06&07 Tax Abatement Campbell Soup

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and $82,921,490 for tangible Personal Property, with $39,800,000.00 of the value of the existing tangible personal property consisting of OWNER'S Pace Picante Line of machinery and equipment being already abated through December 31,2006. The current abatement which is the subject ofthis AGREEMENT shall extend for a period often (10) years beginning January 1,2007. 7.2 The abatement granted herein shall be subject to and governed by the POLICY STATEMENT CRITERIA AND GUIDELINES for TAX ABATEMENT, a copy of which is attached hereto as Exhibit E. except for the term of years of the tax abatement and the percentage of abatement granted to OWNER in this AGREEMENT in Section 7.1 above, which shall be controlling over the term of years and the percentage of abatement stated in the POLICY ST A TEMENT CRITERIA AND GUIDELINES FOR T AX ABATEMENT. OWNER shall comply with the requirements of Exhibit E in the performance of this AGREEMENT, save and except that, in the event of a conflict between the requirements of Exhibit E and this AGREEMENT, this AGREEMENT shall control. VIII. No Conflict of Interest 8.1 The OWNER represents and warrants that neither the PROPERTY nor the IMPROVEMENTS include any real or personal property that is owned or leased by a member of the Planning and Zoning Commission of the City of Paris, nor by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT. IX. Conditions 9.1 The temlS and conditions ofthe AGREEMENT are binding upon the successors and assigns of all parties hereto. 9.2 It is understood and agreed between the parties that the OvVNER, in perfomling its obligations hereunder, is acting independently, and the CITY assumes no responsibility or liability in connection therewith to third parties; and OWNER agrees to indemnify and hold harmless the CITY therefrom. It is further understood and agreed among the parties that the CITY, in performing its obligations hereunder, is acting independently, and the OWNER assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the CITY agrees to indemnify and hold harmless the OWNER therefrom. X. Compliance Provisions 10.1 The OWNER agrees that the CITY, its agents and employees, shall have the reasonab Ie right 0 f access to records concerning the OWNER's investment in the IMPROVEMENTS for the purpose of conducting an audit ofthe project improvements and project costs. Any such audit shall be made only after giving the OWNER notice at least fourteen (14) days in advance and will TAX ABATEMENT AGREEMENT. Page 5 ,.-- "'-T-' .