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VI. <br />Consideration - Jobs <br />6.1 The City has provided in its Guidelines and Criteria for Tax Abatements, <br />for tax abatement for the benefit of its existing employers, such as the Ownez herein, to <br />improve their respective businesses and industries, as well as their profitability, even <br />though no new jobs are created as a result thereof. The Guidelines and Criteria provide <br />substantially as follows in this regard: If an existing Employer owns or leases an <br />Authorized Facility (such as the Northward Bound Project and the South Campus of the <br />O�wner herein), and it has plans to improve such property by constructing new <br />improvements on its real property or to add new personal property (which includes <br />structures and equipment, such as that to be constructed by Owner herein as a part of the <br />Northward Bound Project and the South Campus), such existing employer may be <br />eligible for ta7c abatement with respect to such improvements to its real properly or its <br />new personal property even though no new jobs or newly created minimum annual <br />payroll are created. In such cases, however, the Owner is encouraged to retain as many <br />jobs and as much existing annual payroll as is economically feasible for the existing <br />employer to do and remain competitive in its industry. <br />6.2 The Owner agrees to retain sufficient employment levels to efficiently <br />operate and support its Northward Bound and South Campus hospitals during the term of <br />this Tax Abatement Agreement. <br />VII. <br />Default <br />7.1 In the event that (a) the Improvements for which an abatement has been <br />granted are not completed in accordance with this AGREEMENT or the expenditure for <br />the Improvements does not meet thc amount required herein; or (b) Owner allows its ad <br />valorem ta�ces owed the City to become delinquent and fails to timely and properly follow <br />the legal procedures for protest or contest of any such ad valorem taxes; or (c) Owner <br />materially breaches any of the other terms and conditions of this AGREEMENT, then this <br />AGREEMENT shall be in default. In the event the Owner defaults in its performance of <br />either (a), (b) or (c) above, then the City shall give the Owner written notice of such <br />default and if ihe Owner has not cured such default witliin sixty (60) days of said written <br />notice, this AGREEMENT may be modified or terminated by the City. Notice shall be in <br />accordance with paragraph 13.3. As liquidated damages in the event of default, and in <br />accordance with the reqwirements of Section 312.205 (a)(4) of the Property Tax Code of <br />the State of Texas, all taxes which otherwise would have been paid to the City without the <br />benefit of abaternent, together with interest to be charged at the statutory rate for <br />delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of <br />Texas, with all penalties permitted by the Property Redevelopnnent and Tax Abatement Act <br />and the Property Tax Code of the State of Texas, shall be recaptured and will become a <br />