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<br /> <br /> <br /> <br /> <br /> <br /> Default <br /> <br /> §5. In the event that (a) the INIPROVEMENTS for which an <br /> abatement has been granted are not completed in accordance <br /> with this AGREEMENT or (b) OWNER allows its ad valorem taxes <br /> owed the CITY to become delinquent and fails to timely and <br /> properly follow the legal procedures for protest or contest <br /> of any such ad valorem taxes; or (c) OWNER breaches any of <br /> the terms and conditions of this AGREEMENT, then this <br /> AGREEMENT shall be in default. In the event that the OWNER <br /> defaults in its performance of either (a), or (b) or (c) <br /> above, then the CITY shall give the OWNER written notice of <br /> such default and if the OWNER has not cured such default with <br /> thirty (30) days of said written notice, or, if such default <br /> cannot be cured by the payment of money ard cannot with due <br /> diligence be cured within a 90-day period owning to cause <br /> beyond the control of the OWNER, this AGREEN:ENT may be <br /> terminated by the CITY. Notice shall be in writing and shall <br /> be delivered by personal delivery or certified mail to the <br /> OWNER at the address of as shown in this section. As <br /> liquidated damages in the event of default, all taxes which <br /> otherwise would have been paid to the CITY without the <br /> benefit of abatement (interest will be charged at the <br /> statutory rate for delinquent taxes as determined by Section <br /> 33.01 of thE Property Tax Code of the State of Texas, but <br /> without the addition of a penalty) will become a debt to the <br /> CITY and shall be due, owing and paid to the CITY within <br /> sixty (60) days of the expiratior of the above mentioned <br /> applicable cure period as the sole remedy of the CITY subject <br /> to any and all lawful offsets, settlements, dEductions, or <br /> credits to which OWNER may be entitled. The parties <br /> acknowleage that actual damages in the event of default and <br /> termination would be speculative and difficult to determine. <br /> Notice <br /> §6. Ariy written notice required or permitted under the terms <br /> of this AGKEEMENT shall be given and be cieemed to have been <br /> duly served if either (a) delivered in person, or (b) <br /> deposited certified mail, return receipt requested, postage <br /> prepaid in the United States mail, addressed to the <br /> designated representative of the respective parties which are <br /> designated as rcllows: <br /> IF TO CITY: IF' TU OWNER: <br /> City Manager rlerico, Inc. <br /> City of Paris 2020 19th Street N.W. <br /> P. 0. 5ox 9037 Paris, TX 75460 <br /> Paris, TX 75461-9037 ATTN: Plant Manager <br /> <br /> <br /> MERICU, INC. TAX ABATEMENT AGREErIENT - Page 3 <br />