Orange County NC Website
(d) Any warranty, representation or statement made by <br /> the County in this Contract is found to be incorrect or <br /> misleading in any material respect on the date made; or <br /> (e) Any lien, charge or other encumbrance is filed <br /> against the Property, other than a Permitted Encumbrance or in <br /> accordance with Section 11. 1; or <br /> (f) Any insurance carrier cancels any insurance on the <br /> Property without the County's first providing replacement <br /> coverage meeting the requirements of the Lender and Section <br /> 5 . 6 hereof; or <br /> (g) The Property or any substantial, part thereof is <br /> abused, illegally used, misused, destroyed or damaged beyond <br /> repair. <br /> (h) Construction of the Improvements 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 /> (i) Any of the materials, fixtures, machinery, <br /> equipment, articles and/or personal property used in the <br /> construction of the Improvements or the appurtances thereto, <br /> or to be used in the operation thereof, or any work performed <br /> in connection with the construction of the Improvements, shall <br /> not 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 occurrence of any Event of <br /> Default, the Lender may exercise any one or more of the following <br /> remedies as the Lender in its sole discretion shall 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 /> 12 <br />