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DocuSign Envelope ID:80DBCC67-147D-4966-BA8F-6B37818063C4 <br /> 5. Access. There is,or shall be by the date of Closing,legal access to the Property from a public roadway, <br /> and access over,upon and across the Property to and from the easement area. If the Property is surrounded by <br /> water,there is access to the Property from the waters of the State. <br /> 6. Tax Exempt Status. As applicable,the Grant Recipient shall maintain tax-exempt status under Section <br /> 501(c) (3) of the Internal Revenue Code of 1986, as amended(or any successor section) and the regulations <br /> promulgated there under(the"Code")and shall notify the Fund within thirty(30)days upon any change in its <br /> status under the Code. <br /> C. Termination;Events of Default <br /> 1. Termination by Mutual Consent. The Parties may terminate this Grant Contract by mutual written <br /> consent with sixty(60)days prior notice,or as otherwise provided by law. <br /> 2. Termination for Cause. The happening of any of the following, after the expiration of any applicable <br /> cure period without the cure thereof, shall constitute an event of default("Event(s) of Default")by the Grant <br /> Recipient of its obligations to the Fund,and shall entitle the Fund to exercise all rights and remedies under this <br /> Grant Contract and as otherwise available at law or equity: <br /> (a) Property Unsuitable.A determination by the Fund,prior to the date of Closing that the Property is <br /> unsuitable for the purpose for which this Grant contract is made. <br /> (b) Unsuitable Use.The Property is used in a manner materially inconsistent with the purposes of this <br /> Grant Contract or the Conservation Easement that Grant Recipient agrees to obtain in accordance <br /> with this Grant Contract. <br /> (c) Default in Performance. The default by the Grant Recipient in the observance or performance of <br /> any of the terms, conditions or covenants of the Grant Contract, including, without limitation, a <br /> failure to satisfy any condition precedent to disbursement or reimbursement set forth in conditions <br /> 5 and 6 thereof,provided,however,that no such default shall occur until the Grant Recipient has <br /> been given written notice of the default and thirty (30) days from the date of receipt of written <br /> notice in which to cure said default. <br /> (d) Misrepresentation. If any representation or warranty made by the Grant Recipient in connection <br /> with the Grant or any information, certificate, statement or report heretofore or hereafter made <br /> shall be untrue or misleading in any material respect at the time made. <br /> (e) Eli ig bility of Grant Recipient. If Grant Recipient ceases to be qualified to receive Grant funds,is <br /> dissolved,or otherwise ceases to exist. <br /> (f) Failure to Monitor Conservation Easement. If the Grant Recipient fails to notify the Fund of any <br /> potential violation of the Conservation Easement within a reasonable period of time so as to avert <br /> or cure any potential violation. <br /> D. The Fund's Rights and Remedies <br /> Orange County,North Carolina(NCLWF 2020-048 Moorefields Estate) <br /> Final—December 21,2020 Page 24 of 27 <br />