Orange County NC Website
f) Notwithstanding any provision of this Agreement, the County retains <br />the sole power to control and direct the application and distribution of proceeds of <br />casualty insurance applicable to any Contract Property. <br />4. The County will reconvey property to the School Board when a Project <br />is complete <br />Upon the completion of any Project, the County will reconvey the subject <br />Contract Property to the School Board at the School Board's request. The School <br />Board shall make this request by the adoption of an appropriate resolution. The <br />School Board will deliver a certified copy of the resolution to the County. The <br />School Board will provide the County with an appropriate form of deed for <br />execution and delivery by the County to the School Board. <br />Notwithstanding the foregoing, the parties shall provide for all property <br />conveyed to the County pursuant to this Agreement to be reconveyed to the School <br />Board not later than December 31, 2025. <br />All provisions of this Agreement relating to the lease of Contract Property <br />shall terminate immediately with respect to particular Contract Property upon the <br />reconveyance of such Contract Property to the School Board, without the need for <br />further action by any party. <br />5. Administrative and Miscellaneous Provisions <br />a) Representations, Covenants and Warranties. The County and the <br />School Board each represents, covenants and warrants for the other's benefit as <br />follows: <br />(i) Neither the execution and delivery of this Agreement, nor the <br />fulfillment of or compliance with its terms and conditions, nor the consummation of <br />the transactions contemplated by this Agreement, results in a breach of the terms, <br />conditions and provisions of any agreement or instrument to which either is now a <br />party or by which either is bound, or constitutes a default under any of the foregoing. <br />(ii) To the knowledge of each party, there is no litigation or other court or <br />administrative proceeding pending or threatened against such party (or against any <br />other person) affecting such party's rights to execute or deliver this Agreement or to <br />comply with its obligations under this Agreement. Neither such party's execution <br />and delivery of this Agreement, nor its compliance with its obligations under this <br />94432v1 9 <br />