09-23-1987 Meeting - Laserfiche WebLink

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• i 5.15 Dispute Resolution and Remedies (a) The parties agree that if disputes arise, regarding the terms or performance of this agreement or any review or approval called for hereunder, the respective parties or their Directors agree to meet and use best efforts to resolve same. (b) It is not intended hereby to specify an exclusive remedy for any dispute or default, but all remedies existing at law or in equity, including specific performance, my be availed of by either party and shall be cumulative. Provided, however, as a necessary condition for declaration of default under this Contract, the non-defaulting party shall give the defaulting party at least thirty (30) days notice of default with the opportunity to cure during the notice period. 5.16 Term This Contract shall be in force and effect as set forth in Section 5.17, unless sooner terminated or rescinded. The Contract shall remain in effect until any bonds issued by Houston to fund this Project as well as bonds issued to refund some are paid in full, or for forty (1~0) years; whichever is longer. The Parties hereto agree that upon the ~... egnfirmation of this Contract the Authority shall have the right to continued service of successive forty (~40) year intervals, or-for such other times as may be agreed upon. Upon the Authority"s and Houston"s completion of payments of capital costs as specified herein, they shall have ownership of their pro rata portion of the Project. 5.17 Effective Date This contract shall be effective for the term set out herein from and after the date of execution hereof by the parties. Houston recognizes that the payment of the Authority"s share of Actual Construction Cost is dependent on the approval, sale and delivery of bonds, and that certain procedural requirements must be satisfied aid .additional contracts signed before the Authority can make the payments to be made by it hereunder. The Authority agrees t~o use its best efforts to satisfy all necessary procedural requirements, and further agrees that if the Authority does not give written notice of the Continued effectiveness of this Contract on or before ninety (90) days from the effective date, this Contract shall be null and void, unless the Houston Director agrees to an extension of time for the giving of such notice. 5.18 Sale of Water The parties hereto are free to sell or dispose of water obtained pursuant *.~ i,his Contract as they may choose. 5.19 Additional Sales of Project Capacity Houston and the Authority agree that no more than one hundred percent (100) of the pumping and production capacity of the Project will be sold, including the pumping and production capacity of Houston. 20