Orange County NC Website
Browse       Search
14 <br /> b. This Agreement shall continue for a period of seventeen (17)years from the Effective <br /> Date, unless otherwise amended by the prior express written agreement of the Parties. <br /> This term aligns with horizon year of the current County Transit Multi-year Vision Plan at <br /> the time of execution of this Agreement. <br /> c. Any amendment, termination, or renewal of the Term must be in the form of a written <br /> instrument properly authorized and executed by the governing boards of each Party. <br /> d. The Parties agree that the Term shall be extended by mandatory amendment though <br /> the final maturity dates of any debt issued and payable from Orange County Transit Tax <br /> Revenues seventeen (17)year initial term. <br /> 4.02 Termination. <br /> a. Material Breach. If any Party violates a responsibility, duty, or assumption stated in <br /> Article V,the other Party(ies) shall give written notice of the breach and request to cure. <br /> If such breach is not cured within thirty (30) days of written notice thereof, any non- <br /> breaching Party may, without further notice or demand, in addition to all other rights <br /> and remedies provided in this Agreement, at law or in equity,terminate this Agreement <br /> and recover any damages to which it is entitles because of said breach. In the event of a <br /> non-material breach of the Agreement,the termination procedure set forth in 4.02(b) <br /> shall apply. <br /> b. Termination upon one (1)year's notice.Any Party may terminate its participation in this <br /> Agreement with or without breach by giving written notice to each other Party of intent <br /> to terminate, as well as reasons for terminating (which shall be in the sole discretion of <br /> the terminating party), at least one (1)year prior to the effective termination date. <br /> c. Bankruptcy/Insolvency Special Provisions. If any Party applies for or consents to the <br /> appointment of a receiver,trustee or similar officer for it or any substantial part of its <br /> property or assets, or any such appointment is made without such application or <br /> consent by such Party and remains discharged for sixty(60) days, or files a petition in <br /> bankruptcy or makes a general assignment for the benefit of creditors,then such action <br /> shall constitute a material breach of this Agreement not requiring notice and <br /> opportunity to cure and the other Party(ies) may terminate effective immediately. <br /> d. Cooperation Provisions. In the event of termination pursuant to any subsection <br /> hereunder,the terminating Party shall not be relieved of any existing and <br /> underperformed obligations up until the effective date of termination, and the <br /> Agreement shall remain in effect as to the non-withdrawing Parties.The non- <br /> withdrawing Parties, beginning at the time of notice of termination is received, shall <br /> work together in good faith to determine if the intent and purpose of the Agreement <br /> can be accomplished by executing any Amendments deemed necessary and/or adding <br /> any parties deemed necessary to perform the executory obligations of the withdrawing <br /> Pa rty. <br /> e. Non-Exclusive Remedies. No remedy provided in this Agreement shall be considered <br /> exclusive of any other remedy in law or in equity. <br /> f. Repeal and Dissolution. Nothing herein shall be construed to restrict Orange County's <br /> ability to repeal any transit tax previously enacted and consideration will be given by the <br /> County to any transit taxes levied in support of debt service in support of the Orange <br /> County Transit Annual Work Program. Nothing herein shall be construed to restrict <br />