Common use of Default Remedies Termination Clause in Contracts

Default Remedies Termination. a) If any of the following events occur ("Events of Default"), all obligations on the part of the AGENCY/GRANTEE to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE so elects, terminate, and the AGENCY/GRANTEE may at its option exercise any of its remedies set forth herein, but the AGENCY/GRANTEE may make any payments or parts of payments after the happening of any Events of Default without thereby waiving the right to exercise such remedies, and without becoming liable to make any further payment: 1. If any warranty or representation made by the RECIPIENT/ SUBGRANTEE in this Agreement or any previous Agreement with the AGENCY/GRANTEE shall at any time be false or misleading in any respect, or if the RECIPIENT/SUBGRANTEE shall fail to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE and has not cured such in timely fashion, or is unable or unwilling to meet its obligations thereunder; 2. If any material adverse change shall occur in the financial condition of the RECIPIENT/SUBGRANTEE at any time during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEE, and the RECIPIENT/SUBGRANTEE fails to cure said material adverse change within thirty (30) days from the time the date written notice is sent by the AGENCY/GRANTEE; 3. If any reports required by this Agreement have not been submitted to the AGENCY/GRANTEE or have been submitted with incorrect, incomplete or insufficient information; 4. If the RECIPIENT/SUBGRANTEE has failed to perform and complete in timely fashion any of the services required under the Budget and Scope of Work attached hereto as "Attachment A". 5. If the necessary funds are not available to fund this agreement as a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Management.

Default Remedies Termination. a) 1. If any the necessary funds are not available to fund this Agreement because of action by the Florida Legislature or the Office of the following events occur ("Events of Default")State Chief Financial Officer, or if any Defaults occur, as described below, all obligations on the part of the AGENCY/GRANTEE FCT to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE so elects, terminate, shall terminate and the AGENCY/GRANTEE FCT may at its option exercise any of its the remedies set forth herein, but the AGENCY/GRANTEE may make . If FCT makes any payments or parts of payments after the happening an Event of any Events of Default without thereby waiving the Default, such payment will not waive FCT’s right to exercise such remedies, and without becoming liable will not obligate FCT to make any further paymentpayments. 2. The following constitute a Default: 1. a. If FCT finds that any warranty or representation made by the RECIPIENT/ SUBGRANTEE Recipient in this Agreement or Agreement, any previous Agreement agreement with the AGENCY/GRANTEE shall at FCT, or in any time be document provided to FCT is false or misleading in any respect, or if . b. If the RECIPIENT/SUBGRANTEE shall fail Recipient fails to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE FCT and has not cured such failure in timely fashion, or is unable or unwilling to meet its obligations thereunder;hereunder; or 2. c. If any material adverse change shall occur in the Recipient’s financial condition of the RECIPIENT/SUBGRANTEE at any time occurs during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEE, and the RECIPIENT/SUBGRANTEE Recipient fails to cure said the material adverse change within thirty (30) days from the time the date written notice is sent to the Recipient by the AGENCY/GRANTEE;FCT; or 3. d. If any reports or documents required by this Agreement have not been timely submitted to the AGENCY/GRANTEE FCT or have been submitted with incorrect, incomplete incomplete, or insufficient information;; or e. If the Recipient fails to perform any of its obligations under this Agreement in a timely fashion; or f. If the Recipient fails to comply with Project deadlines set forth in the approved Management Plan; or g. If the Recipient fails to keep the Project Site open to the public. 3. Upon the happening of a Default, FCT may, after giving thirty (30) calendar days’ notice, exercise any one or more of the following remedies, either concurrently or consecutively. The pursuit of any one of the following remedies shall not preclude FCT from pursuing any other remedies contained herein or otherwise provided at law or in equity: a. Terminate this Agreement, provided the Recipient is given at least thirty (30) calendar days’ prior written notice of such termination. The notice shall be effective upon the date of the letter. Notification shall be given pursuant to Section V. b. Commence an appropriate legal or equitable action to enforce performance of this Agreement. c. Withhold or suspend payment of all or any part of the FCT Award. d. Exercise any corrective or remedial actions, including, but not limited to, requesting additional information from the Recipient to determine the reasons for or the extent of non-compliance or lack of performance or issuing a written warning to advise that more serious measures may be taken if the situation is not corrected. e. Exercise any other rights or remedies that are otherwise available under law, including, those described in paragraph IX.3. 4. If FCT may terminate this Agreement for cause upon written notice to the RECIPIENT/SUBGRANTEE has failed Recipient. Cause shall include, but is not limited to: default; fraud; lack of compliance with applicable rules, laws, and regulations; failure to perform in a timely manner; failure to make significant progress toward Project Plan and complete in timely fashion Management Plan approval; and refusal by the Recipient to permit public access to any of the services required document, paper, letter, or other material subject to disclosure under the Budget and Scope of Work attached hereto Chapter 119, F.S., as "Attachment A"amended. 5. If FCT may terminate this Agreement if it determines, in its sole discretion, that the necessary funds are continuation of the Agreement would not available produce beneficial results commensurate with the further expenditure of funds. 6. The Recipient may request termination of this Agreement before its Expiration Date by a written request fully describing the circumstances that compel the Recipient to fund this agreement as terminate the Project. A request for termination shall be provided to FCT in a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Managementmanner described in paragraph V.1.

