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(e) Award Conditions for Third Payment. The "Award Conditions' for the <br /> third payment of $4,000,000 to the Closing Fund Awardee from the County restricted reserve <br /> account, shall be met when the following have occurred: <br /> (1 ) Documentation of cumulative investment totaling at least <br /> $21,333,334 in tooling, equipment, and facilities and infrastructure improvements at the Indian <br /> River County facilities, since April 10, 2007, <br /> (2) Documentation of total investment of $20 million in product <br /> development in Indian River County, since January 1 , 2007. Such product development <br /> investment in the county is expected to eventually reach over $40 million, and <br /> (3 ) Maintenance of the job level specified in Paragraph 5.O(d) (2) and <br /> the creation of an additional 19 FTE jobs for a cumulative total of at least 1,185 FTE jobs at the <br /> project site by December 31 , 2009, paying an average annual wage of at least $46,500, excluding <br /> benefits, supported by documentation reasonably acceptable to County. <br /> The conditions specified in Paragraphs (e)(1 ) thru (3 ) of this Paragraph 5.0 must <br /> be met and supporting documentation submitted to County for verification by December 31, <br /> 2013. <br /> (f) Performance Conditions. In order to avoid sanctions specified herein, <br /> the Closing Fund Awardee must meet the following Performance Conditions: <br /> (1 ) Meet the job creation and retention requirements in Paragraph <br /> 5.O (d)(2) by December 31, 2008, <br /> {3745/01/00234567DOCO ) <br /> 7 <br />