Orange County NC Website
Browse       Search
is <br />The County may also, from time to time in its sole discretion and at its own <br />expense, install machinery, equipment and other tangible property in or on the <br />Pledged Facilities. All such property will remain the County's sole property in <br />which neither SunTrust nor any assignee of SunTrust will have any interest; <br />provided, however, that any such property which becomes permanently affixed to <br />the Pledged Facilities will be subject to this Contract and the lien and security <br />interest arising under the Deed of Trust if SunTrust reasonably determines that the <br />Pledged Facilities would be damaged or impaired by the removal of such <br />machinery; equipment or other tangible property. <br />4.8. Taxes and Other Governmental Charges. If the Mortgaged <br />Property or any portion thereof is, for any reason, deemed subject to taxation, <br />assessments or charges lawfully made by any governmental body, the County will, <br />during the Contract term, pay the amount of all such taxes, assessments and <br />governmental charges as Additional Payments. With respect to special assessments <br />or other governmental charges which may be lawfully paid in installments over a <br />period of years, the County will be obligated to provide for Additional Payments <br />only for such installments as are required to be paid during the Contract term. The <br />County must not allow any liens for taxes, assessments or governmental charges <br />with respect to the Mortgaged Property or any portion thereof to become <br />delinquent (including, without limitation, any taxes levied upon the Mortgaged <br />Property or any portion thereof which, if not paid, will become a charge on any <br />interest in the Mortgaged Property, including SunTnast's interest, or the rentals and <br />revenues derived therefrom or hereunder). <br />The County may,. at its own expense and in its own name, in good faith <br />contest any such taxes, assessments and utility and other charges and, in the event <br />of any such contest, may permit such charges so contested to remain unpaid during <br />the period of such contest and any appeal therefrom unless SunTrust notifies the <br />County that, in the opinion of Independent Counsel, by nonpayment of any such <br />items the security afforded pursuant to this Contract or the Deed of Trust will be <br />materially endangered or the Mortgaged Property or any portion thereof will be <br />subject to loss or forfeiture, in which event such charges will be paid forthwith (but <br />such payment will not in itself constitute a waiver of the right to continue to <br />contest such charges). <br />4.9. Property Damage Insurance. (a) From and after substantial <br />completion of the Pledged Facilities, the County will, at its own expense, acquire, <br />carry and maintain broad-form extended coverage property damage insurance with <br />respect to the Pledged Facilities in an amount equal to its estimated replacement <br />cost. Such property damage insurance must include SunTrust as an additional <br />97562vt 15 <br />