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8 <br /> conflicts with or results in breach of the terms, conditions, and provisions of any restriction or <br /> agreement or instrument to which the Corporation is now a party or by which the Corporation <br /> is bound, or constitutes a default under any of the foregoing; <br /> (iii) To the knowledge of the Corporation, there is no litigation or proceeding pending or <br /> threatened against the Corporation or any.other person affecting the right of the Corporation to <br /> execute or deliver this Agreement or to comply with its obligations under this Agreement. <br /> Neither the executica and delivery of this Agreement by the Corporation, nor compliance by the <br /> Corporation with its obligations under this Agreement, require the approval of any regulatory <br /> body, any parent company, or any ocher entity, which approval has not been obtained; <br /> (iv) The Corporation agrees to obtain annually an audit of its financial statements from an <br /> accounting firm acceptable to the County and to provide a copy of such audit to the County <br /> promptly after receipt thereof; <br /> (v) The Corporation will maintain its existence, and, in the event of reorganization, this <br /> Agreement will be binding upon any successors or assigns; <br /> (vi) The Corporation will execute and deliver all such further instruments and take all such <br /> further action as may be required to carry out the purposes of this Agreement; and <br /> (vii) The Corporation will not issue additional Indebtedness as defined in the Indenture without <br /> the approval of the County. <br /> ARTICLE X <br /> OWNMUE P OF PROPERTY; LLtitITHD OBLIGATION OF COUNTY <br /> All property of any type (real or personal) now or hereafter acquired at the expense of the <br /> Corporation for or in connection with the CAC shall be acquired in the name of, and be owned by, the <br /> C9iW.ration, provided, however, that (1) the Corporation may subject the property to a deed of trust <br /> P==to the Corporation Financing and(2)upon(a) payment in full of the Corporation Financing,and <br /> (b)Rquest by the County, the Corporation shall convey and transfer all such property to the County for <br /> W iddW0nal consideration by: (i) with respect to real property, a North Carolina Bar Form Special <br /> ,.�urantY Deed, subject only to matters of record existing as of the date of this Agreement, -ising in <br /> ecrzoa with road or utility easements and matters consented to by the County, and (u) with respect <br /> b pemonal Property, by bill of sale which includes warranties that the Corporation holds unencumbered <br /> then: The Corporation, as evidence of this Agreement to transfer and convey property to the <br /> . Y.°shall execute and deliver to the County a Memorandum of Agreement to Convey Land in <br /> ble form substaniagy in the form of Exhibit B to this AgreemeaL Notwithstanding anything to <br /> fi.,,, 7 in this Agreement or any other document, the rights of the County under this Agreement to <br /> tW <br /> �A- convey property shall in no event vest later than twenty-one(21)years after the date of the <br /> l hof the last surviving linear descendant now living of Donald P. Ubell, Ashley L. Hogewood, Jr., <br /> m-dC3arles B. Lam, Jr., all of Mecklenburg County, North Carolina. <br /> 6 <br />