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<br />FOREIGN TRADE ZONE AGREEMENT FOR THE PAYMENT OF AD <br />VALOREM TAXES BETWEEN THE CITY OF LA PORTE, TEXAS AND <br />UNDER BEAR, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY <br /> <br />THIS AGREEMENT (this "Agreement") is entered into by and between Under Bear, <br />L.L.c., a Delaware Limited Liability Company ("Company"), and La Porte, Texas <br />("City"). <br /> <br />A. Recitals <br /> <br />1. The Port of Houston Authority is grantee of Foreign Trade Zone No. 84; <br /> <br />. 2. The Company is the owner and operator of approximately 443,127 square feet of <br />warehouse and distribution facility within the Underwood Business Park, located <br />on Porter Road (the east side of Underwood Road with frontage along the <br />Highway 225 access road) in La Porte, Texas 77571, on a tract of land more <br />particularly described in Exhibit A hereto, <br /> <br />3. Company desires to participate in the foreign trade zones program, and that an <br />application be filed to the Foreign Trade Zone's Board to create an Expansion of <br />the Houston Foreign Trade Zone No. 84 to include the property encompassing the <br />Facility into the Zone; <br /> <br />4. A letter of non-objection from the City will aid in the efforts to obtain this <br />modification from the Foreign Trade Zone Board; <br /> <br />5. 19 U.S.c. ~ 810(e) provides a federal exemption from state and local ad valorem <br />taxes on tangible personal property imported from outside the United States, and <br />held in a foreign trade zone for the purpose of storage, sale, exhibition, <br />repackaging, assembly, distribution, sorting, grading, cleaning, mixing, display, <br />manufacturing or processing and tangible personal property produced in the <br />United States and held in a foreign trade zone for exportation, either in its original <br />form or as altered by any ofthe above processes; <br /> <br />6. Inventory qualifying under 19 U.S.c. ~ 810(e) and held at the Facility in foreign <br />trade zone space that is activated by U.S. Customs pursuant to 19 C.F.R. ~146 is <br />exempt from state and local ad valorem taxes; and <br /> <br />7. Company and the City desire that the foreign trade zone designation cause no <br />financial harm or net loss of revenue to the City Taxing Jurisdictions; <br /> <br />NOW, THEREFORE, in consideration of the mutual promIses expressed In this <br />Agreement, the parties agree as follows. <br />