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io <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 />Leas a-- , <br />O Tenant :is a corporation. duly incorporated <br />under the laws of and is in good,sta„riding n.Che State of <br />Michigan, is authorised 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 p'roper- 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, conflc with or result in a breach of any of the. <br />terms, conditions or provi5zons of any corporate restriction or <br />any agreement or instrument to which Tenant is .now a party or by <br />which i,t 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 what"soever upon. any of the <br />property ar assets of Tenant under the teams of any instrument or <br />agreement. . <br />{iii) Tenant intends to gperate the Premises or to <br />cause the Premises to be operated to the expiration or saorier <br />terrninaton of the Term as provided. Herein. far the manufacture of. <br />such product -as Tenant may deem appropriate. <br />{v)'Tenant will hire and employ qn the Premises <br />approximate y 60 'to 70 employees during the first year of its <br />OCCUpancy .Of the Premises. Tenant cviYl use its best efforts to <br />:achieve a level af~ busi.nes which enables Tenant to `hire and <br />employ on the Premises approximately 90 to 1.00 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 Co be $12.$0 an <br />Yiour and $'9.13` per hour excluding salaried, managerial/supervisor <br />posticins . <br />(vi}' Tenant: will invest $2.14 million in: equipment. <br />and improvements to the Premises;, and will use its best efforts <br />to acheve,a level of business which enables Tenant to invest: in <br />:and to mainta=n 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 opera ions on the <br />Premises. <br />~~ (vii) Ia is anticipated that local {1~) sales tax <br />revenue o'f approximately $220,000 will be paid by 'Tenant by the <br />conclusion of the firs t; year o€ its occupancy of the Premises and <br />that these sales tax revenues paid are projected to increase to <br />$340,000 by he conclusion a~ the second-yeas of its occupancy of <br />6. <br />