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26 <br />Closing and 2) the Property has not been dedicated pursuant to Section 5.1 hereof; the Fund may, at <br />its discretion elect either of the following remedies: <br />(i) Suspend and/or terminate all obligations of the Fund hereunder and <br />the Grantee shall immediately refund to the Fund all money previously paid to the Grantee under <br />this Grant Agreement, in which case the Fund shall return to the Grantee the executed original <br />Conservation Easement if it has not been accepted by the State and recorded, or, if it has been <br />recorded, shall leave the State release, remise and quitclaim to the Grantee any of the State's right <br />title and interest in the Conservation Easement and the Property, or <br />(ii) Seek to obtain title to preserve or protect its interest in the Property, <br />in which case the Fund or State shall be entitled to maintain and enforce its rights under the <br />Conservation Easement and to obtain title to the Property, in which case the Fund shall have, na <br />right to receive any reimbursement, refund or repayment of any money paid Grantee under this <br />Grant Agreement. <br />(b) If an Event of Default occ~rrs subsequent to Closing, and 1) a third party has <br />received the Conservation Easement, and/or 2) the Property has been dedicated pursuant to Section <br />S.1 hereof, the Fund and State may seek to obtain title to preserve or protect its interest in the <br />Property, and the Grantee shall convey and transfer to the Fund, .the State or designee by general <br />warranty deed, free and clear of any liens, charges ar encumbrances that would materially affect the <br />use of the Property as set forth in the Conservation Easement, all its underlying fee simple title to <br />the Property, in which case the Fund sha11 have no right to receive any reimbursement, refund, ar <br />repayment of any money paid Grantee under this Chant Agreement. <br />8.3. Nonwaiver. No delay, forbearance, waiver, or omission of the Fund to exercise any <br />right, power or remedy accruing upon any Event of Default shall exhaust ar impair any such right, <br />power or remedy or sha11 be construed to waive any such Event of Default or to constitute <br />acquiescence therein. Every right, power and remedy given to the Fund may be exercised from . <br />time to time and as often as maybe deemed expedient by the Fund. <br />SECT'lON TX <br />Miscellaneous <br />The following conditions shall be applicable to this Grant Agreement: <br />9.1. Modification. This Grant Agreement may be rescinded, modified ar amended only <br />by written agreement executed by all parties hereto. <br />9.2. Benefit. This Grant Agreement is made and entered into for the sole protection and <br />benefit of the Fund, the State and the Grantee, and their respective successors and assigns, subject <br />always to the provisions of Section 9.7 hereof. Except for the State, there shall be na third party <br />beneficiaries to this Grant Agreement. <br />Orange County 99A~-017 Gontract.doc 12/07/99 9:32 AM 9 <br />