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Example 2: If Recipient provides evidence of total sales tax revenue for <br />a Year of Operation that exceeds the Baseline Sales Tax Revenue <br />Amount by 17%, the incentive payment under this agreement would be <br />calculated at 17/20, or 85% of the $20,000.00 incentive payment, for a <br />total payment of $17,000.00. <br />All funds received as herein provided shall be solely for the purpose of contributing <br />towards Recipient's costs in the renovation of the exterior and interior of the existing <br />hardware store known as "Fischer's Hardware", located at 1010 S. Broadway St., La <br />Porte, Texas and for the making of associated site and infrastructure improvements, to <br />operate hardware store. Recipient further acknowledges that the incentive grant provided <br />for herein is tied to a project of the LPDC for the promotion or development of new or <br />expanded business enterprises, as authorized by Texas Local Government Code <br />chapters 501 and 505. <br />Disbursement and/or retention of the cash incentive identified in Article I of this <br />Agreement shall be made as follows: <br />A. Disbursement shall be made to Recipient, subject to the satisfaction of the <br />conditions precedent or conditions subsequent contained within Article I of this <br />Agreement. <br />B. LPDC's obligation to Recipient shall not exceed $120,000.00, nor shall LPDC be <br />obligated to reimburse Recipient for requests delivered to LPDC after the <br />termination of this Agreement. <br />ARTICLE IV <br />Recipient understands that the funds paid to Recipient by the LPDC are derived <br />from tax revenues collected under Texas Local Government Code 505.252, and that <br />LPDC has estimated the tax revenues to be collected during the term of this Agreement. <br />Recipient further understands, acknowledges, and agrees that if the tax revenue actually <br />collected is less than 90% of the estimated tax revenues to be collected in any fiscal year <br />during the term of this Agreement, LPDC will be under no obligation to provide funding to <br />Recipient for any payment or payments during or after the fiscal year for which there is a <br />revenue shortfall. Upon execution of the Agreement, funds will be placed in a City of La <br />Porte designated commitment account for purposes of this Agreement. <br />ARTICLE V <br />In the event of any default by Recipient hereunder, including, but not limited to, <br />use of the funds provided herein for purposes other than those stated in Article I of this <br />6 <br />