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1996 NS Installment Purchase Contract
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1996 NS Installment Purchase Contract
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Last modified
11/21/2013 4:02:02 PM
Creation date
10/15/2013 2:41:23 PM
Metadata
Fields
Template:
BOCC
Date
1/16/1996
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
V-A
Document Relationships
Agenda - 01-16-1996 - V-A
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Path:
\Board of County Commissioners\BOCC Agendas\1990's\1996\Agenda - 01-16-1996
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(f) Any lien, charge or other encumbrance is filed <br /> against the �t Pro, �erty, other than a Permitted Encumbrance; or <br /> (g) The County shall fail to pay when due any principal <br /> of or interest on any of its general obligation debt±�.LOr <br /> (h) Any insurance carrier cancels any insurance on the <br /> Project without the County's first providing replacement <br /> coverage meeting the requirements of the Lender and Section <br /> 5 .6 hereof; or <br /> (i) The Project or any substantial part thereof is <br /> abused, illegally used, misused, destroyed or damaged beyond <br /> repair <br /> (j ) Construction of the Project shall cease and not <br /> be resumed within thirty (30) business days, except to the <br /> extent that said cessation is as the result of force majeure, <br /> or shall be abandoned; or <br /> (k) Any of the materials, fixtures, machinery, <br /> equipment, articles and/or personal property used in the <br /> construction of the Project or the appurtances thereto, or to <br /> be used in the operation thereof, or any work performed in <br /> connection with the construction of the Project, shall not <br /> substantially conform with the Plans and Specifications as <br /> approved by Lender and such nonconformity shall not be cured <br /> or corrected within a period of thirty (30) days after notice <br /> thereof is received by the County from Lender, or, if such <br /> nonconformity cannot reasonably be cured within thirty (30) <br /> days, it shall not be an Event of Default if the County has <br /> commenced curing such nonconformity within said thirty (30) <br /> day period and is, in the reasonable opinion of Lender, <br /> diligently prosecuting such cure to completion. <br /> 10 .2 Remedies on Default. Upon the occurrence of any Event <br /> of Default, the Lender may exercise any one or more of the <br /> following remedies as the Lender in its sole discretion shall <br /> elect: <br /> (a) Declare the entire amount of the principal portion <br /> of the Installment Payments immediately due and payable <br /> without notice or demand to the County, together with accrued <br /> interest thereon; <br /> (b) Proceed by appropriate court action to enforce <br /> performance by the County of any covenant of this Contract <br /> with which it has failed to comply (other than a failure to <br /> pay Installment Payments or any other payments hereunder) or <br /> to recover for the breach thereof; <br /> 16 <br />
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