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Lit l~ STATE OF NORTH CAROLINA ) COUNTY OF LEE ) AGREEMENT FOR THE GRANT OF COUNTY OF LEE FUNDS THIS GRANT AGREEMENT, made and entered into as of the.-') O - day of lam, 2005, 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"); WITNESSETH: WHEREAS, LCEDC has requested funds for incentives for an economic development project by Challenge Printing Company, a "S" Corporation located in the City of Sanford, Lee County, North Carolina, for a project to consist of the development of a manufacturing facility by the Company on property owned by it in SouthPark Business Center in the City of Sanford, Lee County, North Carolina, which will consist of a building containing not less than 30,000 square feet and the land, building, and equipment will have a cumulative initial ad valorem taxable value (prior to depreciation) of at least $2,500,000.00 and will provide new employment for at least 5 people; and WHEREAS, it is understood and agreed that this grant is conditional upon the City of Sanford approving a grant of similar import to this one based upon its economic development policy to the LCEDC for the benefit of the Company within thirty (30) days from the date of this instrument and if this condition is not satisfied or met, then this Grant Agreement is null and void; and WHEREAS, the County proposes to appropriate funds to pay said incentives as follows: FISCAL YEAR AMOUNT PAYMENT DATE 2007-2008 $7,072.00 December 31, 2007 2008-2009 $7,072.00 December 31, 2008 2009-2010 $7,072.00 December 31, 2009 2010-2011 $7,072.00 December 31, 2010 201 1-2012 $7,071.00 December 31, 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 r20 P-GF 480 0