Orange County NC Website
Browse       Search
or cause to be paid to Lender the amount of the then applicable Purchase Price for the <br />Equipment, and, upon such payment, the applicable Purchase Term shall terminate and Lender's <br />security interest in the Equipment shall terminate as provided in Section 6.01 hereof. The <br />amount of the Net Proceeds, if any, remaining after completing such repair, restoration, <br />modification or improvement or after purchasing such Equipment and such other Equipment <br />shall be retained by Purchaser. If Purchaser shall make any payments pursuant to this Section, <br />Purchaser shall not be entitled to any reimbursement therefor from Lender nor shall Purchaser be <br />entitled to any diminution of the amounts payable under Article TV. <br />ARTICLE IX <br />WARRANTIES <br />Section 9.01. Disclaimer of Warranties. LENDER MAKES NO EXPRESS OR <br />IMPLIED WARRANTY OR REPRESENTATION OF ANY KIND WHATSOEVER WITH <br />RESPECT TO THE EQUIl'MENT OR ANY COMPONENT PART THEREOF TO <br />PURCHASER OR IN REGARD TO ANY OTHER CIRCUMSTANCE WHATSOEVER WITH <br />RESPECT THERETO, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OR <br />REPRESENTATION WITH RESPECT TO: THE MERCHANTABILITY OR THE FITNESS <br />OR SUITABILITY THEREOF FOR ANY PURPOSE; THE VALUE, DESIGN OR <br />CONDITION THEREOF; THE SAFETY, WORKMANSHIP OR QUALITY THEREOF; <br />COMPLIANCE THEREOF WITH THE REQUIREMENTS OF ANY LAW, RULE, <br />SPECIFICATION OR CONTRACT PERTAINING THERETO; ANY LATENT DEFECT; <br />THE TITLE TO OR INTEREST OF LENDER THEREIN; THE ABILITY THEREOF TO <br />PERFORM ANY FUNCTION; THAT THE PROCEEDS OF THIS AGREEMENT WILL BE <br />SUFFICIENT (TOGETHER WITH ANY OTHER AVAILABLE FUNDS OF PURCHASER) <br />TO PAY THE COST OF ACQUIRING OR INSTALLING THE EQUIPMENT; OR ANY <br />OTHER CHARACTERISTICS OF THE EQUIPMENT, IT BEING AGREED THAT ALL <br />RISKS RELATING TO THE EQUIPMENT, THE INSTALLATION AND OPERATION <br />THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY ARE TO BE BORNE <br />BY PURCHASER, AND THE BENEFITS OF ANY AND ALL IMPLIED WARRANTIES <br />AND REPRESENTATIONS OF LENDER ARE HEREBY WAIVED BY PURCHASER. <br />Purchaser's acquisition of the Equipment under this Agreement shall be on an "as is, where is" <br />basis, and with all faults. In no event shall Lender be liable for any incidental, indirect, special <br />or consequential damage in connection with or arising out of this Agreement, the Equipment or <br />the existence, furnishing, functioning or Purchaser's use of any item, product or service provided <br />for in this Agreement. <br />Section 9.02. Vendor's Warranties: Lender hereby irrevocably appoints Purchaser its <br />agent and attorney-in-fact during each Purchase Term, so long as Purchaser shall not be in <br />default under this Agreement, to assert from time to time whatever claims and rights (including <br />without limitation warranties, if any) relating to the Equipment that Lender may have against <br />Vendor. Purchaser's sole remedy for the breach of such warranty, indemnification or <br />representation shall be against the Vendor of the Equipment, and not against Lender. Any such <br />matter shall not have any effect whatsoever on the rights and obligations of Lender with respect <br />to this Agreement, including the right to receive full and timely payments under this Agreement. <br />Purchaser expressly acknowledges that Lender makes, and has made, no representations or <br />#765698v2 (BAPCC/N Carolina Installment Purch Agmt) 15 <br />