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full -time employees based in San Marcos Texas as of December 31, 2014, Upland may submit its <br />first request for payment to the City on or after January 31, 2015. Thereafter, Upland may submit <br />additional requests for payment in the years 2016, 2017, 2018 and 2019. <br />Section 3.06. Payment of Local Employment Incentive. The City shall pay Upland <br />$25,000.00 for each year during the term of this Agreement that Upland meets the employment <br />requirements under section 3.03, provided Upland is, otherwise, in full compliance with the terms <br />and conditions of this Agreement. Payment by the City under this section shall be made within 30 <br />days after the City's receipt of an application for payment and supporting documentation acceptable <br />to the City Manager. <br />Section 3.07. Failure to Meet Annual Performance. Upland is eligible to receive up to <br />five payments in the amount of $25,000.00 per year. Failure to meet the cumulative employment <br />requirements for any single year during the term of this Agreement will not constitute an event of <br />default resulting in termination of this Agreement but Upland will forfeit payment from the City for <br />that year. For example, if Upland employs at least 15 local permanent full -time employees at the <br />end of 2014, but fewer than 40 cumulative employees at the end of 2015, Upland will only receive <br />the payment of $25,000.00 for 2014 but will not receive a payment for 2015. <br />PART 4. TERM <br />The term of this Agreement shall commence on the Effective Date and continue until <br />December 31, 2018 (unless terminated sooner as provided in this Agreement), except that Upland's <br />obligation to submit a request for payment in 2019 for the year 2018 and the City's obligation, if <br />any, to make payment therefor as provided under Part 3 shall continue. <br />PART 5. INFORMATION <br />