2008 - 06-16-08 Regular Meeting - Laserfiche WebLink

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BOOK 22 po 175 (e) In order to secure the performance of the County's obligations under the Agreement, the County will execute and deliver a Deed of Trust (the ``Deed of Trust'), granting a lien on the Site and the improvements and fixtures located and to be located thereon (the "Mortgaged Property'). (f) In order to facilitate the rehabilitation and completion of the Project, the County will enter into a Rehabilitation Agreement (the "Rehabilitation Agreement") with the Board of Education providing for the supervision of construction of the Project by the Board of Education. (g) The Mortgaged Property will be leased back to the Board of Education pursuant to a Lease Agreement (the "Lease Agreement") between the County and the Board of Education, which Lease Agreement will be subordinate to the lien created by the Deed of Trust. (i) There has been presented to the Board lonns of the following documents relating to the transaction hereinabove described: (1) the Agreement; (2) the Deed of Trust; (3) the Rehabilitation Agreement; and (4) the Lease Agreement- Section 2. The Board hereby approves the Agreement, the Deed of Trust, the Rehabilitation Agreement, the Lease Agreement and the Forward Delivery Agreement in substantially the forms presented at this meeting. The Chairman or Vice Chairman of the Board or the County Manager is hereby authorized to execute and deliver on behalf of the County each of said documents in substantially the forms presented at this meeting, containing such insertions, deletions and filling in of blanks as the person executing such documents shall approve, such execution to be conclusive evidence of approval by the Board of any such changes. The Clerk to the Board is hereby directed to affix the official seal of the County to each of said documents and to attest the same. Section 3. No deficiency judgment may be rendered against the County in any action for breach of any contractual obligation under the Agreement or the Deed of Trust, and the taxing power of the County is not and may not be pledged directly or indirectly to secure any moneys due under the Agreement or the Deed of Trust. Section 4. The Chairman, the Vice Chairman, the County Manager, the Finance Officer, the County Attorney and the Clerk to the Board, and any other officers, agents and employees of the County, are hereby authorized and directed to execute and deliver such closing certificates, opinions and other items of evidence as shall be deemed necessary to consummate the transactions described above, including (a) the execution of any necessary financing statements relating to fixtures located on the Mortgaged Property and (b) the execution of any documents necessary for the conveyance of the Site to the County. 6