6B(2) - Laserfiche WebLink

Home Browse Search

$725,000 during 2014 or the total sum of$1,492,500 by 2020,both directly and by its sub-tenant in the South Bend Warehouse,pursuant to this Section 3.02, shall be deemed a default under this Agreement and under the Equipment Lease Agreement, and in the event of such default LIPPERT shall be obligated to promptly,within fifteen (15) days, purchase the Equipment from the Commission pursuant to Section 10 of the Equipment Lease Agreement for a cash purchase price equal to one and one half(1.5) times the amount the Commission originally paid for the Equipment. 3.03 Acknowledgement and Representations of LIPPERT. LIPPERT acknowledges that the Commission is committing TIF Revenues from the Area for the purchase of the Equipment upon the representation of LIPPERT that it will complete its Project, in the total amount of at least $1,492,500 by the end of 2020,both directly and by its sub-tenant in the South Bend Warehouse, and upon the representation of LIPPERT that the Equipment will directly result in the creation by LIPPERT and its sub-tenant in the aggregate of 180 new jobs during 2014 and a minimum of 380 new jobs by 2024 with average hourly wages of$12.50 per hour for laborers. Any failure by LIPPERT' to create the number of jobs of the types and hourly wages or to make the investment in the Project and pursuant to this Section 3.03 shall be deemed a default under this Agreement and under the Equipment Lease Agreement, and in the event of such default LIPPERT shall be obligated to promptly, within fifteen (15) days, purchase the Equipment from the Commission pursuant to Section I 0 of the Equipment Lease Agreement for a cash purchase price equal to one and one half(1.5)times the amount the Commission originally paid for the Equipment. 3.04 Jobs Created by Sub-Tenant. LIPPERT and the Commission agree that jobs created by a sub-tenant of LIPPERT may be counted toward fulfilling the job commitments made by LIPPERT herein, however, the failure of a sub-tenant of LIPPERT to create any specified number of jobs shall not excuse LIPPERT from its job commitments made herein. 3.05 Capital Investment by Sub-Tenant. LIPPERT and the Commission agree that capital investment made by a sub-tenant of LIPPERT may be counted toward fulfilling the capital investment commitments made by LIPPERT herein, however, the failure of a sub-tenant of LIPPERT to make capital investment in any specified amount shall not excuse LIPPERT from its capital investment commitments made herein. ARTICLE IV. AUTHORITY 4.01 Actions.The Commission represents and warrants that it has taken or will take(subject to LIPPERT's performance of its agreements and obligations hereunder and applicable law) such action(s) as may be required and necessary to enable the Commission to execute this Agreement and to carry out fully and perform the terms, covenants, duties and obligations on its part to be kept and performed as provided by the terms and provisions hereof. 4.02 Powers. The Commission represents and warrants that it has full and lawful right, power and authority, under currently applicable law, to execute and deliver and perform its obligations under this Agreement, and that, subject to the conditions described herein, all of the foregoing have been or will be duly and validly authorized and approved by all necessary proceedings, findings and actions.