Orange County NC Website
Browse       Search
25 <br />(g) The County fails to pay when due any principal of or interest on any <br />of its general obligation bonds. <br />10.2. Remedies on Default. Upon the continuation of any Event of Default, <br />SunTrust may, without any further demand• or notice, exercise any one or more of <br />the following remedies: <br />(a) Declare the unpaid principal components of the Installment <br />Payments, and the accrued interest thereon, immediately due and payable; <br />(b) Proceed by appropriate court action to enforce performance by.the <br />County of the applicable covenants of this Contract, the Deed of Trust or the <br />Project Fund Agreement or to recover for the breach thereof; and <br />(c) Avail itself of all available remedies under the Deed of Trust, <br />including foreclosure on the Pledged Facilities and recovery of attorneys' fees and <br />other expenses, and of all other remedies available at law or in equity. <br />SunTnxst's exercise of remedies is subject to the limitations set forth in <br />Article XII. <br />10.3. No Remedy Exclusive; Delay Not Waiver. All remedies under this <br />Contract are cumulative and may be exercised concurrently or separately. The <br />exercise of any one remedy will not be deemed an election of such remedy or <br />preclude the exercise of any other remedy. If any Event of Default occurs and is <br />thereafter waived, such waiver will be limited to the particular breach so waived <br />and will not be deemed a waiver of any other breach under this Contract. <br />ARTICLE XI <br />ASSIGNMENTS <br />11.1. County's Assignments. The County will not sell or assign any <br />interest in this Contract without SunTrust's prior written consent. <br />11.2. Bank's Assignment. SunTrust may, at any time and from time <br />to time, assign all or any part of its interest in this Contract including, without <br />limitation, SunTrust's rights to receive Installment Payments. Any assignment made <br />by SunTrust or any subsequent assignee shall not purport to convey any greater <br />interest or rights than those held by SunTrust pursuant to this Contract. <br />97562v1 25 <br />