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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 consummation 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 /> (iii) 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 90 to 100 employees 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 hest 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 operaticns on the <br /> Premises . <br /> (vii) It is anticipated that local (1%) sales tax <br /> revenue of approximately $220, 000 will be paid by TE!nant 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 /> 6 <br />