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completing the Grant Payments due under this Agreement for the last full calendar year of the Term. ARTICLE III GRIFOLS' OBLIGATIONS Section 3.01. Job Creation. Grifols shall create at least one hundred ninety (190) Jobs, hire persons to fill such Jobs and, except as otherwise provided in this Agreement, keep such Jobs filled during the Term in accordance with the schedule and further details in Exhibit "C". The hiring levels and categories of Jobs for each phase stated in Exhibit "C" are projections. The Parties recognize that it may be necessary for Grifols to vary the sequence and/or levels of hiring for Jobs from the projections stated in Exhibit "C" due to changes in market conditions. Grifols, therefore, may hire and employ more personnel in Jobs during any phase than is stated in Exhibit "C", in which event such excess Jobs shall be credited or applied to the Jobs levels projected during any subsequent phase. Moreover, given the uncertainty of estimating the exact number of Jobs required for the Project, the City grants to Grifols an allowance for reasonable deviation from the projected Jobs such that Grifols will be deemed by the City to be in compliance with this section if, at the end of any calendar year term identified on Exhibit "C", 80 percent of the Jobs projected to be filled by such calendar year term, based on the schedule in Exhibit "C" are filled. Section 3.02 New Improvement Construction. Grifols shall pursue construction of all New Improvements with commercially reasonable diligence and in substantial accordance with the schedule and further details in Exhibit "C". The square footage and values for each phase stated in Exhibit "C" are projections. The Parties recognize that it may be necessary for Grifols to vary the sequence and/or volume of construction of New Improvements from the projections stated in Exhibit "C" due to changes in market conditions. Grifols, therefore, may construct Page 4 of 22