06-A Paris Warehouse 107 Opt. - Laserfiche WebLink

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"5.2. OWNER agrees that, during that portion of the term of the AGREEMENT occurring subsequent to January 1, 2000, and extending through December 31,2005, it will not reduce below twenty-two (22) the number of such new, permanent jobs so created." "VI. "Default "6.1. In the event that (a) the IMPROVEMENTS for which an abatement has been granted are not completed in accordance with this AGREEMENT or (b) 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 valorem taxes; or (c) OWNER breaches any of the terms and conditions of this AGREEMENT or any amendments or extensions thereto, then this AGREEMENT shall be in default. In the event the OWNER defaults in its performance of either (a), or (b) or (c) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default with thirty (30) days of said written notice, or, if such default cannot be cured by the payment of money and cannot, with due diligence, be cured within a 90-day period due to cause beyond the control of the OWNER, this AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with paragraph 14.3. As liquidated damages in the event of default, all taxes which otherwise would have been paid to the CITY without the benefit of abatement, including those taxes abated under this AGREEMENT for that taxable year beginning January 1, 1999, and continuing through the period of this contract extension, 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 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. "Tax Abatement "7.1 It is understood and agreed among the parties that the PROPERTY, also known as Tax Reinvestment Zone Number Five, shall be appraised at market Page 2 of 5