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Agenda - 09-20-1994
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Agenda - 09-20-1994
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10/6/2016 3:28:25 PM
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BOCC
Date
9/20/1994
Meeting Type
Regular Meeting
Document Type
Agenda
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duplicate original counterpart of the document by which such assignment or reassignment is made disclosing the name and address of each 9 <br /> such assignee. The Purchaser covenants and agrees with the Lender and each subsequent assignee of the Lender to maintain for the full term <br /> of this Agreement a written record of each such assignment or reassignment. The Purchaser further agrees that the Lender's interest in this <br /> Agreement may be assigned in whole or in part on terms which provide in effect that the assignor or assignee will act as a collection and <br /> paying agent for any holders of certificates of participation in this Agreement,provided the Purchaser receives a copy of such agency contract <br /> and such collection and paying agent covenants and agrees to maintain for the full remaining term of this Agreement a written record of each <br /> assignment and reassignment of such certificates of participation. The Purchaser agrees to execute any document reasonably required by <br /> the Lender in connection with any assignment. <br /> After the giving of notice described above to the Purchaser, the Purchaser shall thereafter make all payments in accordance with the <br /> notice to the assignee named therein and shall, if so requested, acknowledge such assignment in writing, but such acknowledgement shall <br /> in no way be deemed necessary to make the assignment effective. <br /> Section 12.3. Escrow Fund Assignment by the Lender. The Lender may freely assign all or any part of its interest in the Escrow Fund <br /> established pursuant to Article IV of this Agreement in connection with an assignment by the Lender of this Agreement. <br /> ARTICLE XIII: LIMITED OBLIGATION OF THE PURCHASER <br /> NO PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE OF THE <br /> FAITH AND CREDIT OF THE PURCHASER WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT LIMITATION, NO <br /> PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A DELEGATION OF <br /> GOVERNMENTAL POWERS NOR AS A DONATION BY OR A LENDING OF THE CREDIT OF THE PURCHASER WITHIN THE <br /> MEANING OF THE CONSTITUTION OF THE STATE OF NORTH CAROLINA. THIS AGREEMENT SHALL NOT DIRECTLY OR <br /> INDIRECTLY OR CONTINGENTLY OBLIGATE THE PURCHASER TO MAKE ANY PAYMENTS BEYOND THOSE <br /> APPROPRIATED IN THE SOLE DISCRETION OF THE PURCHASER FOR ANY FISCAL YEAR IN WHICH THIS AGREEMENT <br /> SHALL BE IN EFFECT. NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE PURCHASER IN ANY ACTION FOR <br /> BREACH OF A CONTRACTUAL OBLIGATION UNDER THIS AGREEMENT AND THE TAXING POWER OF THE PURCHASER <br /> IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY OR CONTINGENTLY TO SECURE ANY MONEYS DUE <br /> UNDER THIS AGREEMENT. No provision of this Agreement shall be construed to pledge or to create a lien on any class or source of <br /> the Purchaser's moneys (other than the Escrow Fund), nor shall any provision of this Agreement restrict the future issuance of any of the <br /> Purchaser's bonds or obligations payable from any class or source of the Purchaser's moneys. To the extent of any conflict between this <br /> Section and any other provision of this Agreement, this Section shall take priority. <br /> ARTICLE XIV: JOINDER BY THE ESCROW AGENT <br /> The Escrow Agent hereby executes this Agreement to signify its acceptance of the Escrow Fund created under Article IV of this <br /> Agreement and to agree to be bound by the terms of such Article. <br /> ARTICLE XV: MISCELLANEOUS <br /> Section 15.1. Waiver. No covenant or condition of this Agreement can be waived except by the written consent of the Lender. Any <br /> failure of the Lender to require strict performance by the Purchaser or any waiver by the Lender of any terms, covenants or agreements <br /> herein shall not be construed as a waiver of any other breach of the same or any other term, covenant or agreement herein. <br /> Section 15.2. Severability. If any portion of this Agreement is determined to be invalid under any applicable law, such provision shall <br /> be deemed void and the remainder of this Agreement shall continue in full force and effect. <br /> Section 15.3. Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State. <br /> Section 15.4. Notices. Any and all notices, requests, demands and other communications given under or in connection with this <br /> Agreement are effective only if in writing and either personally delivered or mailed by registered or certified mail, postage prepaid, return <br /> receipt requested, addressed as follows: Wachovia Leasing Corporation, 301 North Main Street, Winston-Salem, North Carolina 27102. <br /> Section 15.5. Section Headings. All section headings contained herein are for convenience of reference only and are not intended to <br /> define or limit the scope of any provision of this Agreement. <br /> Section 15.6. Entire Agreement. This Agreement, together with the schedules and exhibits hereto constitutes the entire agreement <br /> between the parties and this Agreement shall not be modified,amended, altered or changed except by written agreement signed by the parties. <br /> Section 15.7, Binding Effect. Subject to the specific provisions of this Agreement, this Agreement is binding on and inures to the <br /> benefit of the parties and their respective successors and assigns (including expressly any successor of the Escrow Agent). <br /> Section 15.8. Time. Time is of the essence of this Agreement and each and all of its provisions. <br /> Section 15.9. Execution in Counterparts, This Agreement may be executed in any number of counterparts, each of which shall be <br /> an original and all of which together shall constitute but one and the same instrument. <br /> Section 15.10. Interest Limitation. Notwithstanding any other term of this Agreement, the maximum amount of interest which may <br /> be charged to or collected from any person liable hereunder by the Bank shall be absolutely limited to, and shall in no event exceed, the <br /> maximum amount or interest which could lawfully be charged or collected under applicable law (including, to the extent applicable, the <br /> provisions of section 5197 of the Revised Statutes of the United States of America, as amended, 12 U.S,C. §85, as amended), so that the <br /> maximum of all amounts constituting interest under applicable law,howsoever computed,shall never exceed as to any Person liable therefor <br /> such lawful maximum, and any term of this Agreement which could be construed as providing for interest in excess of such lawful maximum <br /> shall be and hereby is made expressly subject to and modified by the provisions of this Section. <br />
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