Agenda Package - 03-21-11 - Laserfiche WebLink

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032 ii. $4,600 (four percent of the maximum penalty) multiplied by the number determined by subtracting the percentage determined pursuant to Section 2.c.iii from 25%,( the average percentage of NC Cotton purchased by Frontier in CYs 2008 through 2010). e. The payment calculated under Section 2.d shall be due and payable within ten (10) days after receipt of demand from Lee County. 3. Maximum Payment: Notwithstanding anything else herein to the contrary, the maximum amount owed by Frontier to Lee County under Sections 1 and 2 combined shall not exceed $114,997. 4. Term: The Term of this Agreement is sixty -one (61) months, beginning on the date set forth above. 5. DEFAULT. Default under this performance agreement will also be considered default of the lease between the parties as described in para 5.d. Each of the following is a Default under this Agreement, entitling Lee County to exercise the remedies set out in Section 6: a. Frontier fails to pay the amounts owed under this Agreement, if any, within ten (10) days of the due date. b. Frontier fails to perform any of its obligations or duties under this Agreement, and such failure is not cured within thirty (30) days of written notice from Lee County to Frontier of such failure. c. Frontier becomes insolvent, dissolves or is dissolved, assigns its assets for the benefit of creditors or enters, voluntarily or involuntarily, into any bankruptcy or • other reorganization proceeding, or a temporary or permanent receiver, trustee or custodian is appointed for Frontier or Frontier's business or assets. d. Frontier defaults under the lease dated March 16, 2011 between Lee County as Lesser and Frontier as Lessee pursuant to which Frontier has leased from Lee County pallets purchased by Lee County with the Grant. e. Frontier becomes unauthorized to transact business in North Carolina. f. Frontier ceases operation of its business in North Carolina or reduces the total number of its employees in North Carolina to less than 500. g. Any representation by Frontier under this Agreement is or becomes untrue in any material way. 6. REMEDIES. Upon Default, Lee County shall have the right, in its discretion, to exercise the remedies set out herein or that may be available to it at law or equity, which remedies may be exercised individually, collectively or cumulatively without prejudice to the right to exercise any other remedy. The failure by Lee County to exercise any remedy upon a Default shall not constitute a waiver of that Default or any other Default. a. Termination. The right to terminate this Agreement; however, any such termination of this Agreement shall not relieve Frontier of any liabilities hereunder, and all remedies of Lee County shall survive such termination and may be exercised prior to, concurrently with, or subsequent to such termination. b. Demand Payment. The right to demand the payment from Frontier of $114,997.00 • less any payments made by Frontier to Lee County pursuant to this Agreement.