Agenda Package - 10-1-12 Reg. Meeting

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r,r n UJO INSTALLMENT FINANCING AGREEMENT This INSTALLMENT FINANCING AGREEMENT, dated as of November 1, 2012 (the "Agreement "), between COUNTY OF LEE, NORTH CAROLINA, a political subdivision duly organized and validly existing under the laws of the State of North Carolina (the "Purchaser "), and PAUL O HOWARD and BARBARA E. JAMES (collectively the "Seller"). WITNESSETH: WHEREAS, the Purchaser is a political subdivision duly organized and validly existing under and by virtue of the Constitution and laws of the State of North Carolina; WHEREAS, pursuant to Section 160A -20 of the General Statutes of North Carolina, as amended, the Purchaser may finance the purchase of real or personal property by installment contracts that create in some or all of the property purchased a security interest to secure repayment of the purchase price to the seller or to an individual or entity advancing moneys or supplying financing for the purchase transaction; WHEREAS, after a public hearing and due consideration, the Board of Commissioners for the Purchaser has determined to acquire a parcel of land, with existing building and other structures, located at 408 Sununitt Drive in Sanford. North Carolina. to be used by the Purchaser for administrative purposes (the "Project"); WHEREAS, in order for the Purchaser to obtain the funds to pay the costs of the Project, the Purchaser has determined to enter into this Agreement whereby the Seller will finance the purchase price of the Project, and the Purchaser will repay such amount with interest in installments pursuant to the terms of this Agreement; WHEREAS, as security for the performance of its obligation under this Agreement, including the payment of the installment payments hereunder, the Purchaser will execute and deliver a Deed of Trust, dated as of the (late hereof (the "Deed of Trust "), to the Deed of Trust trustee named therein, for the benefit of the Seller, pursuant to which the Purchaser will grant a lien on the Site (hereafter defined) of the Project and all of the buildings, improvements and fixtures located and to be located thereon; WHEREAS, the Seller is willing to finance the purchase price of the Project, and the Purchaser is willing to repay the purchase price in installments as more fully provided herein; and WHEREAS. the Purchaser and the Seller have each duly authorized the execution and delivery of this Agreement. NOW, THEREFORE, in consideration of the above premises and of the mutual covenants hereinafter contained and for other good and valuable consideration, the parties hereto agree as follows: