Agenda - 06-07-2011-7a - Laserfiche WebLink

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7. COMPLIANCE WITH THE LOCAL GOVERNMENT BUDGET AND FISCAL CONTROL ACTS OF NORTH CAROLINA GENERAL STATUTES All appropriations and expenditures pursuant to this Agreement shall be subject to the provisions of the ~ Local Government Budget and Fiscal Control Act of the North Carolina General Statutes for cities and counties and shall be listed in the annual report submitted to the Local Government Commission by the County. 8. GOVERNING LAWS & FORUM This Agreement shall be governed and construed by the Laws of the State of North Carolina. Any action brought to enforce or contest any section of this Agreement shall be brought in the North Carolina General Court of Justice sitting in Orange County; North Carolina. The Parties hereto stipulate to the jurisdiction of said court. 9. INDEMNIFICATION The Company hereby agrees to indemnify, protect and save the County and its officers, directors, and employees harmless from all liability, obligations, losses, claims, damages, actions, suits, proceedings, costs and expenses, including reasonable attorneys' fees, arising out of, connected with, or resulting directly or indirectly from the Site or the Facility or the transactions contemplated by or relating to this Agreement,. including without limitation, the possession, condition, construction or use thereof, insofar as such matters relate to events subject to the control of the Company and not the County. The indemnification arising under this Article shall survive the Agreement's termination. 10. TERMINATION A. COMPANY: Upon Company's meeting its Employment and Investment obligations as set out in Section 1 above and upon Company's certification to such and certification of the payment of all real and personal property taxes, as set out in Section 4 above, then upon the occurrence of any of the following events, the Company shall have the- option of terminating this Agreement: Failure of the County, to provide. the initial inducement installment as provided in Exhibit A to this Agreement; or, under the same circumstances, failure of the County to make future inducement installments, as provided for in Exhibit A to this Agreement. Should the Company exercise its option to terminate this Agreement, pursuant to this Section or of its unilateral choice, regardless of any of the -above incidences of default, the Company shall repay to the County all funds paid to or for the benefit of the Company pursuant to this Agreement. Thereafter, the County shall have no further obligation to make annual inducement installments. Any such termination of this Agreement by the Company shall be in writing and shall meet notice requirements as set out herein. B. COUNTY: The County shall have the option of terminating this Agreement upon any Abandonment of Operations by the Company, without penalty to the County, which option shall be executed by giving written notice to the Company. Abandonment of Operations shall be defined as a period in excess of four (4) weeks during which the Company's level of Full Time Equivalent Employees or Direct Investment goes below twenty percent (20%) of the guaranteed Page 4 of 7