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DEBT FORGIVENESS AGREENENT <br /> This agreement entered into this . 15th day of <br /> �r September <br /> . 0000 . . . . . . . . . . . . . 1987, by and between the City of Batesville, <br /> Arkansas, a Municipal Corporation organized and existing under <br /> the laws of the State of Arkansas (The City) , and the H. H. <br /> Robertson Company°Cupples Division (Cupples) , for the purposes <br /> and considerations set out herein below, to-wit: <br /> 1. It is understood and agreed that Cupples has signed a <br /> Promissory Note in favor of the City of Batesville in the <br /> principal amount of Thirty One Thousand Dollars ($31, 000. 00) <br /> under an Arkansas Industrial Development Commission grant re-use <br /> plan. A copy of said Promissory Note is attached hereto and <br /> incorporated herein by reference as if set out fully word for <br /> word. <br /> 2. It is further understood and agreed that the purpose of <br /> this Promissory Note was to facilitate the operation of the <br /> Cupples plant located in Batesville, Arkansas . <br /> 3. In exchange for, and in consideration of, the expansion <br /> of the Cupples operation in Batesville, Arkansas and, thereby, <br /> the creation of more jobs for the community, the City agrees that <br /> in the event the full time employment at the Cupples facility in <br /> Batesville reaches two hundred (200) employees , the principal <br /> balance outstanding on the note at that time shall be forgiven. <br /> 4. In the event the Cupples facility at Batesville reaches <br /> two hundred (200) employees, Cupples will furnish to the City a <br /> copy of it 's quarterly employee tax form so that the City may <br /> verify the full time employment . It is agreed that the <br />