14-H Sesaco Assn Sesame Sol - Laserfiche WebLink

Home Browse Search

I. Term 1.1 The term of this AGREEMENT shall begin on the 12th day of March, 2001, with, as hereinafter provided, tax abatement granted herein beginning with the tax year beginning January 1, 2002, and expiring on December 31, 2007. H. Area to be Improved 2.1 The property to be the subject of this agreement shall be that propeRy described by metes and bounds as the First Tract in Exhibit A, attached hereto, which is made a part hereof and shall be hereinafter referred to as PROPERTY. III. Improvements 3.1 The OWNER shall make improvements to the PROPERTY as follows: Demolish and rebuild the existing 9,180 square foot facility which is a part of the main building located in Paris, Texas, and install new equipment consisting of a seed receiver system, a dry cleaning system, and a wet processing system, all of which said equipment are listed on Exhibit B, attached hereto. Such improvements will be made upon the PROPERTY herein described and will consist of machinery, equipment, and utilities installed to process sesame seeds in the existing main building, all of which will be particularly described in CITY'S Certificate of Completion prepared after the completion and installation of the improvements and machinery herein described which shall be furnished to and filed with the Chief Appraiser of the Lamar County Appraisal District. Said Certificate shall be duly executed by the Mayor of the City of Paris and attached hereto as Exhibit C. The improvements described in this paragraph shall be hereinafter referred to as IMPROVEMENTS. The IMPROVEMENTS will be at a cost equal to or in excess of $820,400.00, and shall be substantially completed on or about July 10, 2001; provided, that OWNER shail have such additional time to complete the IMPROVEMENTS as may be required in the event of "force majeure" if OWNER is diligently and faithfully pursuing completion of the IMPROVEMENTS. For this purpose, "force majeure" shall mean any contingency or cause beyond the reasonable control of OWNER including, without limitation, acts of God, or the public enemy, any natural disaster, war, riot, civii commotion, insurrection, governmental or de facto governmental action, unless caused by acts or omissions of OWNER, fires, explosions, accidents, floods, and labor disputes or strikes. The date of completion of the IMPROVEMENTS shall be defined as the date a Certificate of Occupancy is issued by the City of Paris. TAX ABATEMENT AGREEhIENT - Page 2