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7.1 Subject to the terms and conditions of this Agreement, and subject to the <br />rights and holders of any outstanding bonds of the City, a portion of ad valorem Property <br />taxes from the Property otherwise owed to the City shall be abated. Said abatement shall be <br />an amount equal to one hundred percent (100%) of the taxes assessed upon the increased <br />value of the Improvements made by Owner to the Property described in Section III of this <br />Agreement, over the value in the year in which this Agreement is executed, in accordance <br />with the terms of this Agreement and all applicable state and local regulations or valid <br />waivers thereof; provided that the Owner shall have the right to protest or contest any <br />assessment of the Property and said abatement shall be applied to the amount of taxes finally <br />determined to be due as a result of any such protest or contest. For the purposes of this <br />Agreement, the initial value of the existing real property (not subject to abatement) shall be <br />deemed to be the value as shown on the tax rolls of the Lamar County Appraisal District as <br />of January 1 of the year in which the Agreement is executed (2011), said amount being <br />$178,198,620.00 for Land and Buildings. The current abatement which is the subject of <br />this Agreement shall extend for a period of ten (10) years beginning January l, 2013. <br />7.2 The abatement granted herein shall be subject to and governed by the Guidelines and <br />Criteria for Tax Abatements, a copy of which is attached hereto as Exhibit F, and Owner shall <br />comply with the requirements of Exhibit F in the performance of this Agreement, save and <br />except that, in the event of a conflict between the requirements of ExMbit F and this Agreeinent, this <br />Agreement shall control. <br />7.3 Owner covenants and agees that subsequent to the date of this Agreement, any <br />application by Owner for a new tax abatement for equipment or real property located within the <br />Property and the Reinvestment Zone applicable to this Agreement sha11 be subject to and <br />governed by the City's Criteria and Guidelines far Tax Abatement in effect at the time of the new <br />application. <br />VIII. <br />No Conflict of Interest <br />8.1 The Owner represents and warrants that the Property does not include any <br />Property that is owned or leased by a member of the Planning and Zoning Commission of the <br />City of Paris, nor by a member of the City Council approving, or having responsibility for the <br />approval of, this Agreement. <br />IX. <br />Conditions <br />9.1 The terms and conditions of this Agreement are binding upon and enforceable <br />against and with respect to the successors and assigns of all parties hereto. <br />9.2 It is understood and agreed between the parties that the Owner, in performing its <br />obligations hereunder, is acting independently, and the City assumes no responsibility or <br />. , 74 <br />