04&05 Tax Abatement Paris Warehouse 107

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IV. Consideration Improvements 4.1 The OWNER agrees and covenants that it will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the IMPROVEMENTS. As a good and valuable consideration of this AGREEMENT, OWNER further covenants and agrees that all construction of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes and regulations orwill procure a valid waiver thereof. In further consideration, OWNER shall thereafter, from the date a Certificate of Occupancy is issued or the IMPROVEMENTS are completed as agreed, until the expiration of this AGREEMENT, continuously operate and maintain the PROPERTY, including the specific units of new equipment as identified herein, as a production and manufacturing plant. V. Consideration Jobs 5.1 The OWNER currently has 133 pell11anent full-time employees at the existing site who live in the Enterprize Zone. In addition, the OWNER employs another 21 persons in pell11anent full-time jobs in the City of Paris, Texas, and another 4 persons in pennanent full-time jobs in Lamar County, Texas. No new jobs will be created by OWNER as a result of the addition of the IMPROVEMENTS described herein. 5.2 OWNER agrees that during the tell11 of this AGREEMENT it will not reduce employmcnt below thc total of the number of permanent full-time jobs referred to above (i. e. 158 such jobs) in Lamar County, Texas. VI. Default 6.1 In thc event that (a) the IMPROVEMENTS forwhich an abatement has been granted are not completed in accordance with this AGREEMENT or the expenditure for the IMPROVEMENTS does not meet the amount required herein; or (b) the jobs required to be retained by OWNER in Section 5.2 above are not maintained in accordance with this AGREEMENT; or (c) OWNER allows its ad valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such ad valorem taxes; or (d) OWNER materially breaches any of the other temlS and conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the OWNER defaults in its perf0ll11anCe of either (a), (b) (c) or (d) above, then the CITY shall give the O\VNER written notice of such default and if the OWNER has not cured such default within sixty (60) days of said written notice, this AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with paragraph 13.3. As liquidated damages in the event of default, and in accordance with the requirements of Section 312.205 (a)(4) of the Property Tax Code of the State of Texas, all taxes TAX ABA TDJE:"\T AC,REDIE:-iT - I'.ge 3 T"