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<br />remedy of the CITY subject to any and all lawful offsets, settlements, deductions, or credits to <br />which OWNER may be entitled. The parties acknowledge that actual damages in the event of <br />default and termination would be speculative and difficult to determine. <br /> <br />VII. <br />Tax Abatement <br /> <br />7.1. It is understood and agreed between the parties that the PROPERTY, also known <br />as Tax Reinvestment Zone No 6, shall be appraised at market value prior to the construction and <br />installation of the IMPROVEMENTS for the purposes of property tax assessment effective January <br />1, 2000, and continued at market value without said IMPROVEMENTS until the expiration of this <br />AGREEMENT. The CITY, acting under and pursuant to the said Texas Property Redevelopment <br />and Tax Abatement Act, hereby covenants and agrees to abate: <br /> <br />(a) all CITY real property taxes that would other wise be payable with respect to the <br />IMPROVEMENTS, and <br /> <br />(b) all CITY personal property taxes that would otherwise be payable with respect to <br />all personal property, save and except inventory and supplies, that is brought onto the <br />PROPERTY described in Exhibit "A" as a part of the improvement project herein <br />described, <br /> <br />for a primary period of seven (7) years beginning January 1, 2000. <br /> <br />VIII. <br />No Conflict of Interest <br /> <br />8.1. The CITY represents and warrants that the PROPERTY does not include any <br />property that is owned by a member of the City Council approving, or having responsibility for <br />the approval of, this AGREEMENT. <br /> <br />IX. <br />Conditions <br /> <br />9.1. The terms and conditions of the AGREEMENT are binding upon the successors and <br />assigns of all parties hereto. <br /> <br />9.2. It is understood and agreed between the parties that the OWNER, in performing its <br />obligations hereunder, is acting independently, and the CITY assumes no responsibility or liability <br />in connection therewith to third parties and OWNER agrees to indemnify and hold harmless the <br />CITY therefrom; it is further understood and agreed among the parties that the CITY, in <br />performing its obligations hereunder, is acting independently, and the OWNER assumes no <br />responsibility or liability in connection therewith to third parties and the CITY agrees to indemnify <br /> <br />TAX ABATEMENT AGREEMENT - Page 4 <br />