Orange County NC Website
cross border lease, leveraged lease, or otherwise), or any other obligation pertaining to Project <br />property, that in any way would affect the continuing State interest in that Project property. <br />(2) Oral Transactions. The Contractor agrees that it will not obligate itself <br />in arty manner to any third party with respect to Project property. <br />(3) Other Actions. The Contractor agrees that it will not take any action <br />adversely affecting the State interest in or impair the Contractor's continuing control of the use <br />of Project property. <br />g. Transfer of Proiect Propertv. The Contractor understands and agrees as <br />follows: <br />(1) Contractor Request. In addition to the authority to transfer project <br />assets provided by 49 U.S.C. 5334(8), the Contractor may also transfer facilities and equipment <br />acquired with financial assistance authorized for 49 U.S.C. 5311 to any recipient eligible to <br />receive assistance under 49 U.S.C. Chapter 53, provided that the Contractor consents to the <br />transfer and the facilities or equipment will continue to be used in accordance with the <br />requirements of 49 U.S.C. 5311 and the project application. <br />(2) State Government Direction. The Contractor agrees that the <br />Department may direct the disposition of, and even require the Contractor to transfer title to any <br />Project property financed with State assistance under this Agreement. <br />(3) t_easina Proiect Propertv to Another Party. <br />(a) General. Prior to entering into any third party contract for leasing <br />Project property to another party, the Contractor agrees to obtain approval from the Department. <br />If the Contractor leases any Project property to another party, the Contractor agrees to retain <br />ownership of the leased Project property, and assure that the lessee will use the Project <br />property appropriately, through a written lease between the Contractor and lessee. The <br />Contractor agrees to use the standard lease agreement form provided by the Department and to <br />provide a copy of the signed, executed lease agreement to the Department. In accordance with <br />07-SC-056 Page 42 of 59 <br />Orange County <br />