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E <br />are covenants and the failure of Tenant to comply and remain in <br />compliance with them constitutes an event of default under this <br />Lease: <br />(i) Tenant is a corporation duly incorporated <br />under the laws of and is in good standing in the State of <br />Michigan, is authorized to do business and is in good standing in <br />the State of North. Carolina, has power to enter into this Lease <br />and by proper corporate action has been duly authorized to <br />execute and deliver this Lease. <br />(ii) Neither the execution and delivery of this <br />Lease, the consumation of the transactions contemplated hereby, <br />nor the fulfillment or compliance of the terms and conditions of <br />this Lease, conflict with or result in a breach of any of the <br />terms, conditions or provisions of any corporate restriction or <br />any agreement or instrument to which Tenant is now a party or by <br />which it is bound, or constitute a default under any of the <br />foregoing, or result in the creation or imposition of,any lien, <br />charge or encumbrance of any nature whatsoever upon any of the <br />property or assets of Tenant under the terms of any instrument or <br />agreement. <br />Tenant intends to operate the Premises or to <br />cause the Premises to be operated to the expiration or sooner <br />termination of the Term as provided herein for the manufacture of <br />such products-as Tenant may deem appropriate. <br />(iv) Tenant will hire and employ on the Premises <br />approximately 60 to 70 employees during the first year of its <br />occupancy of the Premises. Tenant will use its best efforts to <br />achieve a level of business which enables Tenant to hire and <br />employ on the. Premises - approximately. . 9.0.. to....10.0...employ. e.es .within... <br />two to three years of its occupancy of the premises. <br />(v) Tenant projects paying an average wage for <br />all employees that it employs on the Premises to be $12.80 an <br />hour and $9.13 per hour excluding salaried, managerial/ supervisor <br />positions. <br />(vi) Tenant will invest $2.14 million in equipment <br />and improvements to the Premises, and will use its best efforts <br />to achieve a level of business which enables Tenant to invest in <br />and to maintain approximately $3 million in inventory on the <br />Premises and expects to have invested approximately $3.5 million <br />in accounts receivable as the result of its operations on the <br />Premises. <br />(vii) It is anticipated that local (1%) sales tax <br />revenue of approximately $220,000 will be paid by Tenant by the <br />conclusion of the first year of its occupancy of the Premises and <br />that these sales tax revenues paid are projected to increase to <br />$340,000 by the conclusion of the second year of its occupancy of <br />0 <br />