In the event that Eatontown shall fail to make any payment or perform any other obligation to the Authority required pursuant to the terms of this Agreement within the time provided for any such payment or performance, and written notice of such nonpayment or nonperformance is given by the Authority to the Borough, then the Borough shall pay to the Authority the amount stated in such notice to be due from Eatontown, or undertake the performance of such other obligation to the extent permitted by law, within 30 days after receipt of said notice. Nothing in this section shall be deemed to relieve Eatontown of any obligation under this contract, and Eatontown and the Borough shall be jointly and severally liable to the Authority for the payment to the Authority of any sums as to which notice, as hereinabove provided, is given to the Borough. The Borough shall make all budgetary, emergency and other provisions or appropriations necessary to provide for and authorize the prompt payment by it to the Authority of all amounts due pursuant to this section. Nothing herein contained shall preclude the Borough from effectuating dissolution of Eatontown as provided by law; provided, however, that the Borough shall thereupon assume all the obligations of this Agreement.