Agenda Package - 05-03-10 - Laserfiche WebLink

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C3E • lien on any class or source of the County's moneys (other than the funds held under the Project Fund Agreement or this Agreement), nor shall any provision of this Agreement restrict the future issuance of any of the County's bonds or obligations payable from any class or source of the County's moneys (except to the extent this Agreement restricts the incurrence of additional obligations secured by the Mortgaged Property). To the extent of any conflict between this Section and any other provision of this Agreement, this Section shall take priority. (b) Nothing in this Section is intended to impair or prohibit foreclosure on this Agreement if the Required Payments are not paid when due or otherwise upon the occurrence of an Event of Default under this Agreement or the Project Fund Agreement, and in any such event BB&T may request the Deed of Trust Trustee to foreclose on the Mortgaged Property as provided in this Agreement, to the extent permitted by law. 2.05. County's Continuing Obligations. The County shall remain liable for full performance of all its covenants under this Agreement (subject to the limitations described in Section 2.04), including payment of all Required Payments, notwithstanding the occurrence of any event or circumstances whatsoever, including any of the following: (a) BB&T's waiver of any right granted or remedy available to it; (b) The forbearance or extension of time for payment or performance of any obligation under this Agreement, whether granted to the County, a subsequent owner of the Mortgaged • Property or any other person; (c) The release of all or part of the Mortgaged Property or the release of any party who assumes all or any part of such performance; (d) Any act or omission by BB&T (but this Section provision does not relieve BB&T of any of its obligations under this Agreement or the Project Fund Agreement); (e) The sale of all or any part of the Mortgaged Property; or (f) Another party's assumption of the County's obligations under this Agreement. 2.06. Construction Mortgage. The security interest evidenced hereby is a "construction mortgage" within the meaning of Section 25-9-334 of the North Carolina General Statutes, as amended, or any successor provision. \J