92-00410 IGR, Annexation Transition Agreement

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4. Remeu;s Upon Default. In the event of failure to perform any of the obligations set forth above, and in addition to whatever legal and equitable remedies may exist, the non breaching party may either sue for specific performance of this Agreement or may terminate this Agreement. In order to do so terminate, the complaining party shall give specific notice in writing of the default to the defaulting party. Such notice shall require that the default be cured within thirty (30) days of receipt of the notice of default. In the event that such default is not cured within thirty (30) days, the complaining party may terminate the Agreement by giving notice of termination in writing to the other party. 5. Arbitration. All claims, counterclaims, disputes, or other matters regarding this Agreement shall be arbitrated in conformance with the rules and procedures of the Oregon Arbitration Association upon request of either party. 6. Term. This Agreement shall terminate on July 1, 2003. 7. Assignability. This Agreement may not be assigned by either party without the prior written consent of the other. 8. Attorney's Fees. In the event of arbitration, suit, action, or other proceeding brought by either party against the other to enforce any of the obligations hereunder or arising out of any dispute concerning the terms and conditions hereby created, or to rescind this Agreement, the losing party shall pay the prevailing party such reasonable amounts for fees, costs, and expenses, including attorney's fees in such arbitration, suit, action, or other proceeding and any appeal therefrom as may be set by the court or the arbitrator. 9. Automatic Termination. This Agreement shall terminate when the City has annexed more than 50 percent of the taxable land area within the District's boundaries (based upon July 1, 1983, boundaries) or July 1, 2003, whichever occurs first. AGREEMENT - -3