Orange County NC Website
Browse       Search
7. Executive Order 11246-Equal Opportunity, as amended by Executive Orders 11375 <br />and 12086, and implementing regulations issued at 41 C.F.R Chapter 60. <br /> <br />VIII. ADMINISTRATION AND REPORTING REQUIREMENTS <br /> <br />A. Owner shall submit to the County a quarterly Progress Report no later than the fifth <br />day of the months of January, April, July, and October until the activity has been <br />reported completed. <br /> <br />IX. MISCELLANEOUS PROVISIONS <br /> <br />A. Termination of Agreement. The full benefit of the Project will be realized only after <br />the completion of the affordability periods for all Project dwelling units on the <br />Property. It is the County's intention that the full public benefit of the Project shall be <br />completed under the auspices of the Owner as follows: <br /> <br />1. In the event that the Owner is unable to proceed with any aspect of the Project in a <br />timely manner, and County and the Owner determine that reasonable extension(s) <br />for completion will not remedy the situation, then the Owner will retain <br />responsibility for requirements for the Property and County will make no further <br />payments to the Owner. <br /> <br />2. In the event that the Owner, prior to the contract completion date, is unable to <br />continue to perform under this Agreement due to, but, not limited to, dissolution or <br />insolvency of the organization, its filing a petition for bankruptcy or similar <br />proceedings, or is adjudged bankrupt or fails to comply or perform with provisions <br />of this agreement, the County may, in its sole discretion, terminate this Agreement. <br />Conveyance shall be at the sole discretion of County and may be made on a Project <br />dwelling unit by Project dwelling unit basis as set forth below: <br /> <br />i. Conveyance shall occur within thirty (30) days of County and the Owner's <br />agreement of the Owner’s inability to continue as a viable organization. <br /> <br />ii. Owner shall convey the Property to the County by general warranty deed, free <br />and clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants and Deed of <br />Trust). <br /> <br />B. Default, Remedies. This Agreement may be terminated by a non-defaulting party <br />upon an event of default hereunder, after written notice thereof and thirty (30) days <br />grace period in which the defaulting party may act to cure. As used herein, the term <br />"an event of default" shall mean and refer to a failure or act of omission by either party <br />with respect to any undertaking, obligation, covenant or condition as set forth in this <br />Agreement. With respect to any event of default, the non-defaulting party may exercise <br />any right available to it at law or in equity with respect to such default. <br /> <br />Docusign Envelope ID: 4B02F05F-1410-4DCD-BCEE-8DD7A7B20DAF