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WHEREAS, the Owner, in connection with the hearing in which the ORDINANCE
<br />was enacted by the City of Paris, Texas, on August 22, 2011, did request of the City an
<br />abatement of t6e taxes to be assessed on the new improvements to be constructed by it
<br />as a part of the Northward Bound Project and at the Sonth Campus; and
<br />WHEREAS, this AGREEMENT is executed by the City and the Owner to evidence
<br />in writing the abatement of City taxes upon the improvements herein described, with the
<br />effective date of tlus AGREEMENT being the effective date of the ORDINANCE of
<br />August 22, 2011, when the tax abatement herein described was authorized by the City of
<br />Paris, Texas;
<br />NOW, THEREFORE,
<br />The Owner and fihe City do mutually contract and agree as follows:
<br />I.
<br />Term
<br />1.1 The term of this Agreement shall begin on the 22°d da.y of August, 201 l, with
<br />tax abatement granted herein beginning with the tax yeaz beginning January 1, 2013, and
<br />expiring on December 31, 2022.
<br />II.
<br />The `�Property" - Area to be Improved
<br />2.1 The Improvements (defined in paragraph III and IV, below) which are the
<br />subject of this Agreement shall be located within the portions of the Northwazd Bound
<br />Project and the South Campus, both being located in Paris, Lamar County, Texas, owned by
<br />the Owner and described in Exhibit E(with respect to the Northward Bound Project) and in
<br />Exhibit F(with respect to the South Campus), both of which exhibits are attached hereto (all
<br />of which property is within the Reinvestrnent Zones and the Enterprise Zones referred to in
<br />the recitals above). The Improvements will be at a cost equal to or in excess of
<br />$27,200,000.00 in the aggregate for cost and installation of the building modifications,
<br />machinery and equipment, and shall be substantially completed by December 31, 2012,
<br />provided, however, that Owner shall have such additional time to complete the
<br />Improvements as may be required in the event of "force majeure" if Owner is diligently and
<br />faithfully pursuing completion of the installation of the Improvements. For this purpose,
<br />"force majeure" shall mean any contingency or cause beyond the reasonable control of
<br />Owner, including, without limitation, acts of God, or the public enemy, any natural disaster,
<br />war, riot, civil commotion, insurrection, governmentaI or de facto governmental action,
<br />unless caused by acts or omissions of Owner, fres, explosions, accidents, floods and labor
<br />disputes or stnikes. T'he date of completion of the Improvements shall be reflected in the
<br />Certificate of Completion issued by the City referred to above.
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