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j) m) i) that property tax revenue lost as a result of the tax abatement agreement will be recaptured by the City if the owner of the property fails to make the improvements or repairs as provided by the agreement; each term agreed to by the owner of the property; k) a requirement that the owner of the property shall certify annually to the City Council that the owner is in compliance with each applicable term of the agreement; I) contractual obligations in the event of default, violation of terms or conditions, delinquent taxes, recapture, administration and assignment, or other provisions that may be required by state law, or in the discretion of the City Council; and that the City Council may cancel or modify the agreement if the property owner fails to comply with the agreement. Section 7. That if any section, paragraph, clause, or provision of this Ordinance shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance. Section 8. That it is hereby found, determined, and declared that a sufficient notice of the date, hour, place, and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times as required by the Open Meetings Act, V.T.C.A., Government Code, Chapter 551. Section 9. That this Ordinance shall take effect immediately from and after its passage by the City Council. PASSED AND ADOPTED this 1 ST day of August, 2005, by the City Council of the City of Paris, Paris, Texas. ATTEST: Curtis Fendley, Mayor Janice Ellis, City Clerk APPROVED AS TO FORM: Larry W. Schenk, City Attorney I