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debt to the City and shall be due, owing, and paid to the City within sixty (60) days of the <br />expiration of the above-mentioned applicable cure period as the sole remedy of the City, <br />subject to any and all lawful offsets, settlements, deductions, or credits to which Owner may <br />be entitled. The parties acknowledge that actual darnages in the event of default and <br />termination would be speculative and difficult to determine. <br />VIII. <br />Taz Abatement <br />8.1 Subject to the terms and con,ditions of this AGREEMENT, and subject to <br />the rights and holdez�s of any outstanding bonds of the City, a portion of ad valorem <br />Property taxes from the Property otherwise owed to the City shall be abated. Said <br />abatement shall be an amount equal to one hundred percent (100%) of the ta�ces assessed <br />upon the increased value of the Improvements made by Owner to the Property described in <br />Sections III and IV of this AGREEMENT, over the value stated below as of January 1, 2012, <br />and all applicable state and local regulations or valid waivers thereof; provided that the <br />Owner shall have the right to protest or contest any assessment of the Property and said <br />abatement shall be applied to the amount of ta�ces finally determined to be due as a result of <br />any such protest or contest. For the purposes of this AGREEMENT, the initial value of the <br />existing real property and improvements (not subject to abatement) shall be deemed to be <br />the value as shown on the tax rolls of the Lamar County Appraisal District as of January 1, <br />2012, such amount being $21,200,361, and an additional $13,610,470, as of such date for <br />tangible personal property, as is more specifically shown in Exhibit H. attached hereto. <br />The current abatement which is the subject of this AGREEMENT shall extend for a period <br />of ten (10) years beginning January 1, 2013. <br />8.2 The abatement granted herein shall be subject to and govemed by the Guidelines <br />and Criteria for Taac Abatements, a copy of which is attached hereto as Exhibit I, and Owner <br />shall comply with the requirements of Exhibit I in the performance of this AGREEMENT, save <br />and except that, in the event of a conflict betwe� the requiremen�s of Fxhibit I and this <br />AGREE1VIh'NT, this AGREEMENI' shall controI. <br />83 Owner covenants and agrees that subsequent to the date of this AGREENiENT, <br />any application by Owner for a new t� abatement for equipment or real property located within <br />the properties described herein and the Reinvestment Zone applicable to this AGREEMENT shall <br />be subject to and governed by the City's Criteria and Guidelines for Tax Abatement in effect at the <br />time of the new application. <br />II�. <br />No Conflict of Interest <br />9.1 The Owner represents and warrants that the properties described herein do not <br />include any property that is owned or leased by a member of the Planning and Zoning <br />Commission of the City of Paris, nor by a member of the City Council approving, oz having <br />responsibility for the approval of, this AGREEMENI'. <br />� <br />