HomeMy WebLinkAboutC.054.93011_0448 (2)PAYMENTS; REPAYMENTS; MAINTENANCE; INSURANCE; TAXES
Financingof f Project. The Lender hereby agrees to finance the Project for the County and the
County agrees to pay the Lender for such financing, upon the terms and conditions of this
Agreement. The Lender shall deliver the Advance to the County on the date hereof. The County
will deposit the Advance in a separate account of its General Fund with an account with the
Lender, and shall invest the Advance in investments that qualify under N.C.G.S. §159-30.
Tenn. The Term shall commence on the date of delivery of this Agreement and shall terminate
upon the earlier of the following:
such date as all Installment Payments and Additional Payments shall be paid; and
such date as all proceeds derived from (i) a foreclosure sale of the Trust Estate under the Deed of
Trust and (ii) the exercise of the Lender's rights as a secured party under the North Carolina
Uniform Commercial Code have been applied by the Lender to the payment, in whole or in part,
of the Installment Payments and any Additional Payments.
Termination of this Agreement shall terminate all duties, obligations, liabilities and
responsibilities of the County under this Agreement (other than the obligation to indemnify the
Lender and the LGC pursuant to Section 9.5 hereof, and the obligation to rebate money to the
United States of America pursuant to Section 2.2 hereof).
Payments. (a) Subject to Section 4.5, the County shall pay to the Lender Installment Payments
in accordance with the schedule set forth on Exhibit B attached hereto and, by this reference,
incorporated herein as if fully set forth herein. The interest component of the Installment
Payment shall be calculated at the rate of 3.599%, calculated on the basis of actual days elapsed
over a 360 -day year. Such Installment Payments shall be denominated in components of
principal and interest, in the amounts, and at the times set forth in such Exhibit B. Each such
Installment Payment shall be paid in lawful money of the United States of America at the
Lender's office at the address specified in Section 9.1 hereof or as may be otherwise directed by
the Lender in writing. In the event the County fails to make any Installment Payment when due,
interest with respect to the principal component of such Installment Payment shall continue to
accrue until paid at the applicable rate per year as set forth on Exhibit B.
(b) The obligation of the County to make each Installment Payment as it becomes due
is a current obligation of the County and each Installment Payment is a current expense of the
County.
(c) Subject to Section 4.5 and Section 4.14 hereof, the obligation of the County to
make Installment Payments to the Lender and to perform and observe all other covenants,
conditions and agreements hereunder shall be absolute and unconditional, irrespective of any
defense or any rights of setoff, recoupment or counterclaim it might otherwise have against the
Lender. Subject to prepayment in full as provided herein and subject to Section 4.5 and Section
4.14 hereof, the County shall not suspend or discontinue any such payment or fail to observe and
perform any of its other covenants, conditions and agreements hereunder for any cause,
including without limitation any acts or circumstances that may constitute an eviction or
constructive eviction, failure of consideration, or failure of title to any part or all of the Project,
or commercial frustration of purpose, or any damage to or destruction or condemnation of all or
any part of the Project, or any change in the tax or other laws of the United States of America,
the State of North Carolina or any political subdivision of either, or any failure of a vendor or the
Lender to observe and perform any covenant, condition or agreement, whether express or
implied, or any duty, liability or obligation arising out of or in connection with this Agreement.
The County assumes and shall bear the entire risk of loss and damage to the Project from any
cause whatsoever, it being the intention of the parties that the Installment Payments shall be
made in all events unless the obligation to make such Installment Payments is terminated as
otherwise expressly provided herein. The County may, after giving to the Lender ten (10) days'
notice of its intention to do so, at its own expense and in its own name or, with the consent of the
Lender which consent shall not be unreasonably withheld, in the name of the Lender, prosecute
or defend any action or proceeding or take any other action involving third persons which the
County deems reasonably necessary in order to secure or protect any of its rights hereunder or
the rights of the Lender; and in such event the Lender shall cooperate fully with the County and
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