Laserfiche WebLink
<br />I. <br />Term <br /> <br />1.1 The term of this AGREEMENT shall begin on the 12th day of March, 2001, with, <br />as hereinafter provided, tax abatement granted herein beginning with the tax year beginning January <br />1,2002, and expiring on December 31,2007. <br /> <br />II. <br />Area to be Improved <br /> <br />2,1 The property to be the subject of this agreement shall be that property described by <br />metes and bounds as the First Tract in Exhibit A, attached hereto, which is made a part hereof and <br />shall be hereinafter referred to as PROPERTY. <br /> <br />III. <br />Improvements <br /> <br />3.1 The OWNER shall make improvements to the PROPERTY as follows: Demolish and <br />rebuild the existing 9,180 square foot facility which is a part of the main building located in Paris, <br />Texas, and install new equipment consisting of a seed receiver system, a dry cleaning system, and <br />a wet processing system, all of which said equipment are listed on Exhibit B, attached hereto. Such <br />improvements will be made upon the PROPERTY herein described and will consist of machinery, <br />equipment, and utilities installed to process sesame seeds in the existing main building, all of which <br />will be particularly described in CITY'S Certificate of Completion prepared after the completion and <br />installation of the improvements and machinery herein described which shall be furnished to and <br />filed with the Chief Appraiser of the Lamar County Appraisal District. Said Certificate shall be duly <br />executed by the Mayor of the City of Paris and attached hereto as Exhibit C. The improvements <br />described in this paragraph shall be hereinafter referred to as IMPROVEMENTS. The <br />IMPROVEMENTS will be at a cost equal to or in excess of $820,400.00, and shall be substantially <br />completed on or about July 10,2001; provided, that OWNER shall have such additional time to <br />complete the IMPROVEMENTS as may be required in the event of "force majeure" if OWNER is <br />diligently and faithfully pursuing completion of the IMPROVEMENTS. For this purpose, "force <br />majeure" shall mean any contingency orcause beyond the reasonable control of OWNER including, <br />without limitation, acts of God, or the public enemy, any natural disaster, war, riot, civil commotion, <br />insurrection, governmental or de facto governmental action, unless caused by acts or omissions of <br />OWNER, fires, explosions, accidents, floods, and labor disputes or strikes. The date of completion <br />of the IMPROVEMENTS shall be defined as the date a Certificate of Occupancy is issued by the <br />City of Paris. <br /> <br />TAX ABATEMENT AGREEMENT. Page 2 <br />