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0 <br />mi lion in. :equipment and improvements to the Premises, $3 million <br />in inventory„that wil be located at the. Premises- and $3.5 <br />million in accounts receivable; <br />4. local ~1~y sales tax. revenues of approximately $220,000' <br />are projected `for the firs year following occupancy by Tenant in <br />the: Premises. Sales tax revenues are projected to increase to <br />$340,000 by the conclusion of the. second year of occupancy and <br />$400,040 ,at the conclusion of the third year of occupancy;- and. <br />WHEREAS, Landlord., by resolution on November 1.9, 1996, made: <br />the. determinations that: (i} the value of the lease paymentsto <br />be made' to Landlord together with, the-value of the real: property;. <br />equipment and sales taxes to be paid to Landlord as the result of <br />the proposed long term lease, will be,equa to or greater than <br />the fair market value of the leasehold interest conveyed, as <br />determined by a market survey of similar facilities in the-area, <br />and {ii) Landlord determined that-the leasing of this propertyy to <br />Tenant wi:11 stimulate the local economy, promote business, and. <br />result:in the creation of a substantial number of jabs in Orange <br />County at or. above the."median average" wage in Orange County.. A. <br />copy of the November 19, 1996 resolution i attached hereto as <br />Exhibit C and made a-part hereof; and <br />WHEREAS, the: total lease payments to be paid to Landlord as <br />the result of the proposed long term lease between it and Tenant <br />together `with the.cavenants of Tenant contained herein are <br />adequate consideration to L-anrllord for the proposed long term <br />lease of the Premises , <br />WI TIDES S ETH: <br />In consideration of tre rents to be paid to Landlord by <br />Tenant., as hereinafter provided; and of ahe other covenants and <br />agreements upon the part of Landlord and. Tenant to be kept and <br />performed, Landlord hereby demised and leases to Tenant, and <br />Tenant leases and takes from Landlord the. Premises as defined <br />her-en <br />1. The Premises means the real estate-and other rights <br />described in Exhilait A hereto and elsewhere in this Lease and any <br />lease suppxementing thss Lease, together with all 'additions <br />thereto anc~'substitutons therefore less such real estate, <br />interest in real estate and other rights as may be released <br />pursuant to Paragraph $ of thus Lease, or taken by the exercise <br />of the power of ,eminent domain as provided in Paragraph 7.b. of <br />this Tease . <br />2. Term of Lease• Right of First Refusal. <br />a. The Premise %s presently owned by the Industrial <br />Development Corporation in the County of Orannge, North Carolina; <br />a North Carolina non-profit corporation, whose principal place of. <br />business is loco ed in Orange County, North Carolina, and is <br />2 <br />