2015-576-E ED - Yarns, Etc. Inc Business Investment Grant Agreement

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DocuSign Envelope ID:495958BF-EE97-4D39-987D-5C8013FB0954 A. In the event of any of the circumstances set forth below (hereinafter referred to as "default"), the Subcommittee may immediately terminate this Agreement: i. Any fraudulent representation on a material matter related to securing and utilizing grant funds under this Agreement. ii. Failure to satisfactorily comply with any provision of this Agreement, any term of the Grant Application, and/or any Grant Program Guideline, as determined by the Subcommittee in its sole discretion. iii. Failure to adhere to the terms of applicable county, state, or federal laws,regulations, or stated public policy. B. In the event of default by the Grant Recipient, the Subcommittee has the discretion to elect to terminate this Agreement,in whole or in part and/or require the Grant Recipient to repay the grant funds within thirty(30) days from written notice or allow the Grant Recipient the opportunity to cure the default. This clause shall not be interpreted to limit the County's or Economic Development's remedies in law or equity. 6. Miscellaneous. A. Governing Law. This Agreement shall be interpreted in accordance with the laws of the State of North Carolina and Orange County. B. Status.Nothing contained in this Agreement shall be construed to create the relationship of principal and agent, or employer and employee,between Grant Recipient and Economic Development or Orange County Government. Grant Recipient understands and agrees that he/she is not authorized to incur any expenses or any liability whatsoever on behalf of the County or Economic Development and has no authority, expressed or implied, to obligate or make representations on behalf of the County or Economic Development. C. Entire Agreement and Signatures. The parties have read this Agreement and agree to be bound by all of its terms, and further agree that it constitutes the complete and exclusive Agreement between the parties unless and until modified in writing and signed by the parties. This Agreement together with any amendments or modifications may be executed electronically. All electronic signatures affixed hereto evidence the intent of the Parties to comply with Article 11A and Article 40 of North Carolina General Statute Chapter 66. IN WITNESS WHEREOF, the Orange County and the Grant Recipient have signed this Grant Agreement, effective on the last date this Agreement is signed by both parties as indicated by the dates set forth under signatures below. For�!aww4shMrdf- of the Grant Recipient 10/28/2015 By• 7F�BBBBGB34C8 Mary Stowe,President Date Yarns Etc., Inc. 9DocuS' ned�Immtys F-91 d."bn ehalf o Orange County Government 1 10/29/2015 0637994B E477... Date OCEDbiga July 2015