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January 24, 2022, item #2; and the Paris Independent School District, Trustees' agenda <br />of January 24, 2022, item #4). <br />4.3 The conveyance of the property by the City to the Owner shall be tax sale <br />deed without warranty and with right of reversion. <br />4.4 City hereby transfers the property in an "as is" condition and does not <br />warrant or provide clear title with respect to the aforementioned City Trustee status of <br />the Property. Owner assumes full responsibility for title insurance for the property and <br />all new residential improvements thereto by Owner under the terms of this Agreement. <br />C. Reduced Fees for Building Plan Review and Permitting <br />4.5 In consideration for Owner's construction and completion of the above - <br />referenced Improvements, City agrees to reduce rates for building plan review by one <br />hundred percent (100%) and permit fees by one hundred percent (100%) for each <br />Structure constructed pursuant to this Agreement. <br />C. Reduced Fees for Water and Sewer Tap Labor <br />4.6 In further consideration for Owner's construction and completion of the <br />above -referenced Improvements, City agrees to reduce rates for water and sewer tap <br />labor fees by twenty-five percent (25%) where required by the City's Public Works <br />Department. <br />D. Local Purchasing <br />4.7 As further consideration for the incentives granted herein, where possible, <br />Owner shall purchase building materials and fixtures from vendors located within the <br />City of Paris. <br />E. Default <br />4.8 It shall be an act of default of the Economic Development Agreement <br />should Owner fail to construct and compete all of the Improvements specified herein <br />within the five (5) year period set forth herein (by August 23, 2031). <br />V. <br />Terms Specific to the Residential Tax Abatement Agreement <br />Texas Tax Code Chapter 312 <br />A. Term <br />5.1 The term of this Tax Abatement Agreement shall commence on August 24, <br />2026. It is the intention of this Tax Abatement Agreement that Owner receive an <br />abatement of taxes on the Structure once it is completed and issued a Certificate of <br />M <br />