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<br />"5.1. <br /> <br />"5.2. OWNER agrees that, during that portion of the term of the <br />AGREEMENT occurring subsequent to January 1, 2000, and extending through <br />December 31, 2005, it will not reduce below twenty-two (22) the number of such <br />new, permanent jobs so created. " <br /> <br />"VI. <br />"Default <br /> <br />"6.1. In the event that (a) the IMPROVEMENTS for which an abatement <br />has been granted are not completed in accordance with this AGREEMENT or (b) <br />OWNER allows its ad valorem taxes owed the CITY to become delinquent and <br />fails to timely and properly follow the legal procedures for protest or contest of any <br />such ad valorem taxes; or (c) OWNER breaches any of the terms and conditions <br />of this AGREEMENT or any amendments or extensions thereto, then this <br />AGREEMENT shall be in default. In the event the OWNER defaults in its <br />performance of either (a), or (b) or (c) above, then the CITY shall give the <br />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 <br />cured by the payment of money and cannot, with due diligence, be cured within a <br />90-day period due to cause beyond the control ofthe OWNER, this AGREEMENT <br />may be modified or terminated by the CITY. Notice shall be in accordance with <br />paragraph 14.3. As liquidated damages in the event of default, all taxes which <br />~therwise would have been paid to the CITY without the benefit of abatement, <br />including those taxes abated under this AGREEMENT for that taxable year <br />beginning January 1, 1999, and continuing through the period of this contract <br />extension, together with interest to be charged at the statutory rate for delinquent <br />taxes as determined by Section 33.01 of the Property Tax Code of the State of <br />Texas, with all penalties permitted by the Property Redevelopment and Tax <br />Abatement Act and the Property Tax Code of the State of Texas, shall be <br />recaptured and become a debt to the CITY and shall be due, owing and paid to the <br />CITY within sixty (60) days of the expiration of the above mentioned applicable <br />cure period as the sole remedy of the CITY subject to any and all lawful offsets, <br />settlements, deductions, or credits to which OWNER may be entitled. The parties <br />acknowledge that actual damages in the event of default and termination would be <br />speculative and difficult to determine." <br /> <br />"VII. <br />"Tax Abatement <br /> <br />"7.1 It is understood and agreed among the parties that the PROPERTY, <br />also known as Tax Reinvestment Zone Number Five, shall be appraised at market <br /> <br />Page 2 of 5 <br />