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AG 1992 04 06
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AG 1992 04 06
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Last modified
3/25/2002 4:09:47 PM
Creation date
11/27/2017 12:01:19 PM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/6/1992
Board
Board of Commissioners
Meeting Type
Regular
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of water treated through the Water Treatment Facility by <br />Fieldcrest for each month less the total volume (in gallons) of <br />water used by Fieldcrest for each month and the denominator of <br />which is the total volume (in gallons) of water treated through <br />the Water Treatment Facility by Fieldcrest for each month, by the <br />Total Operating Costs of the Water Treatment Facility for each <br />month. <br /> <br /> 10. Term. This Agreement shall continue for a term of <br />twenty (20) years from the closing under the Purchase Contract <br />unless earlier terminated in accordance with the provisions of <br />this Agreement. <br /> <br /> 11. Events Of Defa6~t. The following shall constitute <br />an event of default under this Agreement: <br /> <br /> a. The failure of'either party to perform, observe or <br />comply with any of the terms, conditions or provisions <br />contained in this Agreement. It is specifically understood <br />and agreed by the parties that as a condition precedent to a <br />declaration of termination or seeking any legal or equitable <br />remedy, a party must first advise the other in writing of <br />~he specific factual details constituting an alleged event <br />of default and, the purported defaulting party shall have <br />thirty (30) days in which to cure such default. <br /> <br /> b. If either party shall file a voluntary petition in <br />bankruptcy or shall be adjudicated bankrupt or insolvent or <br />shall file any petition or answer seeking or acquiescing in <br />any reorsanization, arrangement, composition, readjustment, <br />liquidation, dissolution or similar relief for itself under <br />any present or' future federal, state or other statute, law <br />or regulation relating to bankruptcy, insolvency or other <br />relief for debtors, or if a trustee, receiver or liquidator <br />is appointed for Fieldcrest. <br /> <br /> c. Any person or entity not presently having control <br />over a majority of the voting stock of Fieldcrest achieves <br />such control, or Fieldcrest sells all or substantially all <br />of its assets to any person or entity not presently having <br />control over a majority of the voting stock of Fieldcrest. <br /> <br />Upon an event of default under ll.b. or ll.c. above, City shall <br />have the right to terminate this Agreement upon written notice to <br />Fieldcrest notwithstanding the provisions of Paragraph 12 <br />below. Notwithstanding such termination, Fieldcrest or any <br />successor shall be entitled to draw water from the Water <br />Treatment Facility as described in Paragraph 5 above. <br /> <br />-8- <br /> <br /> <br />
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