AG 1995 09 05 - Laserfiche WebLink

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FROM WATER ~ SEWER AUTHORITY OF CAa~RRUS CO. 08.21o1995 88:07 P. 5 I0. 11. 12. 13. 14. -15. accepted accounting principles, excluding the contributions of the County towards payment of the costs of operating and maintaining the MCWWTP pursuant to this Agreement and all income derived from an availability fee charged by the County and required by the County to construct additional water and sewer lines, and the costs associated with operating and maintaining tho MCWWTP include all reasonable and necessary current expenses of operation and maintenance with generally accepted accounting prJnclples, excluding Installment Payments and any other payments payable by the County to the Bank under the Installment Purchase Contract. 'The Cabarrus County Planntng and Development Area Manager and the I:~xecutive Director of WSACC shall be responsible on behalf of the County and WSACC, respectively, for effectuating the transfer of the operation and maintenance of the MCWWTP as contemplated by thls Agreement, and such persons may take such actions as are necessary for such purpose. At the time of the transfer of the property to be transferr~ pursuant to Paragraph I of this Agreement, such property shall be more accurately identified in an amendment to this ^greement or in a separate agreement executed by the partles to this Agreement pursuant to resolutions of their governing boards approving such amendment or separate agreement and authorizing its execution. Such amendment or separate agreement may also contain other provisions and provide for other documents, such as a deed, as may be necessary to accomplish such transfer. WSACC's rights to operate and maintain the MCWWTP and ali of its other rights under this Agreement are subject and subordinate to the rights of the Bank and its successors and assigns relating to the MCWWTP under the Installment Purchase Contract. Except as expressly set forth in this Agreement, there are no other agreements, covenants, representations, understandings or warranties of tile parties hereto which contradict, are inconsistent with or supplement tile terms hereof. This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina. Tills Agreement may be amended, modified in whole or in part or terminat~ only by aa agreement in writing executed by the parties hereto pursuant to resolutions of their governing boards approving such amendment and authorizing its execution. 'This Agreement shall take effect upon tho later of' the dates of execution by the parties hereto pursuant to resolutions of their governing boards approving this Agreement and authorizing its execution. -4-