Agenda - 6-c - Consideration to Discontinue the Durham-Orange Light Rail Project

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9 in Durham and Orange, including funds collected pursuant to N.C.G.S. Chapter 105, Articles 43, 50, 51, and 52. 19. The term of this Agreement shall continue until the latter of June 30, 2037 or the final maturity date of any debt issued in connection with the D-O LRT Project and payable from the Dedicated Local Transit Revenues. 20, This Agreement may be terminated upon mutual agreement of the Parties. In the event of termination prior to the expiration of the term set forth in Paragraph 19 or of any extensions thereto, the Parties shall determine what obligations remain and how to equitably distribute such obligations as they relate to the D-O LRT Project. 21. To be effective, any amendment, change, correction, extension, or termination of this Agreement shall be in the form of a written instrument approved by the governing board of each Party. 22. This Agreement shall be governed by and in accordance with the laws of the State of North Carolina. Except as to those matters subject to arbitration under Paragraph 15, the Parties agree that all actions relating in any way to this Agreement shall be brought in the General Court of Justice in the County of Wake, North Carolina. 23. Except to the extent provided otherwise in this Agreement,the Orange County Manager shall designate persons to carry out Orange's obligations under this Agreement, the Durham County Manager shall designate persons to carry out Durham's obligations under this Agreement, and the General Manager of GoTriangle shall designate persons to carry out GoTriangle's obligations under this Agreement. 24. All equipment, improvements, and interests in real property acquired under this Agreement shall be the property of GoTriangle or another entity under separate agreement and shall be subject to disposition as required under applicable law. 25. This Agreement is entered into by the Parties for their purposes only and does not confer any rights, benefits, remedies, or privileges on any other person or entity. 26. If any provision of this Agreement is determined to be unenforceable by a court of competent jurisdiction, such determination shall not affect any other provision of this Agreement. 27. Pursuant to N.C.G.S. § 147-86.59, any person identified as engaging in investment activities in Iran, determined by appearing on the Final Divestment List created by the State Treasurer pursuant to N.C.G.S. § 147-86.58, is ineligible to contract with the State of North Carolina or any political subdivision of the State.The Iran Divestment Act of 2015, N.C.G.S. § 147-86.55 et seq., requires the contracting party to certify that it meets the requirements of the Iran Divestment Act. By execution of this Agreement, each Party certifies that it is not on the Final Divestment List of entities that the State Treasurer has determined engages in investment activities in Iran, and that it shall not utilize in 7