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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 and <br />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 of <br />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, O\VNER shall thereafter, <br />from the date a Certificate of Occupancy is issued or the IMPROVEMENTS are completed as <br />agreed, until the expiration of this AGREEMENT, continuously operate and maintain the <br />PROPERTY, inc luding the speci fic units 0 f new equipment as identi tied herein, as a production and <br />manufacturing plant. <br /> <br />V. <br />Consideration <br />Jobs <br /> <br />5.1 The OWNER currently has 133 pet111anent full-time employees at the existing site <br />who live in the Enterprize Zone. In addition, the OWNER employs another 21 persons in pemlanent <br />full-time jobs in the City of Paris, Texas, and another 4 persons in pennanent full-time jobs in Lamar <br />County, Texas. No new jobs will be created by OvVNER as a result of the addition of the <br />IMPROVEMENTS described herein. <br /> <br />5.2 OWNER agrees that during the tenn of this AGREEMENT it will not reduce <br />employment below the total of the number of permanent full-time jobs referred to above (i. e. 158 <br />such jobs) in Lamar County, Texas. <br /> <br />VI. <br />Default <br /> <br />6.1 In the event that (a) the IMPROVEMENTS forwhich an abatement has been granted <br />are not completed in accordance with this AGREEMENT or the expenditure for the <br />IMPROVEMENTS does not meet the amount required herein; or (b) the jobs required to be retained <br />by OWNER in Section 5.2 above are not maintained in accordance with this AGREEMENT; or (c) <br />OWNER allows its ad valorem taxes owed the CITY to become delinquent and fails to timely and <br />properly follow the legal procedures for protest or contest of any such ad valorem taxes; or (d) <br />OWNER materially breaches any ofthe other tenns and conditions ofthis AGREEMENT, then this <br />AGREEMENT shall be in default. In the event the OWNER defaults in its perf0t111anCe of either <br />(a), (b) (c) or (d) above, then the CITY shall give the O\VNER written notice of such default and if <br />the OWNER has not cured such default within sixty (60) days of said written notice, this <br />AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with <br />paragraph 13.3. As liquidated damages in the event of default, and in accordance with the <br />requirements 0 f Section 312.205 (a)( 4) 0 f the Property T ax Code of the State of Texas, all taxes <br /> <br />TAX ABA TDIE~T AGREE:\IE:"iT .I'OIge 3 <br />