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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 /> ( 1 ) 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 /> 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. . . 9 .0 . . .to. . . . 10. .0 . . emp. loye. es . . . wi. thin. . <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 . 11 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 /> 6 <br />