2017-039 - Agreements to Amend and Terminate an Economic Incentive Agreement between Campbell Soup and PEDC

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signing the documems. C. Campbell Soup has receivedat this time all necessary rights, licenses,, leases, permits and other evidences of authority to conduct and carry oil its business in the: State of 'Texas in accordance %ith the representations it has made to Paris ED,C herein. D. Campbell Soup is aware of the statutory limitations upon Paris E,DC in entering into this Incentive Agreement with it, and is also aware of the use required by law to be made by Campbell Soup of ffie funds paid hereunder by Paris EDC pursuant to the provisions of the Texas Economic Development Corporation Act, Chapters 501 and 504 of the TEX, LOCGOWT CODE, Campbell Soup further acknowledges and agrees that the funds provided to thern hereunder as an economic incentive for creating new jobs and investing its capital in the City of Paris, Lamar County, Texas shall be 'utzed solely for the purposes authorized under the Texas Slatute just cited and the terms of this Agreement. Jf an BUdil Should ever detemine that the hinds were, not utiUnd by, Campbell Soup for these purposes. such determination shall consthute a default under this Agreamen4 thereby entitling Paris EDC to exercise all of its remedies under thisAgreement and provided to Paris EDC by, law. In this regard, Campbell Soup shall provideto Paris EDC within thirty ('30) days after request from Paris EDC, their annual financial stS tements that Paris EDC shall require to confm the uses of fiMs by Campbell Soup and to verify the terrrz and provisions, of this Agreement. E, Campbell Soup represents that it is not involved in any bankruptcy proceedings at Ws time�, and that it has not filed a petition in bankruptcy, nor am any such proceedings contemplated by thern at this time. If Campbell Soup shall become the subject of voluntary or involuntary bankruptcy proceedings during the: tenn oftWs agreement, the sarne shall constitute an event of default under this Agreement and under any tax abatement agreeme= then in force and effect. In such event, no further incentive: fvn�as to be advanced (if any), by Paris EDC under this Agreement shall be advanced, and any obligations of Campbell Soup to repay incentive fimcb already advanced to it, by Paris EDC tinder the provisions herein shall be paid to Paris EDC within thirty (30) days after dernand from Paris EDC, AThis Agreement sets fbrlh the entire understanding between the parties, and any other understandings or agreements pertaining to the subject. matters of this Agreement shall be superseded by this Agreement upon the date of execution hereof. None of the terms of this Agreement shall be waived, discharged,, altered or modified in any respect, except by an agreement in Vaiting signed by both parties and specifically referring to this Agreement This Agreement is pwrformable in Larnar County,, Texas, and, shall be, governed by, construed and enforced in accordance with the tows of the State of Texas, il