Default Remedies Termination. a) 1. If the necessary funds are not available to fund this Agreement as a result of action by the Florida Legislature or the Office of the State Chief Financial Officer, or if any of the following events below occur ("“Events of Default"”), all obligations on the part of the AGENCY/GRANTEE FCT to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE FCT so elects, terminateterminate and FCT may, and the AGENCY/GRANTEE may at its option option, exercise any of its remedies set forth herein, but the AGENCY/GRANTEE FCT may make any payments or parts of payments after the happening of any Events of Default without thereby waiving waving the right to exercise such remedies, and without becoming liable to make any further payment. The following constitute Events of Default: 1. a. If any warranty or representation made by the RECIPIENT/ SUBGRANTEE Recipient in this Agreement or Agreement, any previous Agreement agreement with the AGENCY/GRANTEE FCT or in any document provided to FCT shall at any time be false or misleading in any respect, or if the RECIPIENT/SUBGRANTEE Recipient shall fail to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE FCT and has not cured such in timely fashion, or is unable or unwilling to meet its obligations thereunder;; or 2. b. If any material adverse change shall occur in the financial condition of the RECIPIENT/SUBGRANTEE Recipient at any time during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEEFCT, and the RECIPIENT/SUBGRANTEE Recipient fails to cure said material adverse change within thirty (30) days from the time the date written notice is sent to the Recipient by the AGENCY/GRANTEE;FCT; or 3. c. If any reports or documents required by this Agreement have not been timely submitted to the AGENCY/GRANTEE FCT or have been submitted with incorrect, incomplete or insufficient information;; or 4. d. If the RECIPIENT/SUBGRANTEE has failed Recipient fails to perform and complete in timely fashion any of its obligations under this Agreement; or e. If the services required Recipient fails to comply with Project deadlines in a timely fashion set forth in the approved Management Plan; or f. If the Recipient fails to keep access of the Project Site open to the public. 2. Upon the happening of an Event of Default, FCT may, at its option, upon thirty (30) calendar days from the date written notice is sent to the Recipient by FCT and upon the Recipient’s failure to timely cure, exercise any one or more of the following remedies, either concurrently or consecutively, and the pursuit of any one of the following remedies shall not preclude FCT from pursuing any other remedies contained herein or otherwise provided at law or in equity: a. Terminate this Agreement, provided the Recipient is given at least thirty (30) days prior written notice of such termination. The notice shall be effective upon the date of the letter. Notification shall be given pursuant to Section V.; or b. Commence an appropriate legal or equitable action to enforce performance of this Agreement; or c. Withhold or suspend payment of all or any part of the FCT Award; or d. Exercise any corrective or remedial actions, including, but not limited to, requesting additional information from the Recipient to determine the reasons for or the extent of non-compliance or lack of performance or issuing a written warning to advise that more serious measures may be taken if the situation is not corrected; or e. Exercise any other rights or remedies which may be otherwise available under law, including, but not limited to, those described in paragraph IX.3. 3. FCT may terminate this Agreement for cause upon written notice to the Budget Recipient. Cause shall include, but is not limited to: Events of Default; fraud; lack of compliance with applicable rules, laws and Scope regulations; failure to perform in a timely manner; failure to make significant progress toward Project Plan and Management Plan approval; and refusal by the Recipient to permit public access to any document, paper, letter, or other material subject to disclosure under Chapter 119, F.S., as amended. Appraisals, and any other reports relating to value, offers and counteroffers are not available for public disclosure or inspection and are exempt from the provisions of Work attached hereto Section 119.07(1), F.S. until a Purchase Agreement is executed by the Owner(s) and Recipient and conditionally accepted by FCT, or if no Purchase Agreement is executed, then as "Attachment A"provided for in Sections 125.355(1)(a) and 166.045(1)(a), F.S. 4. FCT may terminate this Agreement when it determines, in its sole discretion, that the continuation of the Agreement would not produce beneficial results commensurate with the further expenditure of funds by providing the Recipient with thirty (30) calendar days prior written notice. 5. If The Recipient may request termination of this Agreement before its Expiration Date by a written request fully describing the necessary funds are not available circumstances that compel the Recipient to fund this agreement as terminate the Project. A request for termination shall be provided to FCT in a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Managementmanner described in paragraph V.1.

