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00007 <br />2. Update of Activities. EDC, in order to keep the County fully informed of all efforts <br />funded in part by the Countys funds will: <br />a. Inform the County of all cooperative efforts undertaken by EDC and Carolantic; <br />b. Provide copies of invoices from Carolantic to EDC for the disbursement of funds to <br />Carolantic in furtherance of this cooperative marketing effort, and, <br />c. Make the County aware of any audits conducted of the EDC solely regarding the <br />utilization of funds for this cooperative marketing, and provide a copy of any such <br />audit to the County. <br />3. Future Commitments. The contribution of funds from the County to EDC, pursuant <br />to this MOU will not obligate the County to make future contributions(s) of funds. <br />4. No Joint Venture. This MOU and the undertakings described herein do not create <br />any partnership or joint venture between the Parties. <br />5. Assignments. Neither Party shall sell or assign any interest in or obligation under <br />this MOU without the prior express written consent of all the parties. <br />6. Governing Law. The Parties intend that this MOU shall be governed by the law of <br />the State of North Carolina. <br />7. Notices <br />a. Any communication required or permitted by this MOU must be in writing except as <br />expressly provided otherwise in this MOU. <br />b. Any communication shall be sufficiently given and deemed given when delivered by <br />hand or five days after being mailed by first class mail, postage prepaid, and <br />addressed as follows: <br />L If to County (or City), to: <br />John Crumpton <br />Lee County Manager <br />408 Summit Drive <br />Sanford, NC 27330 <br />NPRAL1:783664.1-TBF-(EPEARSON) 900000-02216 <br />