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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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Last modified
8/3/2012 9:37:52 AM
Creation date
5/20/2010 8:46:10 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
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Path:
\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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13 <br />3.7. Cooperation. SunTrust and the County will cooperate fully with <br />each other in filing any claim or proof of loss with respect to any bond or: insurance <br />policy described in this Contract. In no event will SunTrust or the County <br />voluntarily settle, or consent to the settlement of, any proceeding arising out of any <br />claim with respect to the Financed Facilities without the other's written consent. <br />ARTICLE IV <br />COUNTY'S RESPONSIBILITIES <br />4.1. Care and Use. The County will use the Pledged Sites and the <br />Pledged Facilities in a careful and proper manner, and will keep the Pledged Sites <br />and the Pledged Facilities in good condition, repair, appearance and working order <br />for the purposes intended. <br />4.2. Utilities. The County will pay all charges for utility services <br />furnished to or used on or in connection with the Pledged Sites and the Pledged <br />Facilities. <br />4.3. Risk of Loss. The County will bear all risk of loss to and <br />condemnation of the Financed Facilities and the Project Sites. Upon loss, damage <br />or condemnation of the Mortgaged Property, the County will proceed as provided <br />in Article VI. <br />4.4. Bank's Performance of County's Responsibilities. Any <br />performance required of the County or any payments required to be made by the <br />County for the insurance, maintenance or preservation of the Mortgaged Property <br />may, if not timely performed or paid, be performed or paid by SunTrust. The <br />County will then reimburse SunTrust for any such payments and for any associated <br />costs and expenses, legal or otherwise, together with interest thereon at the annual <br />rate of 5.00%. <br />4.5. Compliance with Requirements. The County will promptly and <br />faithfully comply with all requirements of governmental authorities relating to the <br />use or condition of the Mortgaged Property, the violation of which would <br />adversely affect the use, value or condition of the Mortgaged Property, whether or <br />not such requirement will necessitate structural changes or improvements or <br />interfere with the use or enjoyment of the Mortgaged Property (or be diligently and <br />in good faith contesting such requirements). Unless required by applicable law or <br />unless SunTrust has otherwise agreed in writing, the County will not use the <br />Mortgaged Properly for any purposes other than that for which the same were <br />97562v1 13 <br />
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