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31 , <br /> 4 • tl <br /> r•r <br /> Exhibit B <br /> DECLARATION 451-1 <br /> RE: <br /> B—rN r ICL4L INTEREST_ OF THE COUNTY OF ORANGE, NORTH CAROLINA <br /> IN AN INDUSTRIAL PROS_CT <br /> 4 <br /> The undersigned, T L^IDUSTRIAL DEVELOPMENT CORPORATION I-1 <br /> TIM COUNTY OF ORANGE NORTH CAROLLVA a North Carolina. nonprofit <br /> corporation (the "Corporation"), hereby makes the following declara- <br /> tion in favor of the COUNTY OF ORANGE, NORTH CAROLINA (the "County") <br /> for the purpose of giving public notice of the beneficial interest <br /> of the County in an industrial project. <br /> 1. The Corporation is the owner in fee simple of the <br /> real estate described in Ex_h±bit A attached hereto anal made a part <br /> hereof (the "Land") , <br /> 2. Concurrently with the execution and delivery of this ' <br /> Declaration the Corporation is issuing its First Mortgage Bonds <br /> (the'"Bond's") for the purpose of financing the construction and <br /> acquisition of an industrial project (the "Project") which is being <br /> constructed on the Land. The Bonds are being issued under and <br /> secured by a Mortgage and Indenture of Trust dated as of October i <br /> 1972 from the Corporation to State ciational Bank of <br /> Aipbama , as Trustee. The rrojecZ pas Been leased to va ey <br /> rorge orporatlon-under and pursuant to the terms of a Lease Agree- <br /> ment dated October 1 , 1972 for rentals sufficient to Pay <br /> the prir_cipa , interesT,--aln-T premium, if any, on the Bonds. <br /> 3. The Articles of Incorporation and the By-Laws of the <br /> Corporation provide that after the Bonds are fully paid the Corpora- <br /> tion shall tender the Land and the Project to the County by gift so <br /> that the County may acquire the Land and the Project without any <br /> consideration_ on its part and free and clear of liens thereon (except, <br /> for the then existirg' rights of Valley Forge Corporation, or its <br /> successors or assigns under the Lease Agreement). <br /> 4. Ln furtherance of the foregoing the Corporation is <br /> delivering to the Bond Trustee concurrently herewith its duly executed <br /> Warranty Deed to the County .covering the Land and the Project with <br /> Irrevocable instructions to deliver such Deed to the County upon the <br /> payment in full of the Bonds, at which time the conveyance of the <br /> Land and the Project to the County shall become effective. <br /> IN '+FITNESS ',.-MREOF THE INDUSTRLAL D_FVELOPNCNT CORPORATION <br /> IN THE COUNTY OF ORA�7GEE, `tORTH'CAROLINA has caused this Declaration ) <br /> to be signed on its behalf, in its corporate name, by its President <br /> or one of its Vice Presidents, and its corporate seal to be hereunto <br /> affixed and such seal to be attested by its Secretary or an Assistant <br /> Secretary, all as of this lsc day of October 1972, <br /> 4�' • ' ' '' B•^ THE INDUSTRIAL DEV'ELOPME21T CORPORATION <br /> IN THE COUNTY OF ORANGE, NORTH CAROLINA 11 <br /> ._ �. By <br /> A,% eres-idenz. <br /> 'SEAL) <br /> • Attea*,: <br /> 233 <br /> Secretary <br /> 16 <br />