Orange County NC Website
Browse       Search
No provision of this Contract shall be construed to pledge or <br /> to create a lien on any class or source of the County' s moneys, nor <br /> shall any provision of this Contract restrict the future issuance <br /> of any of the County' s bonds or obligations payable from any class <br /> or source of the County' s moneys. To the extent of any conflict <br /> between this Section and any other provision of this Contract, this <br /> Section shall take priority. <br /> SECTION 13 . MISCELLANEOUS <br /> 13 . 1 Lender' s Service as Escrow Agent. (a) The Lender, in its <br /> role as escrow agent with respect to the Construction Fund may <br /> act in reliance upon any writing or instrument or signature which <br /> it, in good faith, believes to be genuine and may assume the <br /> validity and accuracy of any statement or assertion contained in <br /> such a writing or instrument. The Lender, as escrow agent, shall <br /> not be liable in any manner for the sufficiency or correctness as <br /> to form, manner, execution or validity of any instrument nor as to <br /> the identity, authority, or right of any person executing the same; <br /> and its duties as escrow agent hereunder shall be limited to the <br /> receipt of such moneys, instruments or other documents received by <br /> it, and for the disposition of the same in accordance herewith. <br /> (b) If the County and the Lender, as escrow agent, shall be <br /> in a bona fide disagreement about the interpretation of this <br /> Contract, or about the rights and obligations of, or the propriety <br /> of any action contemplated by, the Lender hereunder, the Lender <br /> may, but shall not be required to, bring an appropriate civil <br /> action to resolve the disagreement. The Lender shall be fully <br /> protected in suspending all or any part of its activities as escrow <br /> agent under this Contract until a final judgment in such action is <br /> received. <br /> (c) The Lender, at its own expense, may consult with counsel <br /> of its own choice and shall have full and complete authorization <br /> and protection with the opinion of such counsel. The Lender, as <br /> escrow agent, shall otherwise not be liable for any mistakes of <br /> fact or errors of judgment, or for any acts or omissions of any <br /> kind unless caused by its negligence or willful misconduct. <br /> (d) The Lender shall receive no separate compensation for its <br /> services as escrow agent under this Contract. <br /> 13 .2 Waiver. No covenant or condition of this Contract can <br /> be waived except by the written consent of the Lender. Any failure <br /> of the Lender to require strict performance by the County or any <br /> waiver by the Lender of any terms, covenants or agreements herein <br /> shall not be construed as a waiver of any other breach of the same <br /> or any other term, covenant or agreement herein. <br /> 19 <br />