Orange County NC Website
a? <br />the Amount Financed and include designated interest components, with interest at the <br />annual rate of 5.00%. <br />3.02. Additional Payments. The County shall pay all Additional Payments on a <br />timely basis directly to the person or entity to which such Additional Payments are owed <br />in lawful money of the United States. <br />3.03. Prepayment. The County may prepay the outstanding principal component <br />of the Amount Financed, at its option on any scheduled Payment Date, in whole or in <br />part, by paying (a) all Additional Payments then due and payable, (b) all interest accrued <br />and unpaid to the prepayment date, and (c) 100% of the outstanding principal amount. <br />3.05. Appropriations. (a)The Budget Officer shall include in the initial proposal <br />for each of the County's annual budgets the amount of all Installment Payments and <br />estimated Additional Payments coming due during the Fiscal Year to which such budget <br />applies. Notwithstanding that the Budget Officer includes such an appropriation for <br />Required Payments in a proposed budget, the Governing Board may determine not to <br />include such an appropriation in the County's final budget for such Fiscal Year. <br />(b) The actions required of the County and its officers pursuant to this Section <br />shall be deemed to be and shall be construed to be in fulfillment of ministerial duties, and <br />it shall be the duty of each and every County official to take such action and do such <br />things as are required by law in the performance of the official duty of such officials to <br />enable the County to carry out and perform the actions required pursuant to this Section <br />and the remainder of this Agreement to be carried out and performed by the County. <br />3.06. No Abatement. There shall be no abatement or reduction of the Required <br />Payments for any reason, including, but not limited to, any defense, recoupment, setoff, <br />counterclaim, or any claim (real or imaginary) arising out of or related to the Site or of <br />the Facility, except as expressly provided in this Agreement. The County assumes and <br />shall bear the entire risk of completion, loss and damage to the Site and the Facility from <br />any cause whatsoever. The Installment Payments shall be made in all events unless the <br />County's obligation to make Installment Payments is terminated as otherwise provided in <br />this Agreement. <br />ARTICLE IV <br />COUNTY'S COVENANTS, REPRESENTATIONS AND WARRANTIES <br />4.02. Indemnification. To the extent permitted by law, the County shall <br />indemnify, protect and save the Deed of Trust Trustee, Sellers and the LGC's members <br />7 <br />finagreemttweeter