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WHEREAS, the MCIC, in its role as the designated agency for the Village, will be the <br />administrator of any grant provided by this Agreement, including an annual review and <br />assessment of the Company's compliance with the terms of this Agreement; and <br />NOW, THEREFORE, in consideration of the mutual agreements contained herein, the <br />Parties hereby agree as follows: <br />SECTION I -TERM OF AGREEMENT <br />This Agreement shall commence on January 1, 2015 ("Effective Date") and continue for <br />a period of five (5) calendar years (the "Term"), terminating on December 31, 2019. This <br />Agreement shall not prevent the Company from submitting an application to the Village for an <br />additional grant after the expiration of the Term of this Agreement. <br />The Parties may terminate this Agreement by providing the other party no less than 60 <br />days written notice of termination. Termination of this Agreement upon proper notice shall not <br />constitute a breach of the Agreement by either party, except a termination of this Agreement due <br />to the Company failure to comply with its responsibilities set forth in Article II will constitute a <br />breach of this Agreement by the Company. <br />SECTION II -RESPONSIBILITIES OF THE COMPANY <br />The Company agrees that it shall be responsible for and comply with the following: <br />1. The Company shall take all necessary and proper corporate action required to <br />enter into this Agreement; <br />2. The Company shall not change its use of the property in a way that fails to <br />conform to the Village's Ordinances or other law; <br />3. The Company shall not close or otherwise cease operations in the Village; <br />4. For each calendar year of the Term of this Agreement, the Company shall <br />generate a minimum income tax revenue equal to 100% of the income tax revenue <br />generated by the Company in 2014 ("MITR"); <br />5. The Company shall inform the MCIC as soon as it becomes aware of any inability <br />of the Company to generate the requisite MITR for any calendar year of the Term <br />of this Agreement; <br />6. The Company shall utilize any grant provided under this Agreement only for <br />lawful purposes that promote the development and economic viability of the <br />Company and its operations in the Village; <br />Page 2 <br />