2013-024 APPROVING AND AUTHORIZING A TAX ABATEMENT AGREEMENT WITH POTTERS INDUSTRIES, LLC

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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 Section 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 taxes 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. VII. Real and Personal Property Tax Abatement 7.1 Subject to the terms and conditions of this AGREEMENT, and subject to the rights and holders of any outstanding bonds of the CITY, a portion of the ad valorem property taxes assessed upon the IMPROVEMENTS and otherwise owed to the CITY shall be abated during the Term of this AGREEMENT. Said abatement shall be an amount equal to the percentages of the taxes assessed upon the completed value of the IMPROVEMENTS, as they are completed from year to year during the term of this tax abatement, minus the value of the PROPERTY appraised as of January 1, 2013 (which is the value for the year in which this AGREEMENT is executed), but subject, however, to OWNER'S rights to protest such value and cause it to be adjusted as is provided for under the applicable laws of the State of Texas. This tax abatement shall be implemented and enforced in accordance with all applicable state and local laws and 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 is the appraised value of the land, existing buildings and existing tangible personal property located upon the PROPERTY as of January 1, 2013. 7.2 The abatement granted herein shall be subject to and governed by the GUIDELINES, a copy of which is attached hereto as Exhibit D. OWNER shall comply with the requirements of Exhibit D in the performance of this AGREEMENT, save and except that, in the event of a conflict between the requirements of Exhibit D 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 4