Northpoint Tax Abatement Agmt Aloft-CN 2020-07-14STATE OF TEXAS §
§ FIRST AMENDMENTTAX ABATEMENT AGREEMENT
COUNTY OF DALLAS §
This First Amendment toTax Abatement Agreement (the "First Amendment") is entered into
by and between the City of Coppell, Texas (the "City"), and Northpoint Hotel Group, LLC, a Texas
limited liability company ("Owner") (each a "Party" and collectively the "Parties"), acting by and
through their authorized representatives.
WITNESSETH:
WHEREAS, the Parties previously entered that certain Tax Abatement Agreement dated
November 25, 2018 (the "Tax Abatement Agreement"); and
WHEREAS, the Parties desire to amend Section 4.2 by amending the date for Completion of
Construction of the Improvements (as defined in the Tax Abatement Agreement") as set forth herein;
NOW, THEREFORE, in consideration of the mutual benefits and promises contained
herein and for other good and valuable consideration, the adequacy and receipt of which is hereby
acknowledged, including the expansion of primary employment, the attraction of major investment in
the Zone, which contributes to the economic development of Coppell and the enhancement of the tax
base in the City, the Parties agree as follows:
That Article IV Section 4.2 of the Tax Abatement Agreement is amended to read as follows:
"4.2 As a condition precedent to the initiation of the Owner's tax abatement pursuant to
this Agreement, Owner agrees, subject to events of Force Majeure, to cause Commencement
of Construction of the Improvements to occur on or before December 31, 2018, and subject to
events of Force Majeure to cause Completion of Construction of the Improvements to occur
on or before June 30, 2021, as good and valuable consideration for this Agreement, and that
all construction of the Improvements will be in accordance with all applicable state and local
laws, codes, and regulations (or valid waiver thereof)."
2. The Tax Abatement Agreement shall continue in full force and effect, except as amended as
heretofore amended and as amended herein.
3. This First Amendment shall be effective on the last date of execution hereof by the Parties.
4. This First Amendment may be executed in counterparts. Each of the counterparts shall be
deemed an original instrument, but all the counterparts shall constitute one and the same instrument.
5. That each Party represents that it has full capacity and authority to grant all rights and assume
all obligations that are granted and assumed under this Agreement.
6. That the recitals to this First Amendment are true and correct and are incorporated herein.
PAGE I FIRST AMENDMENT TO TAX ABATEMENT AGREEMENT - ALOFT HOTEL
CITY OF COPPELL AND NORTHPOINT HOTEL GROUP, LLC TM 115819)
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CITY OF COPPELL AND NORTHPOINT HOTEL GROUP, LLC TM 115819)