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1996 NS Installment Purchase Contract
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1996 NS Installment Purchase Contract
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Last modified
11/21/2013 4:02:02 PM
Creation date
10/15/2013 2:41:23 PM
Metadata
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Template:
BOCC
Date
1/16/1996
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
V-A
Document Relationships
Agenda - 01-16-1996 - V-A
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\Board of County Commissioners\BOCC Agendas\1990's\1996\Agenda - 01-16-1996
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or will cause to be kept, the Project free from all liens for <br /> services, labor and materials until the Installment Payments have <br /> been paid in full, the Deed of Trust has been released by the <br /> Lender, or the Contract has otherwise been terminated by a final, <br /> nonappealable judicial order or by operation of law, whichever <br /> should occur first. The County will also cause the general <br /> contractor or contractors to comply, to the fullest extent possible <br /> with respect to the = Construction Contract, with the notice <br /> provisions of N.C.G.S. § 44A-23 . The Lender shall have the right, <br /> during construction, to enter and inspect the Project. <br /> 4.6 Completion of Construction. When the construction of the <br /> Project has been substantially completed, to the County' s <br /> satisfaction, and any certificate of occupancy has been issued for <br /> the buildings constituting the Project, the County shall deliver a <br /> copy of such certificate to the Lender. <br /> 4.7 Contractors' Performance and Payment Bonds. The County <br /> shall require each contractor entering into a contract relating to <br /> the Project to furnish a performance bond and a separate labor and <br /> material payment bond as required by Article 3 of Chapter 44A of <br /> the North Carolina General Statutes. Copies of such bonds shall be <br /> provided to the Lender. Each such bond shall include the Lender as <br /> a dual obligee. Upon any material default by a contractor under <br /> any contract, or upon any material breach of warranty with respect <br /> to any materials, workmanship or performance, the County shall <br /> promptly proceed to pursue diligently its remedies against such <br /> contractor or against the surety of any bond securing the <br /> performance of such contract. <br /> 4. 8 Conditional Assignment of Construction Documents . <br /> Simultaneously with the execution and delivery of this Contract and <br /> as a condition to the Lender' s obligation to advance the Financing <br /> Proceeds, the County hereby conditionally assigns to the Lender all <br /> of the County' s right, title and interest in the Construction <br /> Contract and the Plans and Specifications. The County shall obtain <br /> any required contractor's or engineer' s consent to such <br /> assignments. <br /> SECTION S . RESPONSIBILITIES OF THE COUNTY <br /> 5 .1 Care and Use. The County shall cause the Project to be <br /> constructed in accordance with the Plans and Specifications and <br /> thereafter use, or cause to be used, the buildings constituting the <br /> Project in compliance with all applicable laws and regulations, <br /> and, at its sole cost and expense, service, repair and maintain, or <br /> cause to be serviced, repaired and maintained, such buildings so as <br /> to keep the Project in good condition, repair, appearance and <br /> working order for the purposes intended, ordinary wear and tear <br /> excepted, and shall replace, or cause to be replaced, any part of <br /> buildings constituting the Project as may from time to time become <br /> 8 <br />
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