1999-037-INCENTIVE AGREEMENT, PARIS WAREHOUSE 107, WE-PACK LOGISTICS

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B. Initial and Annual Reporting 1. The PARTNERSHIP further agrees that it will, within ninety (90) days of the date of this agreement, provide CITY with a sworn report which contains the names of current employee in the retained jobs, dates of hire, and places of residence of the hiree. 2. The PARTNERSHIP further agrees that it will provide CITY with an annual, sworn report which contains the following information: (a) the name of current employee in the retained job, date of hire, and place of residence of the hiree, and (b) statement as to whether or not the one hundred (l00) retained jobs are still in existence and filled. Additionally, PARTNERSHIP shall certify, in writing, that it is in compliance with each applicable term of this Section. IV. Default In the event that (a) the IMPROVEMENTS described in Section I hereof are not completed in accordance with this AGREEMENT; or (b) ad valorem taxes owed the CITY become delinquent and failure to timely and properly follow the legal procedures for protest or contest of any such ad valorem taxes occurs; or (c) PARTNERSHIP breaches any of the terms and conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the PARTNERSHIP defaults in its performance of either (a), or (b) or (c) above, then the CITY shall give the PARTNERSHIP written notice of such default and if the PARTNERSHIP has not cured such default with thirty (30) days of said written notice, or, if such default cannot be cured by the payment of money and cannot, with due diligence, be cured within a ninety (90) day period due to cause beyond the control of the PARTNERSHIP, this AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with paragraph VII.C. As liquidated damages in the event of default, PARTNERSHIP agrees to pay to CITY the sum of $50,000.00 for the purchase of 13th Street S.W., and such amount will become a debt to the CITY and shall be due, owing, and paid to the CITY within sixty (60) days of the expiration of the above- mentioned applicable cure period as the sole remedy of the CITY subject to any and all lawful offsets, settlements, deductions, or credits to which PARTNERSHIP may be entitled. V. No Conflict of Interest The CITY represents and warrants that the PROPERTY does not include any property that is owned by a member of the City Council approving, or having responsibility for the approval of, this AGREEMENT. VI. Conditions The terms and conditions of the AGREEMENT are binding upon the successors and assigns of all parties hereto.