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discretion, agree in writing to extend this cure period. Any provision within this License notwithstanding, <br /> after any termination or expiration of this License: (i)tennination of the License shall not prejudice either <br /> Party's rights to any sums due or accrued under the License prior to termination or expiration and shall not <br /> prejudice any cause of action or claim the terminating party accrued or to accrue on account of any breach <br /> or default by thel 1011-tenninating party; and/or(ii)in the event that either Party elects to waive its remedies <br /> for any breach by the other Party of any covenant, tern, or condition of the License, such waiver shall not <br /> limit that Party's remedies for any succeeding breach of that or of any other tern, covenant, or condition <br /> of the License. <br /> d. Tennination for Convenience. Either Party may terminate this License without penalty for <br /> any reason upon ninety(90)calendar days' written notice to the other Party. <br /> 12. Title to Real Property. By entering this License, the University is only granting the Town a <br /> License to use the University's Property pursuant to this License. The University is not conveying to the <br /> Town, any of the Town's employees, or any member of the general public who uses the Jones Ferry Park <br /> and Ride Lot any ownership interest in the Property.The University remains the owner in fee simple of the <br /> Property and the fixtures on it.This License is and shall be subject and subordinate at all times to any liens <br /> and deeds of trust of any present or future mortgages in any amount or amounts and to all ground or <br /> underlying leases which exist or may hereafter be executed affecting the real property,without the necessity <br /> of executing or delivering any instruments on the part of the University to effectuate such subordination. <br /> 13. Hazardous Materials. Licensee shall not nnder any circumstances store or bring onto the Property <br /> any Hazardous Materials. As used in this License, the tenn "Hazardous Material" means any substance, <br /> material, or waste which is (1) defined as a "hazardous waste," "hazardous material," "hazardous <br /> substance,""extremely hazardous waste,"or"restricted hazardous waste"under any provision of California <br /> law; (2) petroleum or petroleum products; (3) asbestos; (4) polychlorinated biphenyls; (5) radioactive <br /> materials; (6)designated as a"hazardous substance" pursuant to Section 311 of the Clean Water Act, 33 <br /> U.S.C. § 1251 et seq. (33 U,S,C. § 1321) or listed pursuant to Section 307 of the Clean Water Act (33 <br /> U.S.C.§ 1317);(7)defined as a"hazardous substance"pursuant to the Resource Conversation and Recover <br /> Act, 42 U.S.C. section 6901 et seq. ( 42 U.S.C. § 6903) or its implementing regulations; (8) defined as a <br /> "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, <br /> Compensation and Liability Act, 42 U.S.C. section 9601 et seq. (42 U.S.C. § 9601); or(9)determined by <br /> North Carolina, federal, or local governmental authority to be capable of posing a risk of injury to health, <br /> safety, or property. <br /> 14. Miscellaneous. <br /> a. Access to Persons and Records. During the Tenn and the relevant period required for <br /> retention ofrecords by state law (N.C. Gen. Stat.§§ 121-5 and 132-1 et seq.), the State Auditor and the <br /> University's internal auditors shall have access to persons and records related to this License to verify <br /> accounts and data affecting fees or performance under this License, as provided in N.C. Gen. Stat. § 143- <br /> 49(9)and§ 147-64.7. However, if any audit, litigation, or other action arising out of or related in any way <br /> to this License is commenced before the end of such retention of records period,the records shall be retained <br /> for one (1)year after all issues arising out of the action are finally resolved or until the end of the record <br /> retentions period, whichever is later. <br /> b. Nature and Extent of Agreement. This License contains the complete agreement of the <br /> parties regarding the subject matter hereof, and there are no oral or written conditions, tenns, <br /> understandings,or other agreements pertaining thereto which have not been incorporated herein. <br /> C. Partial Invalidity. If any term, covenant or condition of this License or the application <br /> thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of <br /> this License, or the application of such term,covenant, or condition to persons or circumstances other than <br /> (00124237.DOCX 7) 5 <br />