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Boor; i-wc_'47 <br />STATE OF NORTH CAROLINA) AGREEMENT REGARDING INCENTIVE <br />FUNDS FOR <br />COUNTY OF LEE ) PARKDALE AMERICA, LLC <br />THIS AGREEMENT, made and entered into this the day of <br />2010, by and between LEE COUNTY ECONOMIC <br />DEVELOPMENT CORPORATION, a North Carolina non-profit corporation <br />(hereinafter referred to as LCEDC), and PARKDALE AMERICA, LLC, a limited <br />liability company with an office and place of business in Sanford, N.C. <br />(hereinafter referred to as Company); <br />WITNESSETH: <br />WHEREAS, LCEDC has entered into an agreement with Lee County <br />(County) and the City of Sanford (City) with regard to providing economic <br />development funds in support of the development of the Parkdale America, LLC <br />manufacturing facility as described in the contracts which are attached as <br />Exhibits "A" and "B"; and <br />In consideration of the foregoing, the benefits accruing to Parkdale <br />America, LLC, the representations and mutual promises contained herein, the <br />parties have agreed as follows: <br />1. Representations by Parkdale America, LLC. Parkdale America, <br />LLC makes the following representations as the basis for the undertakings on its <br />part herein contained: <br />a. The Company is a North Carolina limited liability company <br />duly organized and existing and in good standing under the <br />laws of the State of North Carolina. The Company has the <br />power and authority to enter into this Agreement, to perform <br />its obligations under and consummate the transaction <br />contemplated by this Agreement, and has by proper action <br />duly authorized the execution and delivery of this <br />Agreement. <br />b. Neither the execution or delivery of this Agreement nor the <br />performance of the obligations under or consummation of <br />the transactions contemplated by this Agreement violates or <br />will violate any law or governmental order, conflicts or will <br />conflict with any provisions of the articles of organization or <br />the operating agreement of the company or any material <br />term or provision of any agreement or instrument to which <br />the limited liability company is a party or by which it is <br />bound, or constitutes or will constitute a material breach of <br />or a default under any such agreement or instrument. <br />2 of 26 <br />