2013-041 Approving an Economic Incentive Agreement between the Paris Economic Development Corporation and JS Baking, LLC

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III. EVENTS OF DEFAULT AND REMEDIES A. Events of Default — Skinner shall be in default of this Agreement if it: 1. Fails to complete its $25,000,000.00capital investment in the Facility by the end of this Agreement. 2. Fails to employ and maintain 393fu11 -time equivalent employees at the Facility as provided for in this Agreement or any extensions thereof. 3. Fails to maintain and operate the Facility during the term of this Agreement or any extensions thereof. 4. Fails to comply with all terms and conditions of this Agreement. 5. Fails to timely submit annual compliance reports to Parrs EDC as provided in this Agreement. 6. Makes any false representations or warranties to Paris EDC to induce this economic incentive agreement. B. Remedies - Upon the occurrence of any of the above Events of Default, which shall remain uncured for thirty (30) days after written notice from Paris EDC to Skinner describing the default, Paris EDC shall have the right to: 1. Suspend and refuse to pay to Skinner any unfunded portions of the Economic Incentives referenced in this Agreement. 2. Sue for reimbursement and/or repayment of all Economic Incentive payments paid by Paris EDC to Skinner pursuant to this Agreement, plus interest, costs and attorney's fees. 1 Suspend as of the tax year in which the Event of Default occurs, all tax abatements granted to Skinner which are still in force and effect, so that Skinner will be required to pay ad valorem taxes at the market value of the improvements with respect to which taxes have been abated for the year in which the Event of Default occurs and all future years. 4. Under no circumstance, shall any default event, or remedy have legal, or consequently, financial, implications to the ownership of Skinner beyond the legal responsibilities designated by the corporation and LLC structure. James G. Skinner is held harmless as an individual.