Orange County NC Website
Section 9 . 3. Application of Amounts Realized in Enforcement <br /> of Remedies. Any amounts collected pursuant to action taken <br /> under Section 9 . 2 shall be paid to the Holder and applied to the <br /> payment of, first, any costs, expenses and fees incurred by the <br /> Authority or the Holder as a result of taking such action or <br /> collecting such proceeds of insurance; second, any interest which <br /> shall have accrued on any overdue interest on and any overdue <br /> principal of the Bond; third, any overdue interest on the Bond; <br /> fourth, any overdue principal of the Bond; fifth, amounts <br /> permitted to be prepaid pursuant to the Note in accordance with <br /> Section 10 . 1 ; and sixth, if Payment of the Bond shall have been <br /> made, all remaining moneys to the Company. <br /> Section 9 . 4 . No Remedy Exclusive. No remedy herein <br /> conferred upon or reserved to the Authority is intended to be <br /> exclusive of any other available remedy or remedies, but each and <br /> every such remedy shall be cumulative and shall be in addition to <br /> every other remedy given under this Agreement or now or hereafter <br /> existing at law or in equity or by statute. No delay or omission <br /> to exercise any right or power accruing upon default shall impair <br /> any such right or power or shall be construed to be a waiver <br /> thereof, but any such right and power may be exercised from time <br /> to time and as often as may be deemed expedient . <br /> Section 9 . 5. Agreement to Pay Attorneys' Fees and Expenses. <br /> Upon the occurrence of an event of default, if the Authority, the <br /> Holder or the Depositary employs attorneys or incurs other <br /> expenses for the collection of amounts <br /> payable hereunder or for <br /> the enforcement of the <br /> performance or observance of any covenants <br /> or agreements on the part of the Company herein contained, <br /> whether or not suit is commenced, the Company agrees that it will <br /> on demand therefor pay to the Authority, the Holder or the <br /> Depositary or all of them, as the case may be, the reasonable <br /> fees of such attorneys and such other reasonable expenses so <br /> incurred by the Authority, the Holder or the Depositary. <br /> Section 9 .6 . Authority and Company to Give Notice of <br /> Default. The Authority and the Company severally covenant that <br /> they will, at the expense of the Company, promptly give to the <br /> Holder written notice of any default or event of default under <br /> this Agreement of which they shall have actual knowledge or <br /> written notice, but the Authority shall not be liable (except as <br /> provided in Section 11 . 13) for failing to give such notice. <br /> 30 . <br />