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!O <br />are. covenants and the failure of Tenant to compl an:d remain in <br />c;bmpli'anee with them constitutes an event of default under this <br />Lease: <br />() Tenarit is a corporation duly i,ncorpora.ted <br />under the laws of aril is in ;good. standing i:n Che state of: <br />Michigan, is authorized tci do business and is in good standing in <br />the State of North Carolina, Yias powear'to enter into this Lease. <br />'and by proper cc~rpor--ate 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:transactzoris contemplated hereby; <br />nor the. f.tilfillinent or compliance of the tennis and conditions of <br />this Lease, conflict wzth or result .n a breach of ariy of the <br />terms, ccind.it;cans or provisions of any corporate restriction or <br />any agreement or instrument to which Tenant is now a parCy 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 vrhatsoever upon any of the <br />property or assets o;f 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) Tennant will hire and employ on the- Premises <br />approximately 60 to 70 einplayees during the first year of its <br />occu:p.ancy of the Premises. Tenant will use its best efforts to <br />achieve a level of~busness which enables Tenant to hire and. <br />employ an 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 artd $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 achievea 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 aresult of its operations on the <br />Premises. <br />(vi_) It is antcipa'Ged that local (l~j sales tax <br />revenue. of approximately $220,000 will be paid by Tenant by the <br />conclusion of the first yeax of its occupancy of the Premises and <br />that the e sales tax revenues paid are projected to increase to <br />$340,Op0 by Che ctiriclusion of the second Year of its occupancy of <br />G <br />