17-J. SKINNER BAKING CO (SKINNER) TAX ABATEMENT REQUEST

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V. Consideration (Jobs) 5.1 OWNER agrees that it will employ full-time employees to operate the new lines of production described above to be conducted at the PROPERTY, provided, however, that the number of employees projected below may vary one way or another by a few employees as this PROJECT proceeds to be implemented. OWNER will employ 100 employees to work at the PROPERTY during the year, 2013; and will have 200 total employees working at the PROPERTY by the end of the year, 2014. The number of employees should then increase to 393 employees by the end of the year, 2017. 5.2 OWNER agrees to retain sufficient employment levels to efficiently operate and support its plant operations during the term of this Tax Abatement Agreement. VI. Default 6.1 If (a) the IMPROVEMENTS for which an abatement has been granted are not completed in accordance with this AGREEMENT or the expenditure for the IMPROVEMENTS does not meet the amount required herein; or (b) OWNER fails to employ the number of full-time employees at the PROPERTY by the end of the year, 2017, as stated above, (c) OWNER allows its ad valorem taxes owed the CITY to become delinquent and fails to timely and properly follow the legal procedures for protest or contest of any such ad valarem taxes; or (d) OWNER materially breaches any of the other terms, provisions or conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the OWNER defaults in its performance of either (a), (b), (c) or (d) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default within sixty (60) days of said written notice, this AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with paragraph 13.3. As liquidated damages in the event of default, and in accordance with the requirements of Section 312.205 (a)(4) of the Property Tax Code of the State of Texas, all ta�ces which otherwise would have been paid to the CITY without the benefit of abatement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of the State of Texas, shall be recaptured and will become a debt to the CITY and shall be due, owing, and paid to the CITY within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole remedy of the CITY, subject to any and all lawful offsets, settlements, deductions, or credits to which OWNER may be entitled. The parties acknowledge that actual damages in the event of default and termination would be speculative and difficult to determine. � _ ! I