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HomeMy WebLinkAboutC.054.93010_08533 . The Bank will allow the Borrower to prepay up to $250,000 in excess construction proceeds without penalty within the first twenty-four (24) months of the loan closing date. FEES: The Borrower shall pay all costs and expenses incurred by the Bank in connection with the Bank's review, due diligence and closing ofthe Loan, including artomeys' fees, incurred by the Bank in connection with the negotiation and preparation of the Loan Documents. The Bank estimates these costs and expenses to be approximately $7,500.00. COLLATERAL: First priority deed of trust on the real estate and improvements at Government Center - South. The County will the Iredell County also assign any third parry leases related to the Iredell County Government Center - South to the Bank if applicable. The taxing power of the County will not be pledged to secure repayment. NQ DEFICIENCY: In compliance with North Carolina General Statute 160A-20, the installment financing agreement will provide that in any action for default, no deficiency judgment may be rendered against the Borrower for amounts that may be owed when the proceeds of the sale of the projects are insufficient to pay in full the remaining obligations under the contract. NON -SUBSTITUTION AND NON -APPROPRIATION The installment Financing Agreement will not contain a non - CLAUSES: substitution clause. It will contain a non -appropriation clause. CONDITIONS PRECEDENT: At or prior to closing, the Borrower will cause to be delivered in form and substance satisfactory to Bank, such loan and collateral documents as Bank may reasonably require including, but not limited to the following: I ) Local Government Commission approval of this financing transaction. 2) Recorded deed of trust. 3) Security agreement. 4) Opinion letter from Borrower's counsel satisfactory to Bank relative to the matters set out under Warranties below. 5) Tax opinion from Bank's counsel as to the validity of the Loan and the present and continuing tax-exempt status of interest on the Loan. 6) Title insurance. 3 .