25-AGREEMENT BETWEEN THE CITY OF PARIS AND DAISY FARMS

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Defazrlt means an act or omission by either Party that matei•ially breaches any provision of this Agreement. Delivery Point means the point at which Yaris agrees to deliver, and Daisy Farms agrees to receive, Treated Water under this Agrecinent. The initial Delivery Point is near the intersection of State Highway 19/24 and FM 2036, Lamar County, Texas, as shown on Exhibit A. Economic Incentive Agreemenl means the Economic Incentive Agreement executed on April 14, 2011, between the Paris Economic Development Coiporation aald Daisy Farms. Effectine Date means June 1, 2011. Einergency means a bona-fide emergency condition created by unforeseeable mechanical failure, by unprecedented high rate of Treated Water usage, such as might result from a major fire or a major water main break, or by circumstances beyond the Parties' control. Expiralion Date means thc last cffective date of this Agreement as specified in Section 8.1, absent the renewal of ihis Agreement. Final Rcrte Term means the period commencing immediately following the Secondary Rate Term and continuing until the teimination of this Agreement as described in Section 83. Fiscul I'ear is the fiscal yeai• of Paris from October 1 through September 30 of the following calendar year. Initial Rccte ineans the rate set under Section 5.2(a) of this Agreement for the Initial Rate Period. Initral Rcrte Period means the period commencing on the Effective Date and continuing for five (5) consectrtive full Rate Years (Years 1 through 5 in Exhibit B). Maximum Dcry Usage means the measured daily maximuin usage as determined through Meter readings. Meler(s) means the metering facility or devices installed or to be installed at the Delivery Point to measure the amount of Treated Waler delivered lo Daisy Farms by Paris as provided in this Agreement. Installation shall include a back flow device in order to prevent back flow of water into the Paris Treated Water System. Par•is Rcrli, Water Systenz means all facilities, structures, improvements, property, rights, certificates of adjudication, permits, licenses, contracts and other property of any nature whatsoever, now or hereafter owned by Paris, in connection with the storage, diversion, transportation, aiid delivery of Raw Water. Paris Tr•eated Water Systena means all facilities, structures, improvements, property, rights, permits, licenses, and other property of any nature whatsoever, now or hereafter owned by Paris, in connection with the diversion, storage, transportation, treatment, and delivery of Treated Water. Pan•ty means either Paris or Daisy Farms, and "Parties" means Paris and Daisy Farms, collectively. Peaking Ratio Surcharge means a charge incurred by Daisy Farms beginning with the Secondary Rate Term for exceeding an annual maximum-day to annual average-day ratio of water usage of 1.10 to 1 as specified in Section 5.3(b) of this Agreement. Page 3 of 23 , , 200