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3.4 The total estimated value of the Improvements to be constructed on the above - referenced parcels is at least EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($800,000.00). 3.5 Owner shall obtain City approval for all necessary platting (if required) and plans, building pen -nits, green tags and a Certificate of Completion from the City of Paris. 3.6 Owner shall allow city inspectors access to the Properties and h-nprovements throughout construction and completion of Improvements. 3.7 Owner agrees and covenants that it will diligently and faithfully construct each Improvement/Structure referenced herein in a good and workmanlike manner within 12 months of obtaining building permits from City for each structure. Owner further covenants and agrees that construction of the Improvements will be in accordance with all applicable state and local laws, codes, regulations, and Program Guidelines or Owner will procure a valid waiver or variance thereof. Owner shall complete all Improvements required herein on or before April 12, 2031. 3.8 Owner shall contact City Building Official for final inspection as Improvements are completed and obtain a Certificate of Completion for the new residential dwellings as completed. 3.9 Owner shall notify the Lamar County Appraisal District upon completion of Improvements and request an updated appraisal of the Improvements. 3.10 Owner shall provide City with appraised value of Improvements upon receipt of same from Lamar County Appraisal District. 3.11 Owner may not use the parcels described in Section 3.1 for any other purpose other than to construct the Improvements set forth in this Article. Use of any parcel for any other purpose shall constitute a separate act of default of the Agreement and will trigger the default provisions and remedies set forth hereunder. IV. Texas Local Government Code Chapter 380 A. Term 4.1 The term of this Economic Development Agreement shall commence on April 13, 2026 and shall continue for a period of five (5) years ending on April 12, 2031. B. Land Conveyance 4.2 In consideration for Owner's construction and completion of the above -referenced Improvements, City agrees to convey the above -referenced parcels to Owner in exchange for payment in the amount of City's proportionate share of $1.00 per parcel in accordance with the 3