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LJ <br />amp 24 'J "; 619 <br />2012 -042- 60501 -107 <br />AGREEMENT <br />11 <br />THIS AGREEMENT, entered into this the 16 day of December. 2011 by and between <br />the Lee County (hereinafter referred to as "GRANTEE") and the Rural Economic Development <br />Center, Inc. (hereinafter referred to as "CENTER "), a North Carolina non -profit corporation. <br />WITNESSETH: <br />THAT, WHEREAS, the CENTER was organized for the purpose of stimulating <br />economic development and job creation in distressed areas through the reuse of vacant buildings; <br />and <br />WHEREAS, in its efforts to stimulate and encourage economic development and job <br />creation, the CENTER contracts with local governments to conduct construction and <br />development activities to solidify the location of a business or industry in vacant and/or <br />abandoned buildings in its jurisdiction; <br />NOW, THEREFORE, in consideration of the mutual promises and such other valuable <br />consideration as shall be set out herein, the parties hereto do mutually agree to the following <br />terms and conditions: <br />Scope of Program/Other Agreements <br />(a) The GRANTEE shall cause the Property Owner to execute a <br />Loan/Performance Agreement, to develop, perform and complete the work set out in Exhibit A, <br />B, C, and D (hereinafter referred to as the 'Project ") and said Project being that work described in <br />a proposal entitled "WST Industries Expansion Building Renovation Project" as approved by <br />the CENTER. <br />(b) The parties acknowledge that the funds provided hereunder have been <br />provided in order to facilitate the creation of jobs in the community, and are subject to return to <br />the CENTER if such jobs are not created and maintained. Therefore, GRANTEE agrees to enter <br />into a Loan/Performance Agreement (the "Performance Agreement ") substantially in the form <br />attached hereto as Exhibit E with the owner of any real estate on which the Project is located. <br />GRANTEE agrees to provide a copy of the same to the CENTER prior to execution for the <br />CENTER'S review and approval, and an executed copy after signing. In the event any sums are <br />repaid under the Performance Agreement, all such amounts will be paid to the CENTER. The <br />GRANTEE will insure that the Loan Performance Agreement and Promissory Note are properly <br />executed by the Owner and GRANTEE and that the execution constitutes an enforceable <br />agreement against the Owner. Default under this provision will obligate the GRANTEE to repay <br />any sums due back to the Center that may not be recovered from the Owner. <br />(c) GRANTEE agrees to provide CENTER with any information obtained <br />pursuant to the Performance Agreement, and to allow the CENTER to execute any rights of the <br />GRANTEE thereunder, including any rights of access, review or monitoring. <br />(d) GRANTEE agrees to exercise all of its rights and duties under the <br />Performance Agreement in a prudent manner to ensure the use of the funds for the intended <br />purposes and objectives and to preserve the rights of the CENTER hereunder and thereunder. <br />2. Changes in the Project <br />