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<br />7. Events of Default and Remedies: Events of Default under this Agreement and <br />all other loan documents described in this Section C, are: The Company shall: <br />a. Fail to employ the minimum number of employees specified herein <br />to be employed during the times required (see Section B2 above); <br />b. Fail to maintain its Business in Paris, Texas throughout the Term of <br />this Agreement; <br />c. Fail to pay the Note as and when due; <br />d. Fail to commence, construct and complete its new building in the <br />Industrial Park after the land has been timely dedicated to the <br />Company by PEDC, subject to excused delays caused by Acts of God, <br />as defined above; <br />e. Fail to comply with the covenants and agreements of the Company <br />contained in this Agreement and in the loan documents; <br />f. Have proven to be untrue any representation or warranty made herein <br />or in the loan documents. <br />Remedies: Upon the occurrence of any of the above Events of Default which <br />shall remain uncured for sixty (60) days after written notice from PEDC to <br />the Company describing the default, PEDC shall have the right to: <br />g. Accelerate the maturity date of the Note, declaring all sums remaining <br />unpaid thereon to be immediately due and payable; <br />h. Foreclose the Deeds of Trust and any or all Security Agreements; <br />1. Proceed to collect under the Guaranty from Michael Meshbesher the <br />unpaid balance owing to PEDC on the Note, plus the value at that <br />time of the Land as determined by the current appraisal of the Lamar <br />County Appraisal District; <br />J. Sue for specific performance of any covenant or agreement breached <br />by the Company, or to recover the damages sustained by PEDC as a <br />result of the Company's default; or <br />k. Seek reliefby temporary restraining order or injunction from a court <br />with respect to any conduct by the Company or its officers or <br />directors which is in breach or contravention of any covenants, <br />agreements, intents or purposes of this Agreement or of the loan <br />documents. <br /> <br />D. The Company hereby represents and warrants to PEDC that the following are true <br />and correct on the date hereof and will continue to be true and correct throughout the <br />term of the Loan: <br /> <br />1. The Company is a corporation duly organized, validly existing and in good <br />standing under the laws of the State of Minnesota, and has all corporate <br />power and authority to carry on its business as presently conducted in the <br />State of Texas, and has filed with and received from the Secretary of State of <br />Texas, its Certificate of Authority to transact business in Texas as a foreign <br /> <br />11 <br />