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n The County will maintain its existence, and, in the event of reorganization, this Agreement <br /> will be binding upon any successors or assigns; <br /> (ii) The County will comply in all material respects with the terms and conditions of the laws <br /> of North Carolina respecting budgeting and appropriations and will take whatever action is <br /> necessary to assure the proper and continued receipt and expenditure of monies thereunder; <br /> (iii) The County will execute and deliver all such further instruments and tatie all such further <br /> cation as may be required to carry out the purposes of this Agreement; <br /> (iv) Neither the execution and delivery hereof, nor the fulfillment of or compliance with the <br /> terns and conditions hereof, nor the consummation of the transactions contemplated hereby, <br /> conflicts with or results in breach of the terms, conditions, and provisions of any restriction or <br /> agreement or instrument to which the County is now a parry or by which the County is.bound, <br /> or constitutes a default under any of the foregoing; <br /> (v) No controversy, budget protest, or litigation is pending or threatened involving the <br /> incorporation, organization, existence, or boundaries of the County, or the titles of its officers <br /> to their respective positions, or the validity of the adopted budget, or the power and duty of the <br /> County to provide and apply adequate ad valorem tax receipts and other general fund receipts in <br /> accordance with its adopted budget for the current fiscal year; and further there is no action, suit, <br /> proceeding, inquiry, or investigation at law or in equity or before or by any public board or body <br /> pending or, to its knowledge, any basis therefor, wherein an unfavorable decision, ruling or <br /> finding would adversely affect the transactions contemplated by this Agreement. The County will <br /> �=ediately notify the Corporation if any such controversy or litigation is filed or threatened <br /> during the terra of this Agreement; <br /> (vi) As of the date of execution hereof the County is not currently in default in any material <br /> respect on any other obligation; <br /> (vii) The County will not own or operate swimming or skating facilities which would compete <br /> with the CAC during the term of this Agreement without the consent of the Owners of the 1994A <br /> Bonds; and <br /> (viii) The payment obligation under this Agreement is a contractual obligation of the County, <br /> payable from the County's funds and from the earnings and all income received by the County <br /> from whatever source derived, to the extent that County's funds are available for such purpose <br /> and are not pledged for the payment of any other obligation of the County and subject only to <br /> the limitation set forth in N.C. GEN. STAT. $ 153A-149(c). <br /> Section 9.02. Covaamrts, Representations, and Warrandies of the Corporation. The Corporation <br /> A= ,covenants, and warrants for the benefit of the County as follows: <br /> (i) The Corporation is a nonprofit corporation duly created, existing, and in good standing under <br /> the laws of North Carolina, is duly qualified to do business in North Carolina, has all necessary <br /> powers to carry out its obligations and to enter into this Agreement, and has duly authorized the <br /> execution and delivery of this Agreement; <br /> (it) Neither the execution and delivery hereof, nor the fulfillment of or compliance with the <br /> terms and conditions hereof, nor the consummation of the transactions contemplated hereby, <br /> 5 <br />