|
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 Inducement Grant, including recovery of any prior
<br /> reductions, both investment and employment must meet or exceed the minimum standards
<br /> outlined above 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 /> Party , however, the Parties may agree to nonbinding mediation of any dispute prior to the
<br /> bringing of a claim , complaint, suit, or action .
<br /> 10 . INDEMNIFICATION
<br /> The Company hereby agrees to indemnify, protect and save the County and its officers ,
<br /> directors , and employees harmless from all liability, obligations , losses , claims, damages ,
<br /> actions, suits , proceedings , costs and expenses , including reasonable attorneys ' fees , arising
<br /> out of, connected with, or resulting directly or indirectly from (a) the Company ' s gross
<br /> negligence or intentional misconduct with regard to the business , construction, maintenance,
<br />
|