Default Remedies Termination. a) 1. If the necessary funds are not available to fund this Agreement as a result of action by the Florida Legislature or the Office of the Comptroller, or if any of the following events below occur ("“Events of Default"”), all obligations on the part of the AGENCY/GRANTEE FCT to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE FCT so elects, terminateterminate and FCT may, and the AGENCY/GRANTEE may at its option option, exercise any of its remedies set forth herein, but the AGENCY/GRANTEE FCT may make any payments or parts of payments after the happening of any Events of Default without thereby waiving waving the right to exercise such remedies, and without becoming liable to make any further payment. The following constitute Events of Default: 1. a. If any warranty or representation made by the RECIPIENT/ SUBGRANTEE Recipient in this Agreement or Agreement, any previous Agreement agreement with the AGENCY/GRANTEE FCT or in any document provided to FCT shall at any time be false or misleading in any respect, or if the RECIPIENT/SUBGRANTEE Recipient shall fail to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE FCT and has not cured such in timely fashion, or is unable or unwilling to meet its obligations thereunder; 2. b. If any material adverse change shall occur in the financial condition of the RECIPIENT/SUBGRANTEE Recipient at any time during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEEFCT, and the RECIPIENT/SUBGRANTEE Recipient fails to cure said material adverse change within thirty (30) days from the time the date written notice is sent to the Recipient by the AGENCY/GRANTEEFCT; 3. c. If any reports or documents required by this Agreement have not been timely submitted to the AGENCY/GRANTEE FCT or have been submitted with incorrect, incomplete or insufficient information;; or 4. d. If the RECIPIENT/SUBGRANTEE has failed Recipient fails to perform and complete in timely fashion any of its obligations under this Agreement. 2. Upon the services required happening of an Event of Default, FCT may, at its option, upon thirty (30) calendar days from the date written notice is sent to the Recipient by FCT and upon the Recipient’s failure to timely cure, exercise any one or more of the following remedies, either concurrently or consecutively, and the pursuit of any one of the following remedies shall not preclude FCT from pursuing any other remedies contained herein or otherwise provided at law or in equity: a. Terminate this Agreement, provided the Recipient is given at least thirty (30) days prior written notice of such termination. The notice shall be effective when placed in the United States mail, first class mail, postage prepaid, by registered or certified mail-return receipt requested, to the address set forth in paragraph V.2. herein; b. Commence an appropriate legal or equitable action to enforce performance of this Agreement; c. Withhold or suspend payment of all or any part of the FCT Award; d. Exercise any corrective or remedial actions, including, but not limited to, requesting additional information from the Recipient to determine the reasons for or the extent of non-compliance or lack of performance or issuing a written warning to advise that more serious measures may be taken if the situation is not corrected; or e. Exercise any other rights or remedies which may be otherwise available under law, including, but not limited to, those described in paragraph IX.3. 3. FCT may terminate this Agreement for cause upon written notice to the Budget Recipient. Cause shall include, but is not limited to: fraud; lack of compliance with applicable rules, laws and Scope regulations; failure to perform in a timely manner; failure to make significant progress toward Project Plan and Management Plan approval; and refusal by the Recipient to permit public access to any document, paper, letter, or other material subject to disclosure under Chapter 119, Fla.Stat., as amended. Appraisals, and any other reports relating to value, offers and counteroffers are not available for public disclosure or inspection and are exempt from the provisions of Work attached hereto Section 119.07(1), Fla. Stat. until a Purchase Agreement is executed by the Owner(s) and Recipient and conditionally accepted by FCT, or if no Purchase Agreement is executed, then as "Attachment A"provided for in Sections 125.355(1)(a) and 166.045(1)(a), Fla. Stat. 4. FCT may terminate this Agreement when it determines, in its sole discretion, that the continuation of the Agreement would not produce beneficial results commensurate with the further expenditure of funds by providing the Recipient with thirty (30) calendar days prior written notice. 5. If The Recipient may request termination of this Agreement before its Expiration Date by a written request fully describing the necessary funds are not available circumstances that compel the Recipient to fund this agreement as terminate the project. A request for termination shall be provided to FCT in a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Managementmanner described in paragraph V.1.

