Agenda - 06-24-1986 - Laserfiche WebLink

Browse Search

Draft : 6/9/86 BOND PURCHASE AGREEMENT This BOND PURCHASE AGREEMENT dated as of July 1, 1986 ( the "Bond Purchase Agreement" ) , among THE ORANGE COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY, a body corporate and politic and a political subdivision of the State of North Carolina ( the "Authority" ) , NCNB NATIONAL BANK OF NORTH CAROLINA, a national banking association having its principal office in Charlotte, North Carolina ( the "Purchaser" ) , and ISOTECHNOLOGIES, INC. , a corporation duly incorporated in the State of North Carolina ( the "Company" ) , W I T N E S S E T H : WHEREAS, the Authority intends to issue and sell to the Purchaser its industrial revenue bond in the principal amount of $1, 500, 000 (the "Bond" ) to finance the cost of acquisition of real property, the construction thereon of a building and the acquisi- tion and installation therein of machinery and equipment ( the "Project" ) , to be used by the Company as a manufacturing facility; intends to provide for the acquisition, construction and installation ( the "Acquisition" ) of the Project pursuant to a Loan Agreement, of even date herewith ( the "Loan Agreement") , between the Authority and the Company; and intends to secure the Bond by (a) an Assignment, of even date herewith (the "Assignment" ) , from the Authority to the Purchaser, pursuant to which the Authority will assign to the Purchaser, its successors and any transferee of the Bond in accordance with Section 7 hereof ( the certain of its rights under the Loan Agreement, and nder„thedDeed of Trust and the Security Agreement, as each is hereinafter defined, and will endorse without recourse to the order of, and pledge to, the Purchaser a promissory note (the "Note") issued by the Company pursuant to the Loan Agreement, (b) a Security Agreement, of even date herewith ( the "Security Agreement" ) , y between the Company and the Authority, ) personal property and fixtures more fully described ntherein, (C) a Deed of Trust, of even date herewith (the "Deed of Trust") , from the Company to , as trustee for the benefit of the Authority, relating to certain real property more fully described therein, (d) a Guaranty Agreement, of even date herewith "Company Guaranty" ) , from the Company to the Purchaser, ( the to which the Company unconditional) pursuant Bond and (e) a Guaranty Agreement, guarantees sdate here herewith of the "Personal Guaranty" ) , from Mr . and Mrs. Jerome J. Richardson (the