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PART 2. OBLIGATIONS OF TORCHY'S <br />Section 2.01. Execution of the Project. On or before October 19, 2014 Torchy's will <br />commence execution of the Project by entering into a lease for the Property that provides for <br />building renovation and remodeling, landscaping, signage and related improvements in <br />substantial conformance with plans and specifications approved by the City's Department of <br />Development Services and as shown in Exhibit "A," attached hereto and made a part hereof. <br />Torchy's will commence operation of its business on the Property on or before March 19, 2015. <br />Torchy's will pursue completion of the Project with commercially reasonable diligence, subject <br />to Force Majeure events as defined in Section 5.05 below. Torchy's, in executing the Project, <br />shall comply with all requirements of all applicable City of San Marcos processes, procedures, <br />ordinances, rules, regulations and standards. <br />Section 2.02. Employment. In conjunction with the Project, starting with its operation <br />of the business on the Property, Torchy's will employ at least six full -time employees locally <br />with estimated wage rates as follows: <br />a. <br />Manager 1: <br />$40,000.00 annually <br />b. <br />Manager 2: <br />$40,000.00 annually <br />C. <br />Manager 3: <br />$40,000.00 annually <br />d. <br />Manager 4: <br />$40,000.00 annually <br />e. <br />Manager 5: <br />$40,000.00 annually <br />f. <br />Manager 6: <br />$40,000.00 annually <br />Additionally, Torchy's will employ at least 62 servers, bussers, cooks, kitchen staff and other <br />related staff. <br />PART 3. ECONOMIC DEVELOPMENT WAIVER PROVIDED BY THE CITY <br />Section 3.01. Waiver of Certain Land Development Code Requirements. As to the <br />Project, the waiting periods for the sale of alcohol for on- premises consumption under Section <br />4.3.4.2 (b) (8) of the LDC are hereby waived. <br />Section 3.02. Waiver Limited. <br />a. Applies Only to Torchy's Initial CUP. The waiver granted under <br />Section 3.01 is subject to approval of a request for a CUP by the City's Planning and <br />Zoning Commission. If said request for a CUP is approved, the waiver granted herein <br />shall apply only to such initial CUP and any timely renewals thereof. Upon the <br />expiration, revocation or lapse of said CUP, the waiver granted herein shall automatically <br />terminate, and any future applicant for a CUP related to the sale of alcoholic beverages <br />