Default Remedies Termination. a) 1. If any the necessary funds are not available to fund this Agreement because of action by the Florida Legislature or the Office of the following events occur ("Events of Default")State Chief Financial Officer, or if any Defaults occur, as described below, all obligations on the part of the AGENCY/GRANTEE FCT to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE so elects, terminate, will terminate and the AGENCY/GRANTEE FCT may at its option exercise any of its the remedies set forth herein, but the AGENCY/GRANTEE may make . If FCT makes any payments or parts of payments after the happening an Event of any Events of Default without thereby waiving the Default, such payment will not waive FCT’s right to exercise such remedies, and without becoming liable will not obligate FCT to make any further paymentpayments. 2. The following actions constitute a Default: 1. a. If FCT finds that any warranty or representation made by the RECIPIENT/ SUBGRANTEE Recipients in this Agreement Agreement, or in any previous Agreement with the AGENCY/GRANTEE shall at any time be document provided to FCT, is false or misleading in any respect, or if . b. If the RECIPIENT/SUBGRANTEE shall Recipients fail to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE and has not cured such failure in timely fashion, or is unable or unwilling to meet its obligations thereunder;hereunder; or 2. c. If any material adverse change shall occur in the Recipients’ financial condition of the RECIPIENT/SUBGRANTEE at any time occurs during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEE, and the RECIPIENT/SUBGRANTEE fails Recipients fail to cure said the material adverse change within thirty (30) days from the time the date written notice is sent to the Recipients by the AGENCY/GRANTEE;FCT; or 3. d. If any reports or documents required by this Agreement have not been timely submitted to the AGENCY/GRANTEE FCT or have been submitted with incorrect, incomplete incomplete, or insufficient information;; or e. If the Recipients fail to perform any of its obligations under this Agreement in a timely fashion; or f. If the Recipients fail to comply with Project deadlines set forth in the approved Management Plan; or g. If the Recipients fail to keep the Project Site open to the public. 3. Upon the happening of a Default, FCT may, after giving thirty (30) calendar days’ notice, exercise any one or more of the following remedies, either concurrently or consecutively. The pursuit of any one of the following remedies will not preclude FCT from pursuing any other remedies contained herein or otherwise provided at law or in equity: a. Terminate this Agreement, provided the Recipients are given at least thirty (30) calendar days’ prior written notice of such termination. The notice will be effective upon the date of the letter. Notification will be given pursuant to Section V. b. Commence an appropriate legal or equitable action to enforce performance of this Agreement. c. Withhold or suspend payment of all or any part of the FCT Award. d. Exercise any corrective or remedial actions, including, but not limited to, requesting additional information from the Recipients to determine the reasons for or the extent of non-compliance or lack of performance or issuing a written warning to advise that more serious measures may be taken if the situation is not corrected. e. Exercise any other rights or remedies that are otherwise available under law, including, those described in paragraph XI.2. 4. If FCT may terminate this Agreement for cause upon written notice to the RECIPIENT/SUBGRANTEE has failed Recipients. Cause may include, but is not limited to: default; fraud; lack of compliance with applicable rules, laws, and regulations; failure to perform in a timely manner; failure to make significant progress toward Project Plan and complete in timely fashion Management Plan approval; and refusal by the Recipients to permit public access to any of the services required document, paper, letter, or other material subject to disclosure under the Budget and Scope of Work attached hereto Chapter 119, F.S., as "Attachment A"amended. 5. If FCT may terminate this Agreement if it determines, in its sole discretion, that the necessary funds are continuation of the Agreement would not available produce beneficial results commensurate with the further expenditure of funds. 6. The Recipients may request termination of this Agreement before reimbursement by a written request fully describing the circumstances that compel the Recipients to fund this agreement as terminate the Project. A request for termination must be provided to FCT in a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Managementmanner described in paragraph V.1.

Default Remedies Termination. a) 1. If any the necessary funds are not available to fund this Agreement because of action by the Florida Legislature or the Office of the following events occur ("Events of Default")State Chief Financial Officer, or if any Defaults occur, as described below, all obligations on the part of the AGENCY/GRANTEE FCT to make any further payment of funds hereunder shall, if the AGENCY/GRANTEE so elects, terminate, will terminate and the AGENCY/GRANTEE FCT may at its option exercise any of its the remedies set forth herein, but the AGENCY/GRANTEE may make . If FCT makes any payments or parts of payments after the happening an Event of any Events of Default without thereby waiving the Default, such payment will not waive FCT’s right to exercise such remedies, and without becoming liable will not obligate FCT to make any further paymentpayments. 2. The following actions constitute a Default: 1. a. If FCT finds that any warranty or representation made by the RECIPIENT/ SUBGRANTEE Recipient in this Agreement Agreement, or in any previous Agreement with the AGENCY/GRANTEE shall at any time be document provided to FCT, is false or misleading in any respect, or if . b. If the RECIPIENT/SUBGRANTEE shall fail Recipient fails to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE and has not cured such failure in timely fashion, or is unable or unwilling to meet its obligations thereunder;hereunder; or 2. c. If any material adverse change shall occur in the Recipient’s financial condition of the RECIPIENT/SUBGRANTEE at any time occurs during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEE, and the RECIPIENT/SUBGRANTEE Recipient fails to cure said the material adverse change within thirty (30) days from the time the date written notice is sent to the Recipient by the AGENCY/GRANTEE;FCT; or 3. d. If any reports or documents required by this Agreement have not been timely submitted to the AGENCY/GRANTEE FCT or have been submitted with incorrect, incomplete incomplete, or insufficient information;; or e. If the Recipient fails to perform any of its obligations under this Agreement in a timely fashion; or f. If the Recipient fails to comply with Project deadlines set forth in the approved Management Plan; or g. If the Recipient fails to keep the Project Site open to the public. 3. Upon the happening of a Default, FCT may, after giving thirty (30) calendar days’ notice, exercise any one or more of the following remedies, either concurrently or consecutively. The pursuit of any one of the following remedies will not preclude FCT from pursuing any other remedies contained herein or otherwise provided at law or in equity: a. Terminate this Agreement, provided the Recipient is given at least thirty (30) calendar days’ prior written notice of such termination. The notice will be effective upon the date of the letter. Notification will be given pursuant to Section V. b. Commence an appropriate legal or equitable action to enforce performance of this Agreement. c. Withhold or suspend payment of all or any part of the FCT Award. d. Exercise any corrective or remedial actions, including, but not limited to, requesting additional information from the Recipient to determine the reasons for or the extent of non- compliance or lack of performance or issuing a written warning to advise that more serious measures may be taken if the situation is not corrected. e. Exercise any other rights or remedies that are otherwise available under law, including, those described in paragraph IX.3. 4. If FCT may terminate this Agreement for cause upon written notice to the RECIPIENT/SUBGRANTEE has failed Recipient. Cause may include, but is not limited to: default; fraud; lack of compliance with applicable rules, laws, and regulations; failure to perform in a timely manner; failure to make significant progress toward Project Plan and complete in timely fashion Management Plan approval; and refusal by the Recipient to permit public access to any of the services required document, paper, letter, or other material subject to disclosure under the Budget and Scope of Work attached hereto Chapter 119, F.S., as "Attachment A"amended. 5. If FCT may terminate this Agreement if it determines, in its sole discretion, that the necessary funds are continuation of the Agreement would not available produce beneficial results commensurate with the further expenditure of funds. 6. The Recipient may request termination of this Agreement before reimbursement by a written request fully describing the circumstances that compel the Recipient to fund this agreement as terminate the Project. A request for termination must be provided to FCT in a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Managementmanner described in paragraph V.1.

