We are trying to configure a PBR with multiple tracking. We need to track local IP address and remote IP address and in the event of one (or both) of those two IPs not reachable, the PBR should stop working and traffic should follow the normal routing. Is there a way to do that?
Yes you can setup a route-map use tracking with ip sla and use the verify reachability command
see
http://www.cisco.com/c/en/us/support/docs/ip/ip-routed-protocols/48003-pbrtracking.html
http://www.cisco.com/c/en/us/td/docs/switches/lan/catalyst3560/software/release/12-2_52_se/configuration/guide/3560scg/sweot.html#wp1084626