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more New Improvements during any phase than is stated in Exhibit "C", in which event such excess shall be credited toward the amounts originally proposed to be built during any subsequent phase. Moreover, the City grants to Grifols an allowance for reasonable deviation from the projected amounts such that Grifols will be deemed by the City to be in compliance with this section if, at the end of any calendar year during the Term, 80 percent of the amounts for New Improvements projected to be built by such date based on the schedule in Exhibit "C" are built and assessed. Section 3.03 Addition of Personal Property. In connection with the New Improvements Grifols shall add Personal Property in accordance with the schedules and values in Exhibit "C". The descriptions and values of Personal Property in Exhibit "C" are projections. The Parties recognize that it may be necessary for Grifols to deviate therefrom due to changes in market or other conditions. Grifols, therefore, may add more Personal Property during any phase than is stated in Exhibit "C", in which event such excess shall be credited toward the amounts originally proposed for any subsequent phase. Moreover, the City grants to Grifols an allowance for reasonable deviation from the projected amounts such that Grifols will be deemed by the City to be in compliance with this section if, at the end of any calendar year during the Term, 80 percent of the Personal Property and values attributable thereto projected to be added by such date based on the schedule in Exhibit "C" has been added. Section 3.04. Operation of Business. Except as otherwise provided in this Agreement, the Business shall be continuously operated, maintained and managed by Grifols for the duration of the Term and such operation shall be in compliance with all applicable laws, ordinances, regulations and licensing and permitting requirements. Page 5 of 22