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rj <br />BOOK 24 rA.Gi 509 <br />b. The Company agrees to undertake and operate in a timely manner the <br />following new project (hereinafter "Project ") in connection with its <br />manufacturing operations in Lee County: Expansion of the Company's <br />manufacturing operations located at its Sanford, Lee County, North <br />Carolina facility and placing new manufacturing equipment in the facility. <br />C. The Company agrees to make good faith efforts to create and maintain as <br />part of the Project THIRTY -EIGHT (38) new permanent full -time jobs <br />(hereinafter "New Jobs "). The New Jobs are to be created by October 31, <br />2013. Each New Job shall be maintained for not less than three years <br />from the date it is created. Should it become necessary for a New Job <br />created after the effective date of this Agreement to be counted by the <br />Company as an Existing Job for purposes of maintaining the base level of <br />Existing Jobs required by this Agreement, that job may not be counted as a <br />New Job. <br />d. The Company agrees to make good faith efforts to make .a privately <br />funded capital investment (hereinafter "Capital Investment ") in <br />machinery, equipment and capital improvements as part of the Project, <br />which will amount to at least TWENTY THOUSAND DOLLARS <br />($20,000) during the period November 1, 2011 through October 31, 2013. <br />e. The Company's compliance with all Performance Criteria set out in this <br />Agreement shall be attested to under oath by an officer of the Company. <br />4. CLOSEOUT <br />The LCEDC will close out the Grant on the first of the following to occur <br />(hereinafter "Closeout "): <br />a. The date as of which the LCEDC has received and accepted proof <br />reasonably satisfactory to it that the Project has been completed and all the <br />Performance Criteria has been satisfied . <br />b. October 31, 2016. <br />5. OBLIGATION TO REPAY GRANT FUNDS DURING THE AGREEMENT <br />PERIOD <br />If the Project as described in this Agreement and the attached exhibits does not <br />meet the Performance Criteria set out herein and the standards for the incentive <br />paid as set out in Exhibit "1" which is hereto attached, all or part of the Grant <br />Award must be repaid as follows: <br />a. If any of the New Jobs are eliminated or cease to exist within three years <br />of their creation and after payment by the LCEDC for those jobs at $1,000 <br />4of18 <br />