Orange County NC Website
Browse       Search
16 <br /> B. DELAY OF INDUCEMENT PACKAGE INITIATION: If the Company believes that it will <br /> not meet employment and investment goals that are to be met pursuant to this Agreement by <br /> December 31, 2026, the onset of the Inducement Grant Period may be delayed up to one(1) <br /> additional year, at the option of the Company. Written notification of the exercise of this option <br /> to delay onset must be received by the County no later than December 31, 2026. In that event <br /> this Agreement shall initiate no later than December 31, 2027 and shall expire no later than <br /> January 31,2032. Notwithstanding anything else herein the Commencement Date shall not <br /> be beyond December 31, 2027. If Company cannot meet these requirements this Agreement <br /> shall terminate automatically without fault or further obligation to County. Company shall <br /> remain free to negotiate a new incentive agreement with County based on new terms and <br /> timelines. <br /> C. INVESTMENT AND EMPLOYMENT PACKAGE: If the Company does not meet and <br /> maintain either the investment or employment goals within the annual timetable set forth in this <br /> Agreement, and does not opt to delay the onset of this Agreement as described above,then the <br /> County will reduce the annual installment payment as set forth in Section 2.1). of this Agreement <br /> until such time as the Company once again meets both the investment and employment goals. <br /> Reduction shall be computed, exclusively by the County,based on the percentage of the goal not <br /> met. In order to qualify for the full reimbursement, including recovery of any prior reductions, <br /> both investment and employment must meet or exceed the minimum standards outlined above <br /> prior to the natural termination of this Agreement. <br /> 7. SEVERABILITY <br /> If a court having lawful jurisdiction determines any term or provision of this Agreement is <br /> illegal, invalid, or unenforceable,the legality,validity, or enforceability of the remaining terms, <br /> or provisions of this Agreement shall not be affected thereby; and in lieu of such illegal, invalid <br /> or unenforceable term or provision,there shall be added by mutually agreed upon written <br /> amendment to this Agreement, a legal,valid, or enforceable term or provision, as similar as <br /> possible to the term or provision declared illegal, invalid, or unenforceable. <br /> 8. COMPLIANCE WITH THE LOCAL GOVERNMENT BUDGET AND FISCAL CONTROL <br /> ACT OF NORTH CAROLINA GENERAL STATUTES <br /> All appropriations and expenditures pursuant to this Agreement shall be subject to the provisions <br /> of the Local Government Budget and Fiscal Control Act of the North Carolina General Statutes <br /> for cities and counties and shall be listed in the annual report submitted to the Local Government <br /> Commission by the County. <br /> 9. GOVERNING LAWS,DISPUTE RESOLUTION, & FORUM <br /> This Agreement shall be governed and construed by the Laws of the State of North Carolina. <br /> Any action brought to enforce or contest any term or provision of this Agreement shall be <br /> brought in the North Carolina General Court of Justice sitting in Orange County,North <br /> Carolina. The Parties hereto stipulate to the jurisdiction of said court. It is agreed by the Parties <br /> that no other court shall have jurisdiction or venue with respect to any claims, complaints, suits, <br /> or actions brought pursuant to this Agreement. Binding arbitration may not be initiated by either <br /> Revised 2023 Page 7 of 18 <br /> 4863-5202-3475.v5 <br />