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<br />IV. <br /> <br />The City agrees to pay to the Firm as compensation for the services required hereunder <br />fifteen (15%) percent of the amount of all taxes, penalty and interest subject to the terms of this <br />contract as set forth in Paragraph I above, collected by the Firm and paid to the collector of taxes <br />during the term of this contract, as and when collected. All compensation above provided for <br />shall become the property of the Firm at the time payment of the taxes, penalty and interest is <br />made to the collector. The collector shall pay over said funds monthly by check. <br /> <br />V. <br /> <br />In those cases where collection of taxes is enforced by suit, the City, through the City's <br />Tax Assessor-Collector, agrees to furnish available information to the Firm on the name, <br />identity, and location of necessary parties, and legal descriptions of property on which the taxes <br />are due. The Firm shall, however, advance all charges and expenses on behalf of the City which <br />are incurred in procuring such information. Any recovery of such expenses by the City under <br />TEX. TAX CODE ANN. ~ 33.48 shall be paid over and reimbursed to the Firm as and when <br />collected. <br /> <br />VI. <br /> <br />This contract is made upon the express condition that the interlocal contract for tax <br />assessment and collection services between the City and Hays County is amended so as to <br />reserve unto the City the authority to employ private legal counsel of its choice for the collection <br />of delinquent taxes. <br /> <br />VII. <br /> <br />The term of this contract begins on the date it is executed by the City, and will cover a <br />two year period thereafter. Unless one party notifies the other of its intent not to renew this <br />contract at least 30 days prior to expiration of a current term, this contract will automatically <br />renew for two year periods thereafter. In the event of any termination or expiration of this <br />contract, the Firm shall be entitled to receive and retain all compensation due up to the date of <br />termination or expiration, and the Firm shall have six months following the termination or <br />expiration to reduce to judgment all suits filed before such date. In consideration of the terms <br />and compensation herein stated, the Firm hereby accepts this employment and agrees to <br />undertake the performance of services as stated in this contract. <br /> <br />2 <br />