04-14-1997 EDA - Laserfiche WebLink

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4111 instrument of whatever nature to which the Developer is now a party or by which it or its propertyis bound constitute a default under any of the foegoing. or will (f) The Developer represents that it would not be able to undertake, complete and provide for the operation of the Improvements in the reasonably foreseeable future without the assistance to be provided by the Authority under this Agreement. (g) The Developer represents that it owns the Development Property or has executed binding agreements to purchase the Development Property from the owners thereof. (h) The Developer covenants that it will lease the Improvements to National Service Industries, Inc. , a Georgia corporation, d/b/a Zep Manufacturing Company ("Zep") , and that throughout the Term Zep shall occupy and use said premises in its operations of manufacturing, packaging and selling its cleaning, sanitation and other products. (i) The Developer represents that it is aware of the provisions of Minnesota Statutes, Section 116J.991, entitled "Public Assistance to Business; Wage and Job Requirements, " requiring that within 2 years of receiving the assistance 4110 ' provided pursuant to this Agreement, which for this purpose shall be deemed to be the 2 year period beginning on the date of execution and delivery of the EDA Note, the Developer shall comply with certain jobs and other obligations stated in the above-mentioned statute. The Developer hereby covenants to comply with said obligations, and the Parties agree that said goal level shall be the creation of two full-time jobs within the applicable 2 year period. The Developer acknowledges and agrees that, as required by this statutory provision, failure to meet said goals will result in an Event of Default hereunder and in an obligation of the Developer to repay all of the assistance provided pursuant to this Agreement and the EDA Note. The Developer further agrees that said jobs shall have an average hourly wage of at least $7.00 per hour. This subparagraph shall not be construed as imposing on the Developer any obligation beyond the scope and purpose of the above-mentioned statute to maintain or provide minimum employment and wage levels. The Developer further agrees to provide to the Authority in a timely manner, or to the State of Minnesota, as may be applicable, with such information and detail about the Improvements as may be necessary, including information relating to the employment and wage levels described in this subparagraph and the compliance with any reporting requirements imposed by law with respect thereto on Ali either the Authority or the Developer. 346932.2 2-3