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I. <br />Term <br />A. Terns <br />4.1 The Effective Date of this Agreement is May 9, 2022. The five (5) year abatement <br />period set forth herein shall commence on January 1, 2024, the year following City's issuance of <br />a Certificate of Completion. This Agreement shall terminate upon the expiration of the <br />abatement period on May 8, 2029 unless otherwise terminated by default or agreement of the <br />Parties. <br />111. <br />The Property .res to be Improved <br />2.1 The Improvements defined in paragraph III below and made the subject of this <br />Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully <br />described in Exhibit 1 attached hereto and incorporated herein by reference, which Property is <br />within Reinvestment Zone No. 2020-1 and within the area set forth in the Program: <br />• Martin St Addition Block A, Lots 1-20, located at 635 NW 71h St., Paris, Texas, LOAD <br />#129332, as more fully set forth in Exhibit 11 hereto, which is incorporated by reference as <br />if fully set forth herein. <br />III. <br />Consideration—Improvements <br />3.1 The Improvements to be completed consist of the rehabilitation of the dilapidated <br />apartment complex located on the Property comprising twenty (20) separate structures, said <br />Improvements to include: <br />• Remodel of existing apartment project with new kitchens, flooring, drywall, mechanical, <br />plumbing, electrical, and roof. <br />3.2 The total minimum investment in the Improvements shall be ONE MILLION <br />EIGHT HUNDRED THOUSAND NO1100 DOLLARS ($1,800,000.00). <br />3.3 Owner shall obtain City approval for all necessary platting (if required]) and plans, <br />building permits, green tags, and a Certificate of Completion from the City of Paris. <br />3.4 Owner shall allow city inspectors access to the Property and Improvctnents <br />throughout construction and completion of Improvements. <br />3.5 Owner agrees and covenants that it will diligently and faithfully construct the <br />Improvements referenced herein in a good and workmanlike manner within twelve (12) months <br />of the Effective Bate of this Agreement. Owner further covenants and agrees that construction of <br />the Improvements w=ill be in accordance with all applicable state and local laws, codes, and <br />2 <br />