Agenda - 06-24-1986 - Laserfiche WebLink

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ARTICLE VI MAINTENANCE AND MODIFICATIONS; TAXES AND UTILITY CHARGES Section 6 . 1 . Maintenance and Modification of Project by Company. The Company agrees that until Payment of the Bond shall be made it will at its own expense ( i ) keep the Project in as reasonably safe condition as its operations shall permit and ( ii ) make from time to time all necessary repairs to the Project and renewals and replacements thereof and otherwise keep the Project in good repair and in good operating condition. The Company will pay all costs and expenses of operation of the Project . The Company may, also at its own expense, make from time to time any additions, modifications or improvements to the Project that it may deem desirable for its business purposes and that do not materially impair the effective use, nor materially decrease the value, of the Project . Additional equipment and other facilities ( i ) which are not described in Exhibit B as part of the Project and are not financed from the Bond proceeds or ( ii ) which do not constitute an integral part of the Project referred to in clause ( i ) of this paragraph shall not become part of the Project by virtue of their location on the site of the Project or their affixation to a part of the Project or their use in connection with the Project . Section 6 . 2. Taxes and Utility Charges. (a) Recognizing that Article V, §9 of the Constitution of North Carolina provides as -to projects to be financed under the Enabling Act, such as the Project, in effect that the Project and all transactions therefor shall be subject to taxation to the extent the Project and such transactions would be subject to taxation if the Authority were not involved therewith, the Company shall pay, as the same respectively become due, all taxes, assessments and charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project ( including, without limiting the generality of the foregoing, any tax upon or with respect to the income or profits of the Authority from the Project and that, if not paid, would become a charge on the payments to be made under this Agreement or the Note prior to or on a parity with the charge thereon created by the Assignment and including ad valorem, sales and excise taxes, assessments and charges upon the Company 's interest in the Project) , all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project and all assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on the Project . 17 .