2011-072 RES AGREEMENT BETWEEN CITY OF PARIS AND DAISY FARMS

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Default means an act or omission by either Party that materially breaches any provision of this Agreement. Delivery Point means the point at which Paris agrees to deliver, and Daisy Farms agrees to receive, Treated Water under this Agreement. 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 Agreement means the Economic Incentive Agreement executed on April 14, 2011, between the Paris Economic Development Corporation and Daisy Farms. Effective Date means June 1, 2011. Emergerccy 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. Expiration Date means the last effective date of this Agreement as specified in Section 8.1, absent the renewal of this Agreement. Final Rate Term means the period commencing immediately following the Secondary Rate Term and continuing until the termination of this Agreement as described in Section 8.1. Fiscal Year is the fiscal year of Paris from October 1 through September 30 of the following calendar year. Initial Rate means the rate set under Section 5.2(a) of this Agreement for the Initial Rate Period. Initial Rate Period means the period commencing on the Effective Date and continuing for five (5) consecutive full Rate Years (Years 1 through 5 in Exhibit B). Maximum Day Usage means the measured daily maximum usage as determined through Meter readings. Meter(s) means the metering facility or devices installed or to be installed at the Delivery Point to measure the amount of Treated Water delivered to 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. Paris Raw Water System 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, and delivery of Raw Water. Paris Treated Water System 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. Party 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