Agenda - 12-13-2022; 8-c - Proposed Eighteen-Month Extension of the State of North Carolina’s “Building Reuse Grant” Incentive for Industrial Connections & Solutions-ABB Inc.

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i 23 i i Rural Economic Development Grant Agreement,Private Owner i BUILDING REUSE PROGRAM—Revision 43 2020-025-3201.2587 funds. (f), Upon the Governmental Unit's reasonable inquiry of and receipt of supporting evidence from the Owner, both the Owner and any Business are duly authorized to do business under North Carolina law and are not delinquent on any federal, state or local taxes,licenses or fees. 13, Cessatioru Termination, Bankruptcy,Dissolution or Insolvency, (a), Under the LBC, the Owner agrees at all times to preserve its legal existence,except that it may merge or consolidate with or Into,or sell all or substantially all of its assets to,any entity that expressly undertakes,assumes for itself and agrees in writing to be bound by all of the obligations and undertakings of the Owner contained in the LBC. If the Owner so merges,consolidates or sells its assets without such an undertaking being provided, it agrees in the LBC to repay to the Governmental Unit or Commerce,upon request and as directed, all unspent Loan funds, Further, a merger, consolidation or sale without such an undertaking shall constitute a material default under the LBC,and the Governmental Unit or Commerce may terminate the i LBC upon written notice to the Owner and hold the Owner liable for any other repayment provided for under the LBC, (b), Other than as provided for in Paragraph 13(a)above, if the Owner or any Business ceases to do business or becomes the subject of any bankruptcy,dissolution or insolvency proceeding prior to the Termination Date, it shall be the sole responsibility of the Governmental Unit to(i)immediately notify Commerce and(ii)pursue any claim for Grant funds owed the State by the Owner or Business, including in any legal proceeding,to obtain the maximum payment allowed by law. To the extent the Governmental Unit fails to pursue repayment of the Grant funds in such a proceeding and obtain the maximum payment allowed by law, and without limitation, the Governmental Unit shall be liable to Commerce for all amounts that should have been awarded to the Unit in the proceeding if it had taken the necessary action (notwithstanding whether such amounts would have actually been paid by the Owner or Business). Alternatively,without limitation, if the Governmental Unit fails to pursue repayment of the Grant funds in such a proceeding and Commerce elects to do so instead,the Governmental Unit is responsible and agrees to reimburse Commerce for all legal costs and reasonable attorneys' fees that Commerce incurs in pursuing repayment. (c). If the Governmental Unit fails to provide Commerce notice of the Owner or any Business ceasing to do business or becoming the subject of any bankruptcy, dissolution or insolvency proceeding prior to the Termination Date, it shall constitute a material default under this Grant Agreement, If there is such a cessation or such a proceeding,Commerce may terminate the Grant Agreement upon written notice to the Governmental Unit. If there is such a cessation or such a proceeding, the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving,as applicable,the Governmental Unit or the Governmental Unit and the Owner written notice specifying the Termination Date, which Commerce may determine in its sole discretion, Upon such termination, the Grant Agreement-8 i I i I i i i i