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 .