Agenda Package - 05-03-10 - Laserfiche WebLink

Home Browse Search

G 3 3 • "Construction Agreements" means any contracts with contractors related to the construction or renovation of the Facilities. "Event of Default" means one or more events of default as defined in Section 8.01. "Event of Nonappropriation" means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the County that includes an appropriation for Required Payments, or the Governing Board's amendment to the annual budget to remove an appropriation for Required Payments, each as contemplated by Section 3.05. "Existing Encumbrances" means the encumbrances described in Exhibit C. "Fiscal Year" means the County's fiscal year beginning July 1, or such other fiscal year as the County may later lawfully establish. "Governing Board" means the County's governing board as from time to time constituted. 3.01. "Installment Payments" means the payments payable by the County pursuant to Section "LGC" means the North Carolina Local Government Commission. "Mortgaged Property" means the Mortgaged Property (as defined above). • "Net Proceeds," when used with respect to any amounts derived from claims made on account of insurance coverages required under this Agreement, any condemnation award arising out of the condemnation of all or any portion of the Mortgaged Property, payments on any bonds required by Section 5.03, any amounts recovered from any contractor on an action for default or breach, as described in Section 5.03, or any amounts received in lieu or in settlement of any of the foregoing, means the amount remaining after deducting from the gross proceeds thereof all expenses (including attorneys' fees and costs) incurred in the collection of such proceeds, and after reimbursement to the County or BB&T for amount previously expended to remedy the event giving rise to such payment or proceeds. "Payment Dates" means the dates indicated in Exhibit D. "Permitted Encumbrances" means, as of any particular time, (a) the Existing Encumbrances, (b) liens for taxes and assessments not then delinquent, (c) this Agreement, and (d) easements, rights-of-way and other such minor defects or restrictions as normally exist with respect to property of the same general character as the Mortgaged Property which will not impair the County's intended use of the Mortgaged Property. "Plans and Specifications" means all plans and specifications for the Facilities prepared by architects, engineers and other consultants. "Prime Rate" means the interest rate so denominated and set by Branch Banking & Trust Company of North Carolina (whether or not such Bank, or any affiliate thereof, is at any time the • beneficiary under this Agreement) as its "Prime Rate," as in effect from time to time.