Orange County NC Website
9 <br /> 4.1 Term.The Term of this Agreement shall begin on the Effective Date and, unless <br /> sooner terminated pursuant to the provisions of Section 4.2 below, shall expire on June 30, <br /> 2030. <br /> Notwithstanding anything to the contrary herein, Owner's engagement of Manager as <br /> provided herein and Manager's acceptance of such engagement are each expressly <br /> subject to and conditioned upon Manager's presentation of a draft Pro Forma budget, and <br /> Owner's approval of the draft Pro Forma budget, within sixty (60) days after the Effective <br /> Date. If Owner does not approve Manager's draft Pro Forma budget, this Agreement shall <br /> be null and void and Manager shall retain the first two months fees paid to it, as full <br /> compensation for its consulting services in preparing the draft Pro Forma budget. <br /> 4.2 Early Termination. This Agreement may be terminated by Owner or <br /> Manager, with or without cause, at any time by providing the other party with written <br /> notice on or before the date such terminating party wishes to terminate this Agreement <br /> (the "Termination Date") as provided in this subsection. <br /> (a) For Owner's Convenience: Owner shall have the right to terminate this <br /> Agreement for any reason or no reason upon twelve (12) months' notice to Manager. <br /> (b) For Manager's Convenience: Manager shall have the right to terminate <br /> this Agreement for any reason or no reason upon twelve (12) months' notice to Owner. <br /> 4.3 Effect of Early Termination. <br /> (a) Upon termination or expiration of this Agreement for any reason, (i) <br /> Manager shall promptly discontinue the performance of all services hereunder, (ii) the <br /> Owner shall promptly pay Manager all fees due Manager up to the date of termination or <br /> expiration (subject to proration if the Term ends other than at the end of the Fiscal Year), <br /> (iii) Manager shall make available to the Owner all data, electronic files, documents, <br /> procedures, reports, estimates, summaries, and other such information and materials with <br /> respect to the Facility as may have been accumulated by Manager in performing its <br /> obligations hereunder, whether completed or in process, (iv) Manager shall, in a <br /> commercially reasonable manner, cooperate and assist Owner in the transition of <br /> management to the successor Facility manager, and (v) Manager shall transfer to Owner all <br /> funds in all Operating Accounts. <br /> (b) Without any further action on part of Manager or Owner, the Owner shall, or <br /> shall cause the successor Facility Manager to, assume all obligations arising after the date <br /> of such termination or expiration, under any Service Contracts, Revenue Generating <br /> Contracts, booking commitments and any other Facility agreements entered into by <br /> Manager in furtherance of its duties hereunder. Any obligations of the parties that are <br /> designated herein to survive expiration or termination of this Agreement shall survive early <br /> termination hereof. <br />