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which a building permit is issued by the City of San Marcos for the improvements to the 100,000 <br />square foot facility. Corvac shall complete construction and installation of all improvements no <br />later than May 31, 2014. Completion of the improvements shall be evidenced by a certificate of <br />occupancy issued by the City of San Marcos. The total capital investment by Corvac under this <br />section shall be at least $3,650,000.00. The timelines for performance under this section may <br />only be extended due to events of force majeure (defined below). <br />Section 3.03. Operation of Business. Corvac shall begin operation of the Business on <br />the Land, on or before June 1, 2014 and be operating at full capacity of the facility by February <br />15 2015. Corvac shall, thereafter, continuously operate, maintain and manage the Business for <br />the duration of the Term. If events of force majeure cause delays in the completion of <br />improvements under section 3.02 such that Corvac is unable to begin operating the Business as <br />provided under this section, the time for beginning such operation may be extended to the date <br />such improvements are finally completed. <br />Section 3.04. Compliance with Laws. In performing its obligations under this Article, <br />Corvac shall comply with all applicable laws, regulations and ordinances. <br />ARTICLE IV <br />GRANT PAYMENTS FROM THE CITY <br />Section 4.01. Grant Payments. Subject to the requirements and limitations of this <br />Article, other terms and conditions of this Agreement and Corvac's compliance with this <br />Agreement, the City will make Grant Payments to Corvac in the manner set forth in this Article. <br />Section 4.02. Ten -Year Payment Period. Provided Corvac has timely commenced and <br />completed construction of the improvements to the facility on the Land and begins and <br />continuously operates the Business on the Land in accordance with Article III, the City shall <br />make an initial Grant Payment to Corvac of an amount equal to 80 percent of Property Taxes <br />