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<br /> <br /> <br /> <br /> <br /> <br /> Abatement <br /> <br /> §12. Subject to the terms and conditions of this AGREEMENT, <br /> and subject to the rights and holders of any outstanding <br /> bonds of the CITY, a portion of ad valorem real property <br /> taxes from the property otherwise owed to the CITY shall be <br /> abated. Said abatement shall be an amount equal to 100% of <br /> the taxes assessed upon the increased value of the <br /> IMPROVEMENTS (including real and personal property) over the <br /> value in the year in which this AGREEMENT is executed and in <br /> accordance with the terms of this AGREEMENT and all <br /> applicable state and local regulations or valid waiver <br /> thereof; provided that the OWNER shall have the right to <br /> protest or contest any assessment of the property and said <br /> abatement shall be applied to the amount of taxes finally <br /> determined to be due as a result of any such protest or <br /> contest. Said abatement shall extend for a period of seven <br /> (7) years begirir,ing from the first day of January of the year <br /> following completion of the improvements. <br /> Legal <br /> §13. (1) This AGREEMENT was authorized by resolution of the <br /> City Council at its regularly scheduled meeting on the 14th <br /> day of September, 1992, authorizing the Mayor to execute the <br /> AGREEMENT on behalf of the City. <br /> (2) This AGREEMENT shall constitute a valid and binding <br /> AGREEMENT between the CITY and OWNER pursuant to authority <br /> granted by its Board of Directors on the 14th day of <br /> September, 1992. <br /> (3) This AGREEMENT shall constitute a valid and binding <br /> AGREEMENT between the CITY and OWNER when executed in <br /> accordance herewith, regardless of whether any other taxing <br /> unit executes a similar agreement for tax abatement. <br /> (4) This AGREEMENT is performable in Lamar County, <br /> Texas. <br /> (5) This AGREEMENT i_s effective this- 14th day of <br /> September, 1992. <br /> <br /> WITNESS our hands this 14th day of September, 1992. <br /> <br /> APYROVED: <br /> <br /> <br /> <br /> George Fisher, Mayor, <br /> City of Paris <br /> <br /> <br /> MERICO, INC. TAY ABATEMENT AGREEMENT - Page 5 <br />