit 2, provided, however, that in the eve of any conflict between this Agreement Exhibit 2, this Agreement shall control. 5.5 Upon receipt of the documentation set forth in Article III and in Section 6.6 herei City will notify the Lamar County Appraisal District to begin the tax abatement as to the parcel. C. Default 5.6 If (a) the Improvements (the residential Structure) for which an abatement has be granted are not completed in accordance with this Agreement (by January 11, 203 1.); or (b) Own allows its taxes owed the City to become delinquent and fails to timely and properly follow t legal procedures for protest or contest of any such; or (c) Owner materially breaches any of t other terms, provisions or conditions of this Economic Development Agreement and T Abatement Agreement, including but not limited to the Mandatory Anti -Discrimination Provisio set forth herein, then owner shall be considered in default of this Agreement. In the event Own 4 m��u futL,? nwv, * f N ' I "it Y sh. al I a i v e Owner wri tten no ti W - of such default and if Owner has not cured such default within sixty (60) days of said writt notice, this Tax Abatement Agreement may be terminated by the City. Notice of default shall given in accordance with Article VI of this Agreement. 5.7 As damages in the event of default, and in accordance with the requirements a discretionary provisions of Section 312.205 of the Tax Code of the State of Texas, all taxes wbi otherwise would have been paid to the City without the benefit of abatement, including taxes I car 11 At t"Irt Alft�i,,;�l,,u-eement.toLether