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

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Contract, the Deed of Trust, the Lease, the Permitted Encumbrances, or in accordance with Section 11. 1 of this Contract . 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 contemplated by this Contract and to carry out its obligations hereunder; (b) This Contract and all other documents relating hereto and the performance of the County' s obligations hereunder and thereunder have been duly and validly authorized, executed and delivered by the County and approved under all laws, regulations and procedures applicable to the County, including, but not limited to, compliance with public bidding requirements, and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitute valid, legal and binding obligations of the County, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights generally and such principles of equity as a court having jurisdiction may impose; (c) No approval or consent is required from any governmental authority with respect to the entering into or performance by the County of this Contract, other than the approval of the Local Government Commission, and the transactions contemplated hereby or if any such approval is required it has been duly obtained; (d) There is no action, suit, proceeding or investigation at law or in equity before or by any court, public board or body pending or, to the best of the County' s knowledge, threatened, against or affecting the County challenging the validity or enforceability of this Contract 9