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<br />IV. <br />Consideration <br />Improvements <br /> <br />4.1. The OWNER agrees and covenants that it will diligently and faithfully, in a good <br />and workmanlike manner, pursue the completion of the IMPROVEMENTS as a good and valuable <br />consideration of this AGREEMENT, OWNER further covenants and agrees that all construction <br />of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes and <br />regulations or will procure a valid waiver thereof. In further consideration, OWNER shall <br />thereafter, from the date a Certificate of Occupancy is issued until the expiration of this <br />AGREEMENT, continuously operate and maintain the PROPERTY as a warehouse facility and <br />distribution operation. <br /> <br />v. <br />Consideration <br />Jobs <br /> <br />5.1. Not later than December 31, 1999, OWNER will create at least twenty-two (22) <br />new, permanent jobs at the Paris Plant for work to be performed substantially either (a) at the site <br />of the Improvements, or (b) in support of operations performed by others at the site of the <br />IMPROVEMENTS. Such jobs to be filled with priority being given to promote among equally <br />qualified job applicants the hiring of employees first from within the Enterprise Zone, second from <br />within the corporate limits of the City of Paris, and third from within the County of Lamar, State <br />of Texas, subject to the laws and regulations of the United States of America and the State of <br />Texas and subject to any labor contracts currently in effect and any successive contracts or past <br />practices. <br /> <br />5.2. OWNER agrees that, during that portion of the term of the AGREEMENT <br />occurring subsequent to January 1, 2004, including the extension of the primary term as provided <br />in Section VII, it will not reduce below twenty-two (22) the number of such new, permanent jobs <br />so created. <br /> <br />VI. <br />Default <br /> <br />6.1. In the event that (a) the IMPROVEMENTS for which an abatement has been <br />granted are not completed in accordance with this AGREEMENT or (b) OWNER allows its ad <br />valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the <br />legal procedures for protest or contest of any such ad valorem taxes; or (c) OWNER breaches any <br />of the terms and conditions of this AGREEMENT, then this AGREEMENT shall be in default. <br />In the event the OWNER defaults in its performance of either (a), or (b) or (c) above, then the <br />CITY shall give the OWNER written notice of such default and if the OWNER has not cured such <br />default with thirty (30) days of said written notice, or, if such default cannot be cured by the <br /> <br />T AX AliA TEMENT AGREEMENT. Page 3 <br />