Term Store inaccessible. Gets error

Need Help!

I'm not able to access the term store from Site Actions --> Site setting --> Term Store Management.

Below is the error that I receive:

"**The Managed Metadata Service or Connection is currently not available. The Application Pool or Managed Metadata Web Service may not have been started. Please Contact your Administrator. "**

This is in my local environment, hence im the administrator for the site collection and the term store as well.

Few days back I was able to access the term store. I even created the Term sets and Term values in it.

But now its not accessible. Its not accessible from Central Admin as well.

Already tried the steps on the below link:

http://ift.tt/1rRGjMa

Below is the ULS entry:

12/02/2014 14:51:16.81 w3wp.exe (0x1CF0) 0x27D0 SharePoint Server Taxonomy ca3r Monitorable Error encountered in background cache check System.TimeoutException: The request channel timed out attempting to send after 00:00:09.9999999. Increase the timeout value passed to the call to Request or increase the SendTimeout value on the Binding. The time allotted to this operation may have been a portion of a longer timeout. ---> System.TimeoutException: The HTTP request to

'http://local:32843/74cae1421d544a2990094c5d5e147e0b/MetadataWebService.svc'

has exceeded the allotted timeout of 00:00:09.9990000. The time allotted to this operation may have been a portion of a longer timeout. ---> System.Net.WebException: The operation has timed out at System.Net.HttpWebRequest.GetRequestStream(TransportContext& context) at System.Net.HttpWebRequest.GetRequestStream() at System.ServiceModel.Channels.HttpOutput.WebRequestHttpOutput.GetOutputStream() --- End of inner exception stack trace --- at System.ServiceModel.Channels.HttpOutput.WebRequestHttpOutput.GetOutputStream() at System.ServiceModel.Channels.HttpOutput.Send(TimeSpan timeout) at System.ServiceModel.Channels.HttpChannelFactory.HttpRequestChannel.HttpChannelRequest.SendRequest(Message message, TimeSpan timeout) at System.ServiceModel.Channels.RequestChannel.Request(Message message, TimeSpan timeout) --- End of inner exception stack trace --- Server stack trace:

at System.ServiceModel.Channels.RequestChannel.Request(Message message, TimeSpan timeout) at System.ServiceModel.Channels.SecurityChannelFactory`1.SecurityRequestChannel.Request(Message message, TimeSpan timeout) at System.ServiceModel.Dispatcher.RequestChannelBinder.Request(Message message, TimeSpan timeout) at System.ServiceModel.Channels.ServiceChannel.Call(String action, Boolean oneway, ProxyOperationRuntime operation, Object[] ins, Object[] outs, TimeSpan timeout) at System.ServiceModel.Channels.ServiceChannelProxy.InvokeService(IMethodCallMessage methodCall, ProxyOperationRuntime operation) at System.ServiceModel.Channels.ServiceChannelProxy.Invoke(IMessage message) Exception rethrown at [0]:

at System.Runtime.Remoting.Proxies.RealProxy.HandleReturnMessage(IMessage reqMsg, IMessage retMsg) at System.Runtime.Remoting.Proxies.RealProxy.PrivateInvoke(MessageData& msgData, Int32 type) at Microsoft.SharePoint.Taxonomy.IMetadataWebServiceApplication.GetServiceSettings(Guid rawPartitionId) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.<>c__DisplayClass2f.b__2e(IMetadataWebServiceApplication serviceApplication) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.<>c__DisplayClass2c.b__2b() at Microsoft.Office.Server.Security.SecurityContext.RunAsProcess(CodeToRunElevated secureCode) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.<>c__DisplayClass2c.b__2a() at Microsoft.Office.Server.Utilities.MonitoredScopeWrapper.RunWithMonitoredScope(Action code) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.RunOnChannel(CodeToRun codeToRun, Double operationTimeoutFactor) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.ReadApplicationSettings(Guid rawPartitionId) at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.get_ServiceApplicationSettings() at Microsoft.SharePoint.Taxonomy.MetadataWebServiceApplicationProxy.TimeToCheckForUpdates() at Microsoft.SharePoint.Taxonomy.Internal.TaxonomyCache.CheckForChanges() at Microsoft.SharePoint.Taxonomy.Internal.TaxonomyCache.b__0().