Default Remedies Termination. 15.1 Default If and whenever: (a) If the Licensee shall become insolvent or commit an act of bankruptcy or become bankrupt or take the benefit of any Statute that may be in force for bankrupt or insolvent debtors or become involved in voluntary or involuntary winding up, dissolution or liquidation proceedings, or if a receiver or receiver and manager shall be appointed for the affairs, business, property or revenues of the Licensee; or (b) the Licensee, if a corporation or society, is dissolved, is subject to an application to wind up, or otherwise fails to remain in good standing under the applicable legislation pursuant to which it is incorporated, organized or otherwise created; or (c) subject to the foregoing, if the Licensee neglects or fails to observe, perform or comply with each and every of its covenants or obligations under this Agreement and shall persist in such neglect or failure after ten (10) days following written notice from the Town requiring that the Licensee cure such neglect or failure or, in the ease of any such neglect or failure which would reasonably require more than ten (10) days to cure but could be cured within a commercially reasonable period of time, all as determined by the Town acting reasonably, unless the Licensee shall commence rectification as soon as reasonably possible within the said ten (10) day notice period and thereafter promptly and diligently and continually proceed to cure such neglect or failure within such commercially reasonable period of time; then, in each, of such events which are events of default, at the option of the Town, and in addition to and without prejudice to any other rights or remedies the Town may have hereunder or at law or equity (including, without limitation, injunctive relief), the Town may do all or any of the following events occur ("Events of Default")following, namely, enter upon the Licensed Premises, expel all obligations on occupants thereof utilizing such force as it may decor reasonably necessary for the part purpose thereof, remove all property of the AGENCY/GRANTEE to make any further payment of funds hereunder shallLicensee from the Licensed Premises and terminate this Agreement. The Licensee hereby releases the Town from all actions, if the AGENCY/GRANTEE so electsproceedings, terminate, claims and the AGENCY/GRANTEE may at its option exercise any of its remedies set forth herein, but the AGENCY/GRANTEE may make any payments demands whatsoever for or parts of payments after the happening in respect of any Events of Default without thereby waiving the right to exercise such remedies, and without becoming liable to make any further payment: 1. If any warranty or representation made action taken by the RECIPIENT/ SUBGRANTEE in this Agreement or any previous Agreement with the AGENCY/GRANTEE shall at any time be false or misleading in any respect, or if the RECIPIENT/SUBGRANTEE shall fail to keep, observe or perform any of the terms or covenants contained in this Agreement or any previous agreement with the AGENCY/GRANTEE and has not cured such in timely fashion, or is unable or unwilling to meet its obligations thereunder; 2. If any material adverse change shall occur Town in the financial condition event of the RECIPIENT/SUBGRANTEE at any time during the term of this Agreement from the financial condition revealed in any reports filed or to be filed with the AGENCY/GRANTEE, and the RECIPIENT/SUBGRANTEE fails to cure said material adverse change within thirty (30) days from the time the date written notice is sent a default by the AGENCY/GRANTEE; 3. If any reports required by this Agreement have not been submitted to the AGENCY/GRANTEE or have been submitted with incorrect, incomplete or insufficient information; 4. If the RECIPIENT/SUBGRANTEE has failed to perform and complete in timely fashion any of the services required under the Budget and Scope of Work attached hereto Licensee as "Attachment A"aforesaid. 5. If the necessary funds are not available to fund this agreement as a result of action by Congress, the N.C. Legislature, or the Office of State Budget and Management.