Agenda - 12-20-94 - Contract - Laserfiche WebLink

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Section 103 of the Code, the Lender may rely conclusively on such opinion in complying with the provisions hereof . SECTION 9 . INDEMNIFICATION To the extent permitted by law, the County hereby agrees to indemnify, protect and save the Lender and the North Carolina Local Government Commission, their officers, directors, members and employees, harmless from all liability, obligations, losses, claims, damages, actions, suits, proceedings, costs and expenses, including attorneys' fees, arising out of, connected with, or resulting directly or indirectly from the Property or the transactions contemplated by this Contract, other than any claim arising out of the acts or omissions constituting negligence or wilful misconduct of the Lender or its officers or agents . The indemnification arising under this Section shall continue in full force and effect notwithstanding the payment in full of all obligations under this Contract. SECTION 10 . DEFAULT AND REMEDIES 10 . 1 Definition of Event of Default. The County shall be deemed to be in default hereunder upon the happening of any of the following events of default (each, an "Event of Default" ) : (a) The County shall fail to make any Installment Payment or pay any sum hereunder when due; or (b) The County shall fail to perform or observe any other term, condition or covenant of this Contract on its part to be observed or performed, or shall breach any warranty by the County herein contained, other than as referred to in subsection (e) of this Section 10 .1, for a period of ten (10) days after written notice, specifying such failure or breach and requesting that it be remedied, has been given to the County by the Lender, except that if such failure or breach can be remedied but not within such ten (10) day period and if the County has taken all action reasonably possible to remedy such failure or breach within such ten (10) day period, such failure or breach shall not become an Event of Default for so long as the County shall diligently proceed to remedy the same in accordance with and subject to any reasonable directions or reasonable limitations of time established by the Lender; or (c) Proceedings under any bankruptcy, insolvency, reorganization or similar litigation shall be instituted by or against the County, or a receiver, custodian or similar officer shall be appointed for the County or any of its property, and such proceedings or appointments shall not be vacated or fully stayed after the institution or occurrence thereof; or 11