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<br />2010, inclusive, unless Genl}1e provides \vritten notice that Genlyte is exercising either option A or <br />option B under Section 2.03 above, in which case the Abatement Period will be the tax years 2002 <br />through 2008, inclusive, under option A, or tax years 2003 through 2009, inclusive, under option B. <br />Section 3.02. The Tax Abatement will not include any inventory, materials, or other <br />personal property other than the Equipment, nor will it include any increase in the value of the land <br />(after construction of the Facility) upon which the Facility is situated. <br />PART4. RECORDS AND AUDITS <br /> <br />Section 4.01. On or before February 1 st of each year of the Abatement Period, Genlyte will <br />furnish records to the City supporting Genlyte's tax abatement for the current tax year. These records <br />will pertain to Genlyte's compliance with this Agreement for the previous calendar year. The City <br />will evaluate the information furnished, and will have the right to request and receive from Genlyte <br />additional information needed to help the City determine Genlyte's compliance with this Agreement. <br />Upon the City's verification of compliance "With this Agreement by Genlyte for the previous calendar <br />year, the City will issue a tax abatement certificate to Genlyte validating the Tax Abatement for the <br />current tax year. <br />Section 4.02. At all times until the City's rights to declare default against Genlyte have <br />expired, the City will have access to the Property and the Facility upon reasonable prior notice for <br />the purpose of inspecting them to ensure that the Facility and the Equipment are constructed, <br />installed, maintained and used in accordance with the terms of this Agreement. <br /> <br />PART 5. DEFAULT <br /> <br />Section 5.01. The City Manager may declare a default under this Agreement if Genlyte: <br />1. fails to complete construction of the Facility and installation ofthe Equipment by the <br />deadline in Section 2.02 above; <br />refuses, fails or neglects to comply with any of the terms of this Agreement, including <br />the provision for the retention, creation and maintenance of job equivalents in <br />Section 2.03 above; <br />made any representation in this Agreement or in the application to the City for tax <br />abatement that is false or misleading in any material respect; or <br />allows ad valorem taxes on the Property, the Facility or the Equipment owed to the <br /> <br />2. <br /> <br />"I <br />-'. <br /> <br />4. <br /> <br />3 <br />