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Revised 1/23 <br /> <br />ORANGE COUNTY ECONOMIC DEVELOPMENT <br />BUSINESS INVESTMENT GRANT AGREEMENT <br /> <br />THIS AGREEMENT, entered into this 25th day of July, 2023, by and between Orange County <br />(“County”), by and through Orange County Economic Development (“Economic Development”) and <br />Carolina Elite Studio, LLC “Grant Recipient”). <br /> <br /> WHEREAS, Economic Development is a County department that aids existing business <br />investment and early-stage venture growth, assists local agriculture and local food systems, and supports <br />entrepreneurial development; and, <br /> <br /> WHEREAS, Grant Recipient has a project to expand their existing Orange County business; and, <br /> <br /> WHEREAS, the Grant Recipient was selected to receive the Orange County Business Investment <br />Grant through the procedures duly adopted by Economic Development; and, <br /> <br /> NOW THEREFORE, the County and the Grant Recipient, for the consideration and under the <br />conditions hereinafter set forth, agree as follows: <br /> <br />1. Approved Grant. Grant funds are provided for the project (“Project”) described in the Grant <br />Recipient’s Grant Application (“Application”), dated June 29, 2023 and incorporated by <br />reference, subject to this Agreement, the Business Investment Grant Program Guidelines <br />(“Guidelines”), attached as Exhibit A and any additional terms imposed on the Grant Recipient <br />(“Additional Terms”) attached as Exhibit B, in that order of priority. <br /> <br />2. Grant Award. Grant funds in an amount of eight thousand six hundred ten dollars ($8,610.00) <br />have been awarded by the Grant Subcommittee described in Exhibit A (“Subcommittee”) and <br />shall be released to the Grant Recipient for the approved Project. The grant cannot be assigned or <br />transferred without prior written approval. <br /> <br />3. Responsibilities of the Grant Recipient <br />A. Implementation. The Project shall be implemented in the manner described in Exhibit A. <br />Time is of the essence in the implementation of the Project. <br /> <br />B. Use of Funds. Grant recipient shall not use the grant funds for any of the prohibited purposes <br />described in the Guidelines. The grant shall be utilized solely for its intended use, as detailed <br />in the Application, and subject to the Additional Terms. <br /> <br />4. Indemnity. The Grant Recipient agrees to indemnify and hold harmless the County and <br />Economic Development and their officers and employees from any and all claims of actual <br />injury, damage or loss to a person, or real or personal property that results from or is in a ny way <br />connected to the use of the grant funds. <br /> <br />DocuSign Envelope ID: D35AC313-471F-495D-9A35-4A210F5AF74E