Orange County NC Website
shall be defined as a period in excess of eight(8)weeks during which the Company's level of <br /> Full Time Equivalent employees or retail sales revenue drops below thirty percent(30%)of the <br /> minimum levels of performance commitments for either Full Time Equivalent employees or <br /> retail sales revenue as reflected in Article 2 above. <br /> C. NATURAL: In any event,the above terms notwithstanding,this Agreement shall <br /> terminate upon the 31s'day of December of the year in which the final financial inducement <br /> installment is made. <br /> 12. LIMITATION OF COUNTY'S OBLIGATION <br /> NO PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR INTERPRETED <br /> AS CREATING A PLEDGE OF THE FAITH AND CREDIT OR TAXING POWER OF <br /> THE COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT <br /> LIMITATION. NO PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR <br /> INTERPRETED AS DELEGATING GOVERNMENTAL POWERS NOR AS A <br /> DONATION OR A LENDING OF THE CREDIT OF THE COUNTY WITHIN THE <br /> MEANING OF THE STATE CONSTITUTION. THIS AGREEMENT SHALL NOT <br /> DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE THE COUNTY TO <br /> MAKE ANY PAYMENTS BEYOND THOSE SET FORTH IN THIS AGREEMENT FOR <br /> ANY FISCAL YEAR IN WHICH THIS AGREEMENT SHALL BE IN EFFECT. NO <br /> PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED TO PLEDGE OR TO <br /> CREATE A LIEN ON ANY CLASS OR SOURCE OF THE COUNTY'S MONEYS,NOR <br /> SHALL ANY PROVISION OF THE AGREEMENT RESTRICT TO ANY EXTENT <br /> PROHIBITED BY LAW, ANY ACTION OR RIGHT OF ACTION ON THE PART OF <br /> ANY FUTURE COUNTY GOVERNING BODY. TO THE EXTENT OF ANY CONFLICT <br /> BETWEEN THIS ARTICLE AND ANY OTHER PROVISION OF THIS AGREEMENT, <br /> THIS ARTICLE SHALL TAKE PRIORITY. <br /> 13. LIABILITY OF PUBLIC OFFICERS <br /> No officer, agent, or employee of the County or the Company shall be subject to any <br /> personal liability or accountability by reason of the execution of this Agreement or any other <br /> documents related to the transactions contemplated hereby. Such officers, agents, or <br /> employees shall be deemed to execute such documents in their official capacities only, and <br /> not in their individual capacities. This Article shall not relieve any such officer, agent or <br /> employee from the performance of any official duty provided by law. <br /> 14. MISCELLANEOUS <br /> A. ENTIRE AGREEMENT: This Agreement, including all exhibits attached, constitutes the <br /> entire contract between the parties, and this Agreement shall not be amended except in <br /> writing signed by the Parties. <br /> B. BINDING EFFECT and SEVERABILITY: Subject to the specific provisions herein, <br /> this Agreement shall be binding upon and inure to the benefit of and be enforceable by the <br /> Parties and their respective successors and assigns. If any term of this Agreement is to any <br /> extent illegal, otherwise invalid, or incapable of being enforced, such term shall be excluded <br /> to the extent of such invalidity or unenforceability; all other terms hereof shall remain in full <br /> Page 8 of 13 <br />