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ARTICLE I In consideration of Recipientconstructing a building at 116 S. Broadway and operating a bar and grill restaurant at the subject site Building, which proposal was considered in that certain public hearing authorizing a proposed project for the expenditure of LPDC funds for the promotion or development of new or expanded business enterprises, held before the LPDC on December 13, 2021, LPDC agrees to provide Recipient an incentive package consisting of a cash payment in a total sum not to exceed $27,308.00, to be distributed in three increments of $10,000.00, $10,000.00 and $7,308.00 each, with each distribution conditioned on the attainment of certain performance thresholds, more specifically outlined as follows: 1) A cash incentive payment in an amount equal to $10,000.00 will be distributed to Recipient by LPDC, upon 1) receipt by LPDC of proof of issuance of a certificate of occupancy for the Building and 2) proof of minimum capital investment in the amount of $50,000.00 applied towards construction of the Building and related infrastructure and site work, exclusive of the cost to Recipient to purchase the existing vacant real estate tract at 116 S. Broadway Street. However, in no case will the $10,000.00 payment be made by LPDC if documentation substantiating 1) issuance of a certificate of occupancy for the Building and 2) the expenditure of no less than $50,000.00 applied towards construction of the Building and related infrastructure and site work is not delivered to and received by LPDC by February 28, 2022. In the case that proof of issuance of a certificate of occupancy for the Building and minimum capital investment of $50,000.00 applied towards capital construction costs to construct the Building, as well as related infrastructure and site work, is presented to LPDC on or before said February 28, 2022 deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of issuance of a certificate of occupancy for the Building and related infrastructure and site work and minimum capital investment of $50,000.00 by LPDC from Recipient. Upon verification of the issuance of a certificate of occupancy for the Building and related infrastructure and site work and minimum capital investment of $50,000.00, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $10,000.00 to Recipient within a period not to exceed thirty (30) days. In the case where Recipient fails to submit proof of issuance of a certificate of occupancy for the Building and proof of a minimum capital investment in the amount of $50,000.00 by the February 28, 2022 deadline, Recipient will be disqualified for the said $10,000.00 incentive payment, and in addition, will be ineligible to qualify for receipt of the $10,000.00 and $7308.00 payments provided for in Paragraphs two (2) and three (3), immediately below. 2