Orange County NC Website
Browse       Search
20 <br /> ARTICLE VII <br /> COUNTY'S WARRANTIES, REPRESENTATIONS AND COVENANTS <br /> 7.1. By the County, Generally. The County makes the following statements of <br /> fact, with the understanding and intent that the Lender will rely on these statements in <br /> making its decision to enter into this Contract: <br /> (a) The County is a duly organized and validly existing political subdivision of <br /> the State. The County has all powers necessary to enter into the transactions contemplat- <br /> ed by this Contract and the Deed of Trust, and to carry out its obligations under those in- <br /> struments. <br /> (b) The County will take no action that would adversely affect its existence as <br /> a political subdivision in good standing in the State. <br /> (c) The County has duly and validly authorized, executed and delivered this <br /> Contract and the Deed of Trust. Assuming due authorization, execution and delivery <br /> thereof by the other parties, this Contract and the Deed of Trust constitute valid, legal and <br /> binding obligations of the County, enforceable (in the case of the Deed of Trust, by the <br /> Deed of Trust Trustee and the Lender) in accordance with their respective terms, subject <br /> to bankruptcy, insolvency and other similar laws affecting the enforcement of creditors' <br /> rights generally and such principals of equity as a court having jurisdiction may impose. <br /> (d) The County requires no further approval or consent from any governmental <br /> authority with respect to the County's entering into or performing under this Contract or <br /> the Deed of Trust. <br /> (e) No County representation, covenant or warranty in this Contract is false or <br /> misleading in any material respect. <br /> (f) The County Board resolutions relating to the County's authorization and <br /> performance of this Contract, the Deed of Trust, and the transactions contemplated in <br /> those documents have been duly adopted, are in full force and effect, and have not been <br /> in any material respect modified, revoked or rescinded. <br /> (g) The County reasonably expects that the Project can be completed for a total <br /> price within the total amount of funds to be available from the Amount Advanced, in- <br /> come anticipated to be derived from the investment of those funds, and other funds ex- <br /> pected to be available for the intended purpose. The County will pay any excess costs, <br /> with no resulting reduction or offset in the amounts otherwise payable by the County. <br /> (h) The County reasonably believes funds will be available to satisfy all of its <br /> obligations under this Contract. <br /> 13 <br />