10-25-2006 Council Agenda - Laserfiche WebLink

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paragraph B. of this section, if said default is not cured to the satisfaction of the notifying party within six (6) months of receipt of said written, or within a longer time period as may be chosen and so stated in writing by the notifying party, the notifying party shall have the right to terminate this Agreement, following twenty-four (24) month written notice to the defaulting party of its intent to terminate. B. Notwithstanding the forgoing, any failure by Little Canada to pay the charges lawfully due the Board under the terms of this Agreement shall be deemed a significant material default of this Agreement. Upon such payment default, the Board shall provide Little Canada with written notice of same. In the event Little Canada does not make full payment to Board of all lawfully due charges, including late charges, within thirty (30) days of receipt of notice of payment default, the Board shall have the right to terminate this Agreement following three (3) months written notice, and shall have the right to seek payment of any outstanding charges pursuant to any remedy as provided by law, including collection costs, expenses and reasonable attorney fees. SECTION 8.03. Consolidation or Acquisition — Little Canada's Options In the event that the Board ceases to operate in its present form due either to consolidation with a local or regional authority or to an acquisition of its assets by another entity, it is the intent of the Board and Little Canada to protect the right of Little Canada to the continued supply of adequate water service. Therefore, to the extent legally permissible, in any consolidation or conveyance, Little Canada will have the option to either terminate this agreement or negotiate a new water service agreement with the authority or entity. In the event Little Canada elects not to terminate this Agreement, the Board will require that the alternate authority of new owner assume the Board's contractual obligations as set forth in this Agreement. V:\ Engineering \BTSCHIDA\Agreements \Water Scivicc\Little Canada \Little fang da t0 -I8 -06 doe 10