Orange County NC Website
making of any repair or replacement to or of, or the continued <br /> maintenance of, any particular part of the Property which would not <br /> be required in the exercise of sound business judgment. Any and <br /> all additions to or replacements of the Improvements and all parts <br /> thereof shall constitute accessions to the Property and shall be <br /> subject to all the terms and conditions of this Contract and <br /> included in the term "Property" as used in this Contract . <br /> 5 .2 Inspection. The Lender shall have the right upon <br /> reasonable prior notice to the County or the Board of Education, as <br /> may be applicable, to enter into and upon and inspect the Property <br /> during normal business hours . <br /> 5 .3 Utilities . The County shall pay or cause to be paid all <br /> charges for gas, water, steam, electricity, light, heat or power, <br /> telephone or other utility service furnished to or used on or in <br /> connection with the Property. There shall be no abatement of the <br /> Installment Payments on account of interruption of any such <br /> services. <br /> 5 . 4 Taxes . The County agrees to pay or cause to be paid when <br /> due any and all taxes relating to the Property and the County' s <br /> obligations hereunder, including but not limited to, all license or <br /> registration fees, gross receipts tax, sales and use tax, if <br /> applicable, license fees, documentary stamp taxes, rental taxes, <br /> assessments, charges, ad valorem taxes, excise taxes, and all other <br /> taxes, licenses and charges imposed on the ownership, possession or <br /> use of the Property by any governmental body or agency, together <br /> with any interest and penalties, other than taxes on or measured by <br /> the net income of the Lender. <br /> 5 . 5 Alterations . Without the prior written consent of the <br /> Lender, which consent shall not be unreasonably withheld, the <br /> County shall not make or permit to be made any alterations, <br /> modifications or attachments to the Property which cannot be <br /> removed without materially damaging the economic value of the <br /> Property. <br /> 5 . 6 Insurance. The County shall maintain or cause to be <br /> maintained, at its sole cost and expense, insurance on the <br /> Property, covering such risks and in such amounts and with such <br /> deductibles as are described in Exhibit C attached hereto and <br /> incorporated herein by reference, with such insurance companies as <br /> shall be satisfactory to the Lender. All insurance for loss or <br /> damage shall name the Lender as an additional insured and shall <br /> provide that losses, if any, shall be payable to the County, the <br /> Board of Education and the Lender, as their interests may appear. <br /> Evidence or certificates of all required insurance shall be <br /> provided to the Lender. The County shall pay or cause to be paid <br /> the premiums therefor and deliver to the Lender the policies of <br /> insurance or duplicates thereof or other evidence satisfactory to <br /> 6 <br />