10-APPROVE ABATEMENT REQUEST OF T&K MACHINE

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abatement shall be an amount equal to one hundred percent (100%) of the taxes assessed upon the completed value of the IMPROVEMENTS on January 1, 2013, with this tax abatement continuing at such rate of one hundred percent (100%) for the years 2013 through and including 2015, and then declining by 20% in each year thereafter, commencing in year, 2016, to 0% in year 2020, with this tax abatement terminating on December 31, 2019 (i.e. at the end of year seven (7). Exhibit E attached hereto demonstrates the schedule of this tax abatement. This tax abatement shall be in accordance with all applicable state and local regulations or valid waiver thereof; provided that the OWNER shall have the right to protest or contest any assessment of the PROPERTY, and said abatement shall be applied to the amount of taxes finally determined to be due as a result of any such protest or contest. For the purposes of this AGREEMENT, the initial value of the existing property of the OWNER that is not subject to tax abatement AND WHICH DOES NOT INCLUDE THE IMPROVEMENTS (as defined herein) shall be deemed to be the values as shown on the tax rolls of the Lamar County Appraisal District as of January 1, 2012, which values are stipulated to be $291,860.00 for Land and Buildings, and $3,125,790.00 for tangible Personal Property. 7.2 The abatement granted herein shall be subject to and governed by the POLICY STATEMENT CRITERIA AND GUIDELINES for TAX ABATEMENT, a copy of which is attached hereto as Exhibit F. OWNER shall comply with the requirements of Exhibit F in the performance of this AGREEMENT, save and except that, in the event of a conflict between the requirements of Exhibit F and this AGREEMENT, this AGREEMENT shall control. VIII. No Conflict of Interest 8.1 The OWNER represents and warrants that neither the PROPERTY nor the IMPROVEMENTS include any real or personal property that is owned or leased by a member of the Planning and Zoning Commission of the City of Paris, nor by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT. IX. Conditions 9.1 The terms and conditions of the AGREEMENT are binding upon the successors and assigns of all parties hereto. 9.2 It is understood and agreed between the parties that the OWNER, in performing its obligations hereunder, is acting independently, and the CITY assumes no responsibility or liability in connection therewith to third parties; and OWNER agrees to indemnify and hold harmless the CITY therefrom. It is further understood and agreed among the parties that the CITY, in performing its obligations hereunder, is acting independently, and the OWNER assumes no responsibility or liability in connection therewith to third parties and, to the extent permissible by law, the CITY agrees to indemnify and hold harmless the OWNER therefrom. 0 -� 44