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0 BOOK <br />STATE OF NORTH CAROLINA <br />COUNTY OE LEE <br />21 PAGE 670 0 <br />AGREEMENT REGARDING INCI-NIIVE <br />FUNDS FOR <br />FRONTIER SPINNING LLC <br />THIS AGREEMI:N"I. made and entered into this the _ day of <br />2007. by and between LEE COUNTY ECONOMIC <br />DEVI_;LOPMENT CORPORA HON, a North Carolina non-profit corporation (hereinafter <br />referred to as LCEDC), and FRON-111-R SPINNING LLC. US.A, a limited habilm <br />company with an office and place of business in Sanford, N.C. (hereinafter referred to as <br />Company): <br />WITNESSETH: <br />WHEREAS. I.CFDC has entered into an agreement with Lee Colmly (County) <br />and the City of Sanford (City) with regard to providing economic development funds in <br />support of the development of the Frontier Spinning LLC manufacturing facility as <br />described in the contracts which are attached as Exhibits "A" and 13"; and <br />In consideration of the foregoing, the benefits accruing to frontier Spinning LLC, <br />the representations and mutual promises contained herein, the parties have agreed as <br />follows: <br />1. Representations by Frontier Spinning L I-C_ Frontier Spinning LLC makes <br />the following representations as the basis for the undertakings on its part herein <br />contained: <br />a. The Company is a North Carolina limited liability company duly <br />organized and existing and in good standing under the laws of the <br />State of North Carolina. The Company has the power and <br />authority to enter into this Agreement, to perform its obligations <br />under and consummate the transaction contemplated by this <br />Agreement, and has by proper action duly authorized the execution <br />and delivery of this Agreement. <br />b. Neither the execution or delivery of this Agreement nor the <br />performance of the obligations under or consummation of the <br />transactions contemplated by this Agreement violates or will <br />violate any law or governmental order, conflicts or will conflict <br />with any provisions of the articles of organization or the operating <br />agreement of the company or any material tern or provision of any <br />agreement or instrument to which the limited liability company is a <br />party or by which it is bound, or constitutes or will constitute a <br />material breach of or a default under any such agreement or <br />instrument- <br />2 of 27 <br />