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regulations or Owner will procure a valid waiver or variance thereof. <br />3.6 Owner shall contact City Building Official for final inspection once <br />Improvements are completed and obtain a Certificate of Completion for the Property. <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 />IV. <br />Tax Abatement <br />A. The Abatement <br />4.1 Subject to the terms and conditions of this Agreement, and in further consideration <br />for the construction and completion of the Improvements required herein and subject to the rights <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 />Agreement, over the value in the year by which this agreement is executed (the "Base Value,), in <br />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 tris <br />Agreement, the Base Value of the existing real property shall be deemed to be the value as <br />shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2022. <br />4.3 This abatement is granted in accordance with the City's Guidelines and Criteria <br />for the Program, a copy of which is attached hereto as Exhibit 2 provided, however, in the event <br />of any conflict between this Agreement and the Guidelines Wand for the Program attached <br />hereto as Exhibit 2, this Agreement shall control. <br />B. Default <br />4.5 If (a) the Improvements for which an abatement has been granted are not <br />completed in accordance with this Agreement (within twelve (12) months of the effective date <br />hereof}; or (b) Owner allows its taxes owed the City to become delinquent and fails to timely and <br />properly follow the legal procedures for protest or contest of any such; or (c) Owner materially <br />breaches any of the other terms, provisions or conditions of this Agreement, then Owner shall be <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 />3 <br />