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to promptly begin its Project or to expend the sum of$441,264 during 2014 or the total sum of $1,866,000.00 by 2018, 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 NORRES 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 NORRES. NORRES acknowledges that the Commission is committing TIF Revenues from the Area for the purchase of the Equipment upon the representation of NORRES that it will complete its Project, in the total amount of at least $1,866,000.00 by the end of 2018 and upon the representation of NORRES that the Equipment will directly result in the creation by NORRES of 6 new jobs during 2014 and a minimum of 25 new jobs by 2018 with hourly wages averaging $14.86 per hour for laborers, $37.05 per hour for technical staff, $34.35 per hour for Managerial staff and $15.83 for administrative staff. Any failure by NORRES 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 NORRES 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. ARTICLE IV. AUTHORITY 4.01 Actions. The Commission represents and warrants that it has taken or will take (subject to NORRES'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. 4.03 Authorized Parties. Whenever under the provisions of this Agreement or any other related documents and instruments, any supplemental agreement, request, demand, approval, notice or consent of the Commission or NORRES is required, or any of such parties is required to agree or to take some action at the request of another party, such approval or such consent or request shall be given (unless otherwise provided herein or prohibited by law) for the Commission by the President of the Commission or his written designee, and for NORRES by any officer of NORRES so authorized; and any person shall be authorized to act on any such agreement, request, demand, approval, notice or consent or other action and none of the parties hereto shall have any complaint against the other as a result of any such action taken.