Orange County NC Website
Browse       Search
4 <br />EXHIBIT E <br />CONTINUOUS INSURANCE COVERAGE DECLARATION <br />Installment Financing Contract Dated: September ~, 2008 <br />County: County of Orange <br />208 S. Cameron Street <br />Hillsborough, NC 27278 <br />Bank: RBC Bank (USA) <br /> 3201 Beechleaf Court, Suite 360 <br /> Raleigh, NC 27604 <br />Insurance Co: North Carolina Association of County Commissioners <br />Policy #: LP-OR-067-08 <br />Agency: North Carolina Association of County Commissioners Risk <br /> Management Agency <br /> 215 N. Dawson Street <br /> Raleigh, NC 27602 <br />Phone: 919 719-1100 <br />Whereas, the County has entered into an agreement to finance equipment, including fixtures <br />("Equipment") and insurance coverage is required by the Bank to protect the security interest in <br />such Equipment. County agrees to maintain insurance coverage on the Equipment with the above <br />designated company or another company of its selection during the term of financing. If coverage is <br />not renewed or never acquired, and a loss occurs while the collateral is uninsured, the County agrees <br />to indemnify the Bank. The indemnification can be accomplished by the mutual agreement of the <br />parties as follows: <br />* The principal balance and accrued interest may be paid in full in satisfaction of the <br />obligation as provided in Section 3.5 of the Installment Financing Contract entered into by <br />and between the Bank and the County. <br />* The Equipment is repaired to its original condition or replaced with equal value property, at <br />the expense of the County. <br />* A. replacement or substitution of collateral satisfactory to the Bank is acquired by the <br />County, at the County's expense. <br />1 <br />