Orange County NC Website
ability to perform any function; that the Financing Proceeds will <br /> be sufficient to pay all costs; or any other characteristic of the <br /> Project; it being agreed that the County is to bear all risks <br /> relating to the Project, the completion thereof or the transactions <br /> contemplated hereby or by the Deed of Trust, and the County hereby <br /> waives the benefits of any and all implied warranties and <br /> representations of the Lender. <br /> 9 .3 Survival. The provisions of this Section shall survive <br /> the termination of this Contract. <br /> SECTION 10. DEFAULT AND REMEDIES <br /> 10.1 Definition of Event of Default. The County shall be <br /> deemed to be in default hereunder upon the happening of any of the <br /> following events of default (each, an "Event of Default") : <br /> (a) The County shall fail to make any Installment <br /> Payment or pay any sum hereunder when due; or <br /> (b) The occurrence of any Event of Nonappropriation. <br /> (c) The County shall fail to perform or observe any <br /> other term, condition or covenant of this Contract on its part <br /> to be observed or performed, or shall breach any warranty by <br /> the County herein contained, other than as referred to in <br /> subsection (f) of this Section 10.1, for a period of ten (10) <br /> days after written notice, specifying such failure or breach <br /> and requesting that it be remedied, has been given to the <br /> County by the Lender, except that if such failure or breach <br /> can be remedied but not within such ten (10) day period and if <br /> the County has taken all action reasonably possible to remedy <br /> such failure or breach within such ten (10) day period, such <br /> failure or breach shall not become an Event of Default for so <br /> long as the County shall diligently proceed to remedy the same <br /> in accordance with and subject to any reasonable directions or <br /> reasonable limitations of time established by the Lender; or <br /> (d) Proceedings under any bankruptcy, insolvency, <br /> reorganization or similar litigation shall be instituted by or <br /> against the County, or a receiver, custodian or similar <br /> officer shall be appointed for the County or any of its <br /> property, and such proceedings or appointments shall not be <br /> vacated or fully stayed after the institution or occurrence <br /> thereof; or <br /> (e) Any warranty, representation or statement made by <br /> the County in this Contract is found to be incorrect or <br /> misleading in any material respect on the date made; or <br /> 15 <br />