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DocuSign Envelope ID:80DBCC67-147D-4966-BA8F-6B37818063C4 <br /> If an Event of Default shall occur,the Trust Fund shall have the following rights and remedies, all of <br /> which are exercisable at the Trust Fund's sole discretion,and are cumulative,concurrent and independent rights: <br /> 1. Default Prior to Closin;. If an Event of Default occurs prior to the date of Closing,the Fund may, at <br /> its discretion, suspend and/or terminate all obligations of the Fund hereunder and Grant Recipient shall <br /> immediately refund all money previously paid to the Grant Recipient under this Grant Contract. If in the <br /> judgment of the Fund, such failure was due to no fault of the Grant Recipient, amounts required to resolve, at <br /> minimum costs,any irrevocable obligations properly incurred by Grant Recipient shall,in the discretion of the <br /> Fund,be eligible for reimbursement under this Grant Contract. <br /> 2. Default Subsequent to Closing. <br /> (a) If an Event of Default occurs subsequent to Closing of a Conservation Easement assigned <br /> to the State, the Fund or State shall be entitled to maintain and enforce its rights under the Conservation <br /> Easement, in which case the Fund shall have no right to receive any reimbursement, refund or repayment <br /> of any money paid Grant Recipient under this Grant Contract. <br /> (b) If an Event of Default occurs subsequent to the Closing and Grant Recipient has received <br /> title to the Property, then the Grant Recipient shall convey and transfer to the State or designee all its <br /> underlying fee simple title to the Property,by general warranty deed, free and clear of any liens, charges or <br /> encumbrances that would materially affect the use of the Property as set forth in the Conservation Easement, <br /> in which case the Fund shall have no right to receive any reimbursement, refund, or repayment of any <br /> money paid to Grant Recipient under this Grant Contract. <br /> (c) If an Event of Default occurs subsequent to the Closing and the Grant Recipient holds the <br /> Conservation Easement,the Fund and State may seek to obtain title to the Conservation Easement in order <br /> to preserve or protect its interest in the Property; or the Fund may suspend and/or terminate all obligations <br /> of the Fund hereunder, and the Grant Recipient shall immediately return to the Fund all money previously <br /> paid to the Grant Recipient under this Grant Contract. <br /> (d) If an Event of Default occurs subsequent to Closing and a third party has received the <br /> Conservation Easement,the Fund and State may seek to obtain title to the Conservation Easement in order <br /> to preserve or protect its interest in the Property; or the Fund may suspend and/or terminate all obligations <br /> of the Fund hereunder, and the Grant Recipient shall immediately return to the Fund all money previously <br /> paid to the Grant Recipient under this Grant Contract. <br /> 3. Non-waiver. No delay, forbearance,waiver, or omission of the Fund to exercise any right,power or <br /> remedy accruing upon any Event of Default shall exhaust or impair any such right,power or remedy or shall <br /> be construed to waive any such Event of Default or to constitute acquiescence therein. Every right,power and <br /> remedy given to the Fund may be exercised from at any time and as often as may be deemed expedient by the <br /> Fund. <br /> E. Miscellaneous <br /> 1. Modification. This Grant Contract may be rescinded,modified or amended only by written agreement <br /> executed by all Parties. <br /> Orange County,North Carolina(NCLWF 2020-048 Moorefields Estate) <br /> Final—December 21,2020 Page 25 of 27 <br />