HomeMy WebLinkAboutC.054.93011_0439 (2)Section 7.2. Assignment by the County........................................................................................19
ARTICLE VIII
MISCELLANEOUS
Section8.1. Notices......................................................................................................................19
Section8.2. Severability...............................................................................................................19
Section 8.3. Successors and Assigns.............................................................................................19
Section8.4. Applicable Law.........................................................................................................19
Section8.5. Indemnification .........................................................................................................19
Section8.6. Counterparts..............................................................................................................20
Section8.7. Entire Agreement......................................................................................................20
Section8.8. Consent.....................................................................................................................20
Exhibit A — Description of Project............................................................................................ A-1
Exhibit B — Schedule of Installment Payments........................................................................ B -I
THIS INSTALLMENT FINANCING AGREEMENT dated October 28, 2004, is entered into
between Bank of America, N.A., a national banking association, and the County of Iredell, North
Carolina, a political subdivision organized and existing under the Constitution and laws of the
State of North Carolina.
WITNESSETH:
WHEREAS, the County is a duly and validly created, organized and existing political
subdivision under and by virtue of the Constitution and laws of the State of North Carolina; and
WHEREAS, the County has the power, pursuant to Section 160A-20 of the North
Carolina General Statutes, to enter into installment contracts to finance the purchase of real or
personal property or the construction or renovation of fixtures or improvements on real property;
and
WHEREAS, the Lender desires to advance certain funds to enable the County to
undertake the Project, as hereinafter defined; and
WHEREAS, the County desires to obtain the advance from the Lender pursuant to the
terms and conditions hereinafter set forth; and
WHEREAS, the obligation of the County to make certain payments, as herein provided,
shall not constitute a pledge of the faith and credit of the County within the meaning of any
constitutional debt limitation; and
WHEREAS, the County has received approval of this Agreement and its plan of
financing from the North Carolina Local Government Commission; and
WHEREAS, the County has held a public hearing with respect to the contract providing
for the financing of the Project; and
WHEREAS, in order to further secure the obligations of the County hereunder, the
County has executed the Deed of Trust, as hereunder defined, to a trustee named therein, for the
benefit of the Lender; and
WHEREAS, no deficiency judgment may be rendered against the County in any action
for breach of a contractual obligation under this Agreement, and the taxing power of the County
is not and may not be pledged in any way, directly or indirectly or contingently, to secure any
moneys due under this Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants hereinafter
contained, the parties hereto do hereby agree as follows: