Agenda 02-03-2026; 6-a - Approval of the School Construction Interlocal Agreement

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10 (i) At its option, cure the default by paying money or taking any other appropriate action, in which case the defaulting party must reimburse the non-defaulting party for all costs and expenses reasonably incurred in curing the default, including legal costs. (ii) Take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of a party under this Agreement. (iii) Where the default is a failure to eenvey property or eRter into thhe—Sc" Leaseenter into a sales tax recapture agreement, each party is entitled to the remedy of specific performance. 8.03 No remedy conferred or reserved in this Agreement is intended to be exclusive, but instead is intended to be cumulative. No delay or omission to exercise any right or power accruing upon any default constitutes a waiver of that right or power. A waiver of any default is limited to the default so waived and does not waive any other default. If a party incurs legal or other costs and expenses to collect any payments due under this Agreement, or to enforce the performance or observance of any obligation or covenant under this Agreement, then to the extent permitted by law each party promises to reimburse a non-defaulting party for all reasonable legal and other fees and costs incurred in any successful collection or enforcement action. 8.04 In the event of a dispute between the parties concerning the terms or performance of this Agreement, the parties will take the following steps prior to commencing any proceeding before a court or administrative body: (i) Any party noting a dispute under this Agreement will notify the other party of the nature of the dispute and the first party's proposed resolution. Within ten days after the effective date of the notice, the other party must respond in writing as to its view of the dispute and its position on the proposed resolution. (ii) After the first step and upon notice from any party, the parties will promptly hold a meeting attended by representatives with appropriate authority to resolve the dispute. At this meeting, the parties will attempt in good faith to negotiate a resolution of the dispute. (iii) If the dispute remains unsettled by negotiation, the parties will engage the services of a professional mediator agreed upon by the parties. The parties will then attempt in good faith to resolve the dispute through mediation in accordance with the North Carolina Rules For Mediated Settlement Conferences and Other Settlement Procedures in Superior Court Civil Actions. Each party will each pay one-half of the mediator's fees and expenses and each party will pay all its own legal fees and other expenses related to the mediation. Each party must be represented at the mediation by a representative with appropriate authority to resolve the matters in dispute. Only after mediation may a party initiate legal or administrative proceedings.