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including the design or condition thereof; the safety, workmanship, quality or <br />capacity thereof; compliance thereof with the requirements of any la~v, rule, <br />specification or contract pertaining thereto; any latent defect; the ability of the <br />Financed Facilities to perform anyT function; that the Amount Ad~Tanced will be <br />sufficient to pay all Project Costs; or any other characteristic of the Financed <br />Facilities; it being agreed that the County is to bear all risks relating to the <br />Financed Facilities, the completion thereof or the transactions contemplated by this <br />Contract or by the Deed of Trust or the Trust Agreement, and the County waives <br />the benefits of any and all implied warranties and representations of the Company. <br />The provisions of this Article will sur~Jive the Contract's termination. <br />ARTICLE ~ <br />DEFAULT AND REMEDIES <br />10.1. Events of Default. An "Event of Default" is any of the following: <br />(a) The County's failure to make any Installment Payment by the first <br />day of the calendar month follo~~jing the due date. <br />(b) The occurrence of an Event of Nonappropriation. <br />(c) The County breaches or fails to perform or observe any term, <br />condition or covenant of this Contract, the Deed of Trust or the Trust Agreement <br />on its part to be obser~Ted or performed, other than as referred to in subsections (a) <br />or (b) above, including payment of any Additional Payment, for a period of 30 <br />days after ti~~ritten notice specifying such failure and requesting that it be remedied <br />has been given to the Count}j, unless the Company agrees in writing to an <br />extension of such time prior to its expiration; provided, however, that if the failure <br />stated in the notice caruzot reasonably be corrected ti~rithin the applicable period and <br />the County institutes corrective action within the applicable period, no Event of <br />Default will be deemed to ha<<Te occurred so long as the County diligently pursues <br />the same. <br />(d) Proceedings under any bankruptcy, insol~Tency, reorganization or <br />similar la~v are instituted by or against the County as a debtor, or a receiver, <br />custodian or similar officer is appointed for the County or any of its property. <br />93361v2 21 <br />