Orange County NC Website
worn out, lost, stolen, destroyed or damaged or unfit for use; <br /> provided, however, that nothing contained in this section shall <br /> require the making of any repair or replacement to or of, or the <br /> continued maintenance of, any particular part of the Project which <br /> would not be required in the exercise of sound business judgment. <br /> Any and all repairs to or replacements of the Project and all parts <br /> thereof shall constitute accessions to the Project and shall be <br /> subject to all the terms and conditions of this Contract and <br /> included in the term "Project" as used in this Contract. <br /> 5.2 Inspection. The Lender shall have the right upon <br /> reasonable prior notice to the County to enter into and upon and <br /> inspect the Project during normal business hours. <br /> 5 .3 Utilities. The County shall pay or cause to be paid all <br /> charges for gas, water, steam, electricity, light, heat or power, <br /> telephone or other utility service furnished to or used on or in <br /> connection with the Project. There shall be no abatement of the <br /> Installment Payments on account of interruption of any such <br /> services. <br /> 5 .4 Taxes The County agrees to pay or cause to be paid when <br /> due any and all taxes relating to the Project and the County's <br /> obligations hereunder, including but not limited to, all license or <br /> registration fees, gross receipts tax, sales and use tax, if <br /> applicable, license fees, documentary stamp taxes, rental taxes, <br /> assessments, charges, ad valorem taxes, excise taxes, and all other <br /> taxes, licenses and charges imposed on the ownership, possession or <br /> use of the Project by any governmental body or agency, together <br /> with any interest and penalties, other than taxes on or measured by <br /> the net income of the Lender. <br /> 5 .5 Alterations. Without the prior written consent of the <br /> Lender, which consent shall not be unreasonably withheld, the <br /> County shall not make or permit to be made any alterations, <br /> modifications or attachments to the Project which cannot be removed <br /> without materially damaging the economic value of the Project. <br /> 5 .6 Insurance. The County shall maintain or cause to be <br /> maintained, at its sole cost and expense, insurance on the Project, <br /> covering such risks and in such amounts and with such deductibles <br /> as are described in Exhibit C attached hereto and incorporated <br /> herein by reference, with such insurance companies as shall be <br /> satisfactory to the Lender. All insurance for loss or damage shall <br /> name the Lender as an additional insured and shall provide that <br /> losses, if any, shall be payable to the County and the Lender, as <br /> their interests may appear. Evidence or certificates of all <br /> required insurance shall be provided to the Lender. The County <br /> shall pay or cause to be paid the premiums therefor and deliver to <br /> the Lender the policies of insurance or duplicates thereof or other <br /> evidence satisfactory to the Lender of such insurance coverage. <br /> 9 <br />