Orange County NC Website
as <br />SECURITY PROVIDED BY THIS AGREEMENT; <br />LIMITED OBLIGATION <br />2.01. Security for Payment and Performance. This Agreement secures the <br />County's payment, as and when the same shall become due and payable, of all Required <br />Payments and the County's timely compliance with all terms, covenants and conditions of <br />this Agreement. <br />2.02. County's Limited Obligation. (a) THE PARTIES INTEND THAT THIS <br />TRANSACTION COMPLY WITH SECTION 160A-20, NO PROVISION OF THIS <br />AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A <br />PLEDGE OF THE COUNTY'S FAITH AND CREDIT WITHIN THE MEANING OF <br />ANY CONSTITUTIONAL DEBT LIMITATION, NO PROVISION OF THIS <br />AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS A DELEGATION <br />OF GOVERNMENTAL POWERS OR AS AN IMPROPER DONATION OR A <br />LENDING OF THE COUNTY'S CREDIT WITHIN THE MEANING OF THE STATE <br />CONSTITUTION. NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST <br />THE COUNTY IN VIOLATION OF SECTION 160A-20, No provision of this <br />Agreement shall be construed to pledge or to create a lien on any class or source of the <br />County's moneys (other than the funds held under this Agreement), nor shall any <br />provision of this Agreement restrict the future issuance of any of the County's bonds or <br />obligations payable from any class or source of the County's moneys (except to the extent <br />this Agreement restricts the incurrence of additional obligations secured by the <br />Mortgaged Property), To the extent of any conflict between this Section and any other <br />provision of this Agreement, this Section shall take priority, <br />(b) Nothing in this Section is intended to impair or prohibit foreclosure on this <br />Agreement if the Required Payments are not paid when due or otherwise upon the <br />occurrence of an Event of Default under this Agreement, and in any such event Sellers <br />may request the Deed of Trust Trustee to foreclose on the Mortgaged Property as <br />provided in this Agreement, <br />ARTICLE III <br />COUNTY'S PAYMENT OBLIGATION AND RELATED MATTERS <br />3.01. Installment Payments. The County shall repay the Amount Financed by <br />making Installment Payments to Sellers in lawful money of the United States at the times <br />and in the amounts set forth in Exhibit C, except as otherwise provided in this <br />Agreement. As indicated in Exhibit C, the Installment Payments reflect the repayment of <br />6 <br />frnagreemttweeter