Agenda - 12-20-94 - Contract - Laserfiche WebLink

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(c) Institute foreclosure proceedings against the Property or exercise any other right provided to Lender under the Deed of Trust; (d) Terminate this Contract and use, operate, lease or hold the Property as the Lender in its sole discretion may decide; (e) To enter into possession of the Property and to perform or cause to be performed any and all work and labor necessary to complete the Improvements in substantial accordance with the Plans and Specifications, with such modifications thereto as Lender shall deem to be necessary or desirable. Lender is specifically authorized to advance for the account of the County and use any portion of the Financing Proceeds that has not previously been disbursed to the extent deemed necessary by Lender to complete construction of the Improvements in substantial accordance with the Plans and Specifications. All such advances shall be repaid in accordance with the requirements of this Contract for payment of Installment Payments. If the completion of the Improvements requires a larger sum than the remaining undisbursed portion of the Financing Proceeds, the Lender may disburse additional funds to the extent reasonably necessary to complete the Improvements in accordance with the Plans and Specifications . All of the funds disbursed by Lender in accordance with the terms of this subsection shall be deemed to have been disbursed to the County (if permitted under G.S . § 160A-20) and shall be evidenced by this Contract and secured by the Deed of Trust. Any additional funds disbursed by Lender beyond the amount of the Financing Proceeds shall bear interest at the rate set forth in this Contract and shall be repayable in full on the Maturity Date as an increase in the Installment Payment due on such date. (f) Notify all tenants under any leases that the Lender will thereafter collect all rents directly and not through the County. Notwithstanding any other provisions herein, it is the intent of the parties hereto to comply with North Carolina General Statutes Section 160A-20 . No deficiency judgment may be entered against the County in favor of the Lender in violation of Section 160A-20, including, without limitation, any deficiency judgment for amounts that may be owed hereunder when the sale of all or any portion of the Property is insufficient to produce enough money to pay in full all remaining obligations under this Contract. 10 .3 Further Remedies. A termination hereunder shall occur only upon notice by the Lender to the County. All remedies of the Lender are cumulative and may be exercised concurrently or 13