Orange County NC Website
Browse       Search
17 <br /> subsection to the other. <br /> 7.06 This Agreement is executed as to form only until all parties have fully signed and executed <br /> the same. The effective date of this Agreement shall be the date upon which all parties have fully <br /> signed and executed this Agreement. When the last party fully signs and executes this <br /> Agreement, that party shall add the date of his signature to the very first paragraph of this <br /> Agreement and such date shall become the effective date of the Agreement. <br /> 7.07 The parties shall, to the greatest extent possible, fully cooperate to develop and approve <br /> an agreement and means of sales tax recapture. The process for sales tax recapture may be <br /> accomplished in any lawful manner. No Project may proceed until a sales tax recapture <br /> agreement is adopted for the specific Project or for all Projects inclusively. <br /> ARTICLE VIII <br /> DEFAULTS REMEDIES COSTS AND PERSONAL LIABILITY <br /> 8.01 A party is in default under this Agreement (i) if it fails to observe and perform any covenant, <br /> condition or agreement on its part to be observed or performed for a period of 30 days after notice <br /> specifying the failure and requesting that it be remedied has been given by the other party, or(ii) if <br /> any representation or warranty provided in this Agreement is found to be incorrect or incomplete in <br /> any material respect as of the Effective Date. <br /> 8.02 Whenever any default is continuing, the non-defaulting party may take any or all of the <br /> following remedial steps: <br /> (i) At its option, cure the default by paying money or taking any other appropriate <br /> action, in which case the defaulting party must reimburse the non-defaulting party for <br /> all costs and expenses reasonably incurred in curing the default, including legal costs. <br /> (ii) Take whatever action at law or in equity may appear necessary or desirable to <br /> collect the amounts then due and thereafter to become due, or to enforce performance <br /> and observance of any obligation, agreement or covenant of a party under this <br /> Agreement. <br /> (iii) Where the default is a failure to enter into a sales tax recapture agreement, <br /> each party is entitled to the remedy of specific performance. <br /> 8.03 No remedy conferred or reserved in this Agreement is intended to be exclusive, but instead <br /> is intended to be cumulative. No delay or omission to exercise any right or power accruing upon <br /> any default constitutes a waiver of that right or power. A waiver of any default is limited to the <br /> default so waived and does not waive any other default. If a party incurs legal or other costs and <br /> expenses to collect any payments due under this Agreement, or to enforce the performance or <br /> observance of any obligation or covenant under this Agreement, then to the extent permitted by <br /> law each party promises to reimburse a non-defaulting party for all reasonable legal and other <br /> fees and costs incurred in any successful collection or enforcement action. <br />