Agenda - 12-05-94 - VII-A - Laserfiche WebLink

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29 6 .2 Availability of Utilities. All utility services necessary for the construction of the Improvements and the operation thereof for their intended purpose are presently available, or will be available when needed, through presently existing public or unencumbered private easements or rights-of-way (which would inure to the benefit of Lender or other purchaser of the Property in the event of the foreclosure of or sale under the power contained in the Deed of Trust) at the boundaries of the Property, including but not limited to, water supply, storm and sanitary sewer, electric and telephone facilities . 6 . 3 Security Agreement. To secure all obligations of the County hereunder, the County hereby grants to the Lender a security interest in any and all of the County' s right, title and interest in and to any materials, fixtures, machinery, equipment, and/or other items of personal property of the County which are purchased with the Financing Proceeds advanced by Lender pursuant to this Contract and incorporated, or to be incorporated, or used in connection with the operation of, the Property, and all additions, attachments, accessions, substitutions and replacements thereto, and any and all proceeds thereof, including without limitation, the proceeds of insurance thereon. The County agrees to execute and deliver all documents, instruments and financing statements necessary or appropriate to perfect or maintain the security interest granted hereby and to maintain the Lender' s security interest in the collateral described in this Section 6.3 . 6.4 Liens . The County shall not directly or indirectly create, incur, assume or suffer to exist any mortgage, pledge, lien, charge, security interest, encumbrance or claim on or with respect to the Property, or any interest therein, except for the lien and security interest of the Lender therein. The County shall promptly, at its own expense, take such action as may be necessary to duly discharge any such mortgage, pledge, lien, security interest, charge, encumbrance or claim if the same shall arise at any time. The County shall reimburse the Lender for any expense incurred by it in order to discharge or remove any such mortgage, pledge, lien, security interest, charge, encumbrance or claim. SECTION 7. WARRANTIES AND REPRESENTATIONS OF THE COUNTY. The County warrants and represents to the Lender (all such representations and warranties being continuing) ` that: (a) The County is a duly organized and validly existing political subdivision or agency of the State of North Carolina within the meaning of Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") and the related regulations and rulings and under the laws of the State of North Carolina, and has all powers necessary to enter into the transactions 8