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<br />1. In the event that Owner is unable to proceed with any aspect of the <br />Project in a timely manner, and the County and Owner determine that <br />reasonable extension(s) for completion will not remedy the situation, <br />then Owner will retain responsibility for requirements for any dwelling <br />units assisted and the County will make no further payments to the <br />Owner. Owner may be required to repay funds pursuant to Section IV.B. <br /> <br />2. In the event that Owner, prior to the contract completion date, is unable <br />to continue to function due to, but, not limited to, dissolution or <br />insolvency of the organization, its filing a petition for bankruptcy or <br />similar proceedings, or is adjudged bankrupt or fails to comply or <br />perform with provisions of this Agreement, then Owner shall, upon the <br />County’s request, convey to the County the Property assisted with <br />County funds. Conveyance shall be at the sole discretion of County and <br />on a manufactured home unit by manufactured home unit basis. <br />Conveyance shall be on the terms set forth herein: <br /> <br />a. Conveyance shall occur within thirty (30) days of the County <br />and Owner's agreement of CHT’s inability to continue as a <br />viable organization. <br /> <br />b. Should the manufactured home units be classified as personal <br />property, Owner shall transfer title to County in accordance with <br />NCDMV policies and procedures. Should the manufactured <br />homes be classified as real property, Owner shall convey the <br />Property to the County by general warranty deed, free and clear <br />of all liens and encumbrances of record except those which <br />create a beneficial interest in the County (Declaration of <br />Restrictive Covenants and Deed of Trust). <br /> <br />ii. Default, Remedies. This Agreement may be terminated by a non-defaulting <br />party upon an event of default hereunder, after written notice thereof and thirty <br />(30) days grace period in which the defaulting party may act to cure. As used <br />herein, the term "an event of default" shall mean and refer to a failure or act of <br />omission by either party with respect to any undertaking, obligation, covenant or <br />condition as set forth in this Agreement. With respect to any event of default, the <br />non-defaulting party may exercise any right available to it at law or in equity <br />with respect to such default. <br /> <br />iii. Books and Records. Owner shall maintain records of its requirements under this <br />contract for a period of not less than five (5) full fiscal years following the <br />contract completion date. <br /> <br />DocuSign Envelope ID: D30731DD-899C-4474-9F67-CBE9A191E199