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1 <br /> • • 1 <br /> Exhibit B <br /> DECLA-RA ION sJl� <br /> RE: <br /> B_`ZN.--ICT_aL LNT�E-ST OF THE COUNT-V OF ORANGE, NOR''_'H CA:tOLIVA <br /> =Y AN IitDUST3T_4L ?RO.%.CT <br /> The undersigned, THE LVDUSTRIAL DE=ELO?HENT MR?O-RATION IN <br /> TIE COUNTY OF ORANGE, NORTH CAROL=`I.4 a North Carolina nonprofit <br /> corporation (the "Co •?oration"), hereby me-:es the followi-'ig declara- <br /> tion in favor of the CCU`ITY 0? C34itGE NORMS CAROLINA (th "CoL^.ty") <br /> for the purpose of giving public notice of the beneficial interest <br /> of the County in an industrial project. <br /> l. The Coloration is the owner in fee si=Dle -of the <br /> real estate described in °_x?Libit A attached hereto _.d :nade a. '?art <br /> hereof (the "Land") <br /> 2. Concurrently with the execution and delivery of this <br /> teclaraticn the Corporation is issuing its First wortga;e Bonds <br /> (the*"3onds") for the purpose of financ'ng the cor•-struction 2.^_d <br /> accuisition of an :L-d'_strial project (the "Project") which is bet-mg ' <br /> constructed on the Land. The 3cnds are bein- issued under and <br /> secured by a Mortgage and Indenture of Trust da.tad as of October 1 , <br /> 1972 from the Cor-perat'-on to State national 3a_nk of <br /> alnny.^� , as Trustee. _ae ro�2ct has seen leased to va-tey <br /> rorge Corporation.',—nd°_r and vursu_nt to the terms of a Lease gree- <br /> ;ent dated October 1 , 1972 for rentals sufficient to ?ay <br /> the ?r?^.c;?z , inze}esF, ?S__T prem4um, if any, on the Bonds. <br /> 3• The Articles of ILncor•?oration 2nd the By-Laws of the <br /> Corporation provide that after the 3onds are fully paid the Cor?cra- <br /> tf_on shall. `end?r the Lend and the Project to the CoLI-nty by gift so <br /> that the County-=ay iccuire the T_--nd and the Project without any <br /> corsiderarior_ on its tart and free w.d Clear of liens thereon (except; <br /> for the then existing rights of y_lley Forge Cow oration, or its <br /> sticcessorS or assi or-5 L"lder the Lease Agree t). <br /> �. in furtherance of the fore-oi-g the Corporation is <br /> delivering to the acrd Trustee COnCUrrertly herewith its duly executed <br /> Warranty Deed to the County covering the iz_^-d and the Project with <br /> irrevocable :LIstructiors to deliver such Deed to the County upon the <br /> payment in f,—,13: of :he Bonds, at which time the conveyance of _he <br /> Land z*id the Project to the County shall become effective. <br /> • M WITNEEESS NHEM 0F, T TNLUSTRT_aL DE' 'LOFNENT CORPORATION j <br /> IN THE COUNTY OF ORANGE, TORT?CAROLJVA has caused this Declaration ) <br /> to be signed on its behalf, in its corporate name, by its ?resident <br /> or one of its Vice ?residents, and its corporate seal to be hereunto <br /> a_*fined and such seal- to be attested by its Secretary or a-n' i,ssista^.t <br /> Secretary, -all as' of this 1st day of October , 1972• <br /> THE INDUST_3IA_r DHV-zLOPY-1T CORPORATION <br /> _-' IN T.� COMNI Y OF ORALNGE, NORTH CAROLUTA <br /> TE-SEAL) <br /> ' • Ay.�'Ji: <br /> 1 <br /> 1 <br /> 233 <br /> ' 1� <br />