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<br />herein. Acts of God shall also include fires, explosions, accidents, floods, <br />labor disputes and strikes, but shall exclude all delays caused by the acts, <br />omissions or negligence of the Company. If the Company fails to commence <br />construction within the time limits required herein, or after commencement <br />occurs, fails to prosecute the construction to completion in a diligent manner, <br />. or to comply with the building laws of the City of Paris or the requirements <br />of the Development Standards of the industrial park, then the Company shall <br />be considered to be in default under the Loan. In case of such default, PEDC <br />will deliver to the Company written notice of the default; and if the Company <br />shall have failed to cure the default within sixty (60) days after the delivery <br />of such written notice (as herein provided), then PEDC may accelerate the <br />maturity of the Note and exercise all of its rights and remedies under this <br />Agreement, the Deed of Trust, the Guaranty, the Security Agreements and the <br />other loan documents, if applicable, to include, without limitation, the <br />foreclosure of its lien upon the lot and all improvements constructed thereon, <br />as is to be provided in the Deed of Trust discussed in Section C below. <br /> <br />6. During the Term of this Agreement, and as a further condition of PEDC <br />granting the Loan and the conditional conveyance to the Company, the <br />Company agrees to timely pay all applicable ad valorem taxes due and owing <br />by it to the City of Paris and to all other taxing authorities having jurisdiction <br />over any property of the Company within Lamar County, Texas; provided, <br />however, that the Company's failure to pay taxes during any period oflawful <br />protest of the same shall not constitute a breach of this covenant. In addition, <br />the Company covenants with PEDC to pay all employment, income, franchise <br />and other taxes due and owing by it to all other local, state and federal <br />applicable taxing and governmental entities. If the Company shall fail to pay <br />any of these taxes, and the taxes thereby become delinquent and not subject <br />to further challenge by the Company, at that time such failure shall constitute <br />a breach of this Agreement and a default hereunder and under the loan <br />documents, and shall subject the Company to any and all rights and remedies <br />available to PEDC as described in this Agreement, in the loan documents or <br />as existing under applicable laws to be pursued against it. <br /> <br />C. The terms and provisions of the Loan to be made by PEDC to the Company, together <br />with the documents which are to evidence and secure such Loan (herein called the <br />"loan documents"), are described as follows: <br /> <br />1. The Note: The Promissory N ote (the "Note") shall be made by the Company, <br />payable to the order of PEDC in the stated principal amount of <br />$1,500,000.00, bearing no interest, and payable in fifteen (15) annual <br />installments of principal only, the first of which installments shall commence <br /> <br />7 <br />