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Agenda - 03-02-2006-8bTA
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Agenda - 03-02-2006-8bTA
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Last modified
9/2/2008 1:38:17 AM
Creation date
8/29/2008 9:13:06 AM
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BOCC
Date
3/2/2006
Document Type
Agenda
Agenda Item
8bTA
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Minutes - 20060302
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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Section 12.04. Non-Business Days. If a Certificate Payment Date is not a <br />Business Day, then payment will be made on the next Business Day, and no <br />interest will accrue for the intervening period. When any other action is provided <br />in this Trust Agreement to be done on a day or within a time period named, and the <br />day or the last day of the period is not a Business Day, the action may be done on <br />the next ensuing Business Day. <br />Section 12.05. Governing La~v. The parties intend that North Carolina law <br />will govern tlus Trust Agreement. To the extent permitted by law, the parties agree <br />that any action brought with respect to this Tnist Agreement will be brought in the <br />North Carolina General Court of Justice in Orange County, North Carolina. <br />Section 12.06. Limitation on Liability of Officers and Agents. No officer, <br />agent or employee of the Company, the County or the LGC will be subject to any <br />personal liability or accountability by reason of lus execution of this Trust <br />Agreement., the Certificates or any other documents related to the transactions <br />contemplated hereby. Such officers or agents will be deemed to execute such <br />documents in their official capacities only, and not in their individual capacities. <br />This Section will not relieve an officer, agent or emplo~ree of the County or the <br />Company from the performance of any official duty pro~jided by lauT or tlus Trust <br />Agreement.. <br />Section 12.07. Records. The Trustee will keep complete and accurate <br />records of all moneys received and disbursed by it under this Trust Agreement, <br />which will be available for inspection by the County, the Company and any <br />Owner, or any of their agents at any time during regular business hours upon <br />reasonable prior notice. <br />Section 12.08. Binding Effect. This Trust Agreement will be binding upon <br />and inure to the benefit of and be enforceable by the parties and their respective <br />successors and assigns. <br />Section 12.09. Waiver of Notice. Whenever in this Trust Agreement the <br />giving of notice is required, the giving of such notice may be waived in writing by <br />the person entitled to receive such notice and in any case the giving or receipt of <br />such notice ti~jill not be a condition precedent to the validity of any action taken in <br />reliance upon such uJaiver. <br />Section 12.10. References to Insurer. All references to the Insurer herein <br />shall be disregarded and deemed to have been deleted if the Insurer is then in <br />default with respect to its obligations under the Policy, is insolvent or is in <br />bankruptcy, or if the Policy has been declared in~jalid by any court of competent <br />jurisdiction. <br />93362v2 36 <br />
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