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8001( 21 PAGE 659 STATE OF NORTH CAROLINA ) AGREEMENT FOR THE GRANT OF COUNTY OF LEE FUNDS COUNTY OF LEE ) THIS GRANT AGREEMENT, made and entered into as of the day of 2007, by and between the County of Lee, one of the counties of the State of North Carolina and a body both politic and corporate (hereinafter referred to as the "COUNTY"), and Lee County Economic Development Corporation, a North Carolina non-profit corporation (hereinafter referred to as the "LCEDC"); Wrl NESSETH: WHEREAS, LCEDC has requested funds for incentives for an economic development project by Caterpillar, a corporation located in Lee County, North Carolina, for a project to consist of the retrofitting of a building and purchase of new equipment by the Company on property owned by it in Lee County Industrial Park in Lee County, North Carolina, which will consist of a building containing not less than 50,000 square feet and the land, building, and equipment will have a cumulative initial ad valorem taxable value (prior to depreciation) of at least $1,630,000.00 and will result in the retention and creation of 6 jobs; and WHEREa\S, the County proposes to appropriate funds to pay said incentives as follows: FISCAL YEAR AMOUNT PAYMENT DATE 2008-2009 $9,021.44 January 15, 2009 2009-2010 $9,021.44 January 15, 2010 2010-2011 $9,021.44 January 15, 2011 NOW, THEREFORE, in consideration of the above, the parties do hereby agree as follows: (1) The LCEDC covenants and agrees to expend the funds which are the subject of this Agreement and perform services in consideration of the receipt of funds in accordance with the purposes and/or under the restrictions and conditions as attached to this Agreement and incorporated herein by reference. The LCEDC further agrees to expend the COUNTY funds in accordance with the Budget for said funds attached hereto which is incorporated herein by reference. Funds made available to the LCEDC pursuant to this Agreement shall be expended only in accordance with the applicable federal, state, and local laws. No change or alteration in the amount of the total Budget attached may be made without the express approval of the Board of Commissioners if the COUNTY amount changes. The Budget detail or total Budget may be amended with the approval of the County Manager, within the COUNTY funds made available by this Agreement. 7of16