Orange County NC Website
Browse       Search
- a-ali <br /> G a- <br /> r' <br /> FED 25 ?) <br /> PROJECT COMPLETION AND AGENCY AGREEM T <br /> By <br /> THIS PROJECT COMPLETION AND AGENCY AGREEMENT is dated as <br /> of January 27, 2011, and is entered into by and between ORANGE COUNTY, NORTH <br /> CAROLINA, as principal (the "County"), and THE ORANGE COUNTY BOARD OF <br /> EDUCATION, as agent (the "School Board"). <br /> WITNESSETH: <br /> The County and the School Board have agreed upon a plan for the acquisition and <br /> construction (the `Project) of renovations and improvements to C.W. Stanford Middle <br /> School as part of a program of improvements to be funded through the Countys <br /> participation in the federal"qualified school construction bond'program. <br /> As part of such plan of financing, the County has executed and delivered a <br /> Financing Agreement and Deed of Trust (the "Financing Agreement") for the benefit of <br /> Branch Banking and Trust Company (the `Bank"), providing for the financing of the <br /> Project. As part of the plan of financing, the School Board has conveyed title to the C.W. <br /> Stanford Middle School property to the County, and then leased back the property <br /> pursuant to a Lease dated as of January 27, 2011 (the`Leasd). <br /> The County desires to designate the School Board as its agent to carry out the <br /> Project. The School Board is willing to accept such an appointment pursuant to the terms <br /> of this Agreement, to act as the Countys agent and to carry out the Project. <br /> NOW, THEREFORE, for and in consideration of the mutual promises herein <br /> contained and for other valuable consideration, the parties agree as follows: <br /> 1. DEFINITIONS. <br /> Capitalized terms used in this Agreement and not otherwise defined have the <br /> meanings assigned in the Financing Agreement. All references to the Bank include the <br /> Banks successors and assigns pursuant to the Financing Agreement and the transactions <br /> contemplated by the Financing Agreement. <br /> 2. APPOINTMENT; ACCEPTANCE. <br /> The County appoints the School Board as its agent to carry out all phases of the <br /> Project. The School Board, as the County's agent, assumes all the County's rights, duties <br /> and responsibilities regarding such matters, except as limited in this Agreement. The <br />