Agenda Package - 05-03-10 - Laserfiche WebLink

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; rp ~P • RECITALS: 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 or improvement of real or personal property, and to secure its obligations under such contracts by security interests in all or a portion of the property purchased or improved. This Agreement provides for BB&T to advance [$19,980,000][$22,678,064] to the County to enable the County to acquire and construct the Facilities (as defined below) on and for the Site (as defined below), and provides for securing the County's obligations under this Agreement by creating certain lien and security interest in favor of BB&T. This Agreement secures current advances of 1$19,980,00011$22,678,0641. The current scheduled date for final repayment is on May 2025. NOW, THEREFORE, (1) in consideration of the execution and delivery of this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged; (2) to secure the County's performance of all its covenants under this Agreement, including the repayment of amounts advanced and to be advanced, together with interest on all such advances as provided in this Agreement or any amendments hereto, and all charges and expenses of collection (including court costs and reasonable attorneys' fees and expenses); and is (3) charge the Mortgaged Property (as defined below) with such payment and performance, the County hereby sells, grants and conveys to the Deed of Trust Trustee, his heirs and assigns forever, in trust, with power of sale, the following (collectively, the "Mortgaged Property"): (a) (i) the property described in Exhibit A and (ii) all real property hereafter acquired by the County in replacement of, or in substitution for, all or any part of any property described in this subparagraph, and in all cases together with all easements, rights, liberties, rights-of-way and appurtenances belonging to any such property (collectively, the "Site"); (b) the improvements described in Exhibit B and all other improvements and fixtures now or hereafter attached or appurtenant to or used in or on those improvements or the Site, including (i) all renewals and replacements thereof and all additions thereto, (ii) all articles in substitution thereof, (iii) all building materials for construction or repair of such improvements upon their delivery to the Site, and (iv) all proceeds of all the foregoing in whatever form resulting from the loss or disposition of the foregoing, including all proceeds of and unearned premiums for any insurance policies covering the Site and such improvements, proceeds of title insurance and payments related to the exercise of condemnation or eminent domain authority, and all judgments or settlements in lieu of any of the foregoing (collectively, the "Facilities"); and (c) the moneys on deposit from time to time in the Project Fund, as provided in Sections 2.02 and 2.03.