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Agenda Package - 03-21-11
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Agenda Package - 03-21-11
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6/20/2011 2:24:22 PM
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032 <br />ii. $4,600 (four percent of the maximum penalty) multiplied by the number <br />determined by subtracting the percentage determined pursuant to Section <br />2.c.iii from 25%,( the average percentage of NC Cotton purchased by <br />Frontier in CYs 2008 through 2010). <br />e. The payment calculated under Section 2.d shall be due and payable within ten (10) <br />days after receipt of demand from Lee County. <br />3. Maximum Payment: Notwithstanding anything else herein to the contrary, the maximum <br />amount owed by Frontier to Lee County under Sections 1 and 2 combined shall not exceed <br />$114,997. <br />4. Term: The Term of this Agreement is sixty -one (61) months, beginning on the date set forth <br />above. <br />5. DEFAULT. Default under this performance agreement will also be considered default of the <br />lease between the parties as described in para 5.d. Each of the following is a Default under <br />this Agreement, entitling Lee County to exercise the remedies set out in Section 6: <br />a. Frontier fails to pay the amounts owed under this Agreement, if any, within ten (10) <br />days of the due date. <br />b. Frontier fails to perform any of its obligations or duties under this Agreement, and <br />such failure is not cured within thirty (30) days of written notice from Lee County to <br />Frontier of such failure. <br />c. Frontier becomes insolvent, dissolves or is dissolved, assigns its assets for the <br />benefit of creditors or enters, voluntarily or involuntarily, into any bankruptcy or <br />• other reorganization proceeding, or a temporary or permanent receiver, trustee or <br />custodian is appointed for Frontier or Frontier's business or assets. <br />d. Frontier defaults under the lease dated March 16, 2011 between Lee County as <br />Lesser and Frontier as Lessee pursuant to which Frontier has leased from Lee <br />County pallets purchased by Lee County with the Grant. <br />e. Frontier becomes unauthorized to transact business in North Carolina. <br />f. Frontier ceases operation of its business in North Carolina or reduces the total <br />number of its employees in North Carolina to less than 500. <br />g. Any representation by Frontier under this Agreement is or becomes untrue in any <br />material way. <br />6. REMEDIES. Upon Default, Lee County shall have the right, in its discretion, to exercise the <br />remedies set out herein or that may be available to it at law or equity, which remedies may <br />be exercised individually, collectively or cumulatively without prejudice to the right to <br />exercise any other remedy. The failure by Lee County to exercise any remedy upon a <br />Default shall not constitute a waiver of that Default or any other Default. <br />a. Termination. The right to terminate this Agreement; however, any such termination <br />of this Agreement shall not relieve Frontier of any liabilities hereunder, and all <br />remedies of Lee County shall survive such termination and may be exercised prior <br />to, concurrently with, or subsequent to such termination. <br />b. Demand Payment. The right to demand the payment from Frontier of $114,997.00 <br />• less any payments made by Frontier to Lee County pursuant to this Agreement. <br />
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