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2004 S Finance - BB&T Refinancing Installment Purchase Agreement
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2004 S Finance - BB&T Refinancing Installment Purchase Agreement
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Last modified
4/14/2011 12:12:39 PM
Creation date
2/22/2011 8:50:21 AM
Metadata
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Template:
BOCC
Date
8/17/2004
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
5q
Document Relationships
Agenda - 08-17-2004-5q
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Path:
\Board of County Commissioners\BOCC Agendas\2000's\2004\Agenda - 08-17-2004
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11.3. Further Remedies. A termination hereunder shall occur only on notice by <br />the Bank to the County and only with respect to such portion of the Equipment as the <br />Bank specifically elects to terminate in such notice. Except as to those portions of the <br />Equipment with respect to which there is a termination, this Contract shall remain in full <br />force and effect and the County shall be and remain liable for the full performance of all <br />of its obligations hereunder. All remedies of the Bank are cumulative and may be <br />exercised concurrently or separately. The exercise of any one remedy shall not be <br />deemed an election of such remedy or preclude the exercise of any other remedy. The <br />County agrees to pay to the Bank all court costs and reasonable attorney fees incurred by <br />Bank in enforcing the Bank's rights and remedies under this Contract. <br />SECTION 12. ASSIGNMENT <br />12.1. Assignment by the County . The County agrees not to sell, assign, lease, <br />sublease, pledge or otherwise encumber or suffer a lien or encumbrance upon or against <br />any interest in this Contract or the Equipment (except for the lien and security interest of <br />the Bank therein) without the Bank's prior written consent. <br />12.2. Assignment by the Bank. The Bank may, at any time and from time to <br />time, assign all or any part of its interest in the Equipment and/or this Contract, including <br />without limitation, the Bank's rights to receive the Installment Payments due and to <br />become due hereunder. Any assignment made by the Bank or any subsequent assignee <br />may be made only to a bank, insurance company, or similar financial institution. No such <br />assignment shall grant or purport to grant any greater interest or rights than those held by <br />the Bank pursuant to this Contract. The County agrees that this Agreement may become <br />part of a pool of obligations at the Bank's or its assignee's option. The Bank or its <br />assignees may assign or reassign all or any part of this Contract, including the assignment <br />or reassignment of any partial interest through the use of certificate evidencing <br />participation interests in this Contract. The Bank or its designees may assign or reassign <br />either this entire contract or a partial interest herein. All assignments by the Bank shall <br />be subject to the following rules and conditions: <br />(a) The Bank shall send written notice of the assignment and its effective date <br />to the County before it makes the assignment. Such notification shall be forwarded to <br />the County at least 30 days before the effective date of the assignment. The notification <br />shall include an executed copy of the assignment document and shall specify the <br />assignee's name and address, and shall provide the County with instructions for making <br />payments after the effective date of the assignment. The requirement of 30 days notice <br />maybe waived in writing by the County . <br />(b) The County shall not be obligated to make payments to anyone other than <br />the Bank until the notification specified in part (a) of this Section is received by the <br />County or until the effective date of the assignment, whichever is later. Should the <br />County incorrectly make payments to the Bank after the conditions specified in the <br />preceding sentence are met, the Bank shall return those payments to the County . <br />12 <br />
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