Orange County NC Website
18 <br /> shall NOT contain any SIR provision that limits the satisfaction of the SIR to PFPC. County <br /> reserves the right to obtain a copy of any policies and endorsements for verification. <br /> 8. Ownership of Assets and County Obligations. <br /> 8.1 Ownership. <br /> (a) The ownership of buildings and real estate, technical and office equipment and <br /> facilities, furniture, displays, fixtures, and similar personal property owned by the County <br /> located at the Facility shall remain with the County. Ownership of equipment, furnishings, <br /> materials or fixtures not considered to be real property —and other personal property <br /> purchased by PFPC with County funds for use at and for the Facility shall vest in the <br /> County automatically and immediately upon purchase or acquisition; however, those <br /> purchased by PFPC with its own funds shall vest in PFPC automatically and immediately <br /> upon purchase or acquisition. The assets of the County as described herein shall not be <br /> pledged, liened, encumbered, or otherwise alienated or assigned by PFPC, its officers, <br /> agents, employees, or contractors. <br /> (b) Ownership of and title to all intellectual property rights of whatsoever value, related to <br /> the Facility in any way, shall remain the sole property of the County, with the exception of <br /> any inventions, original works of authorship, developments, improvements, trade secrets, <br /> products, or proprietary software developed by PFPC, or any PFPC contractor, licensee <br /> or user of the Facility, prior to the date of this Agreement or after the date of this <br /> Agreement ("PFPC Inventions"). PFPC Inventions are not assigned to the County <br /> pursuant to this Agreement. <br /> (c) All Capital Equipment owned by the County as described in Exhibit A, as such may be <br /> amended from time to time, together with all Capital Equipment that may be purchased <br /> by the County, regardless of funding source, and installed in the Facility during the term <br /> of this Agreement shall vest in the County automatically. Unless purchased from the <br /> County by PFPC through a separate agreement, such Capital Equipment shall not be <br /> removed or disturbed by PFPC for any reason without the express written authorization <br /> of the County. <br /> (d) All Capital Equipment owned by PFPC as described in Exhibit A, together with all <br /> Capital Equipment that may be purchased by PFPC, unless such Capital Equipment is <br /> purchased for PFPC's use by the County, and installed in the Facility during the term of <br /> this Agreement shall vest in PFPC automatically. Capital Equipment purchased by the <br /> County for PFPC's use shall vest in the County upon purchase. <br /> (i) Upon termination of this Agreement for any reason other than the dissolution of <br /> PFPC or breach or uncured default by PFPC, PFPC may remove Capital <br /> Equipment owned by PFPC. PFPC shall be solely and fully responsible for any <br /> damage to the Facility caused by such removal, shall mitigate and repair such <br /> damage, and shall return the Facility to the same condition in which it existed prior <br /> to causing such damage. <br /> 14 <br />