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2. If any material adverse change shall occur in the financial <br />condition of the RECIPIENT/SUBGRANTEE at any time during <br />the term of this Agreement from the financial condition revealed in <br />any reports filed or to be filed with the AGENCY/GRANTEE, and <br />the RECIPIENT/ SUBGRANTEE fails to cure said material <br />adverse change within thirty (30) days from the time the date <br />written notice is sent by the AGENCY/GRANTEE; <br />If any reports required by this Agreement have not been submitted <br />to the AGENCY/GRANTEE or have been submitted with <br />incorrect, incomplete or insufficient information; <br />4. If the RECIPIENT/SUBGRANTEE has failed to perform and <br />complete in timely fashion any of the services required under the <br />Budget and Scope of Work attached hereto as "Attachment A". <br />5. If the necessary funds are not available to fund this agreement as a <br />result of action by Congress, the N.C. Legislature, or the Office of <br />State Budget and Management. <br />(b) Upon the happening of an Event of Default, then the AGENCY/ <br />GRANTEE may, at its option, upon written notice to the RECIPIENT/ <br />SUBGRANTEE and upon the RECIPIENT /SUBGRANTEE's failure to <br />timely cure, exercise any one or more of the following remedies, either <br />concurrently or consecutively, and the pursuit of any one of the following <br />remedies shall not preclude the AGENCY/ GRANTEE from pursuing any <br />other remedies contained herein or otherwise provided at law or in equity: <br />1. Terminate this Agreement, provided that the RECIPIENT/ <br />SUBGRANTEE is given at least fifteen (15) days prior written <br />notice of such termination. The notice shall be effective when <br />placed in the United States mail, first class mail, postage prepaid, <br />by registered or certified mail return receipt requested, to the <br />address set forth in paragraph (12) herein; <br />2. Commence an appropriate legal or equitable action to enforce <br />performance of this Agreement; <br />Withhold or suspend payment of all or any part of a request for <br />payment; <br />4. Exercise any other rights or remedies which may otherwise be <br />available under law. <br />Hurricane Floyd Property Acquisition & Relocation Agreement Page 8 HFPAR-4292-0067 Orange County <br />