Orange County NC Website
Browse       Search
26 <br /> . <br /> . Exhibit B <br /> . I <br /> K <br /> • <br /> - <br /> DECLARATION 4511 • <br /> RE: <br /> . BENEFICIAL L•NT _ST OF THE COUNTY OF ORANGE, :NORTH CAROLINA <br /> IN AN INDUSTRIAL PROJECT <br /> i- <br /> The undersigned, T2— TIDUSTRTLL DEVELO ENT CORPORATIION IN . <br /> !. THE COUNTY OF ORANGE NORTH CAROLINA a North Carolina nonprofit <br /> If corporation (the "Corporation"), hereby makes the following deglera- <br /> tion in favor of the COUNTY OF ORANGE, NORTH CAROLINA (the "County") . <br /> for the purpose of giving public notice of the beneficial interest i <br /> of the County in an ir_dustria? project. <br /> - <br /> . 1. The Corooration is tae owner in fee simple 'of the • ' <br /> real estate described in Exhibit A attached hereto and made a part <br /> hereof (the "Land"). . <br /> ,r 2. Concurrently with the execution and delivery of this - <br /> =°_ClaratiCR the Corporation Is issuing its =first Mortgage Bonds <br /> t (the "Bonds") for the purpose of financing the construction and <br /> '. acquisition of an industrial project (the "?roject") which is being <br /> constructed on the Land. The 3cnds are being issued under and • <br /> _ secured by a Mortgage and Indenture of Tr_st dated as of October 1 , <br /> 1972 from the Cortcrat'_on to State National Bank of <br /> II.l?b -q , as Trustee. Tne -roject rias oeeen !ease_c to va_Ley <br /> . r'orge Coroora;ion.u^_der and pursuant to the terms of a Lease Agree- <br /> - rent dated October 1 , 1972 for rentals sufficient to pay <br /> the principal, interest, and premium, if any, on the Bonds. <br /> 3. The Articles of I_ncorooration_ and the By-Laws of the <br /> Corporation provide that after the 3ords are fully paid the Corpora- <br /> tion shall, tender the Land and the ?roject to the County by gift so <br /> that the County-may icqu re the Land and the ?roject without any <br /> consideration_ on its tart ,_^_d free and clear of liens thereon (except, <br /> for the then existing rights of Valley Forge Corporation,. or its <br /> . successors assigns or assgns under the Lease Agrpement) . <br /> 4. in furtherance of the foregoing the Corporation is <br /> . - delivering to tae Bond Trustee concurrently herewith its duly executed <br /> - Warranty Deed to the County .covering the Land and the Project with <br /> irrevocable instructions to deliver such Deed to the County upon the <br /> payment in full of the Bonds, at which time the conveyance of the <br /> . Land and the ?roject to the Cou: ty shell become effective. <br /> IN WT-TNESS W=REOF, i z INDUSTRIAL DEVELOPMENT CORPORATION <br /> IN T COUNTY OF ORANGE ',OATH CAROLINA has caused this Declaration <br /> to be signed on its behalf, in its corporate name, by its ?resident <br /> or one of its Vice ?residents, and its corporate seal to be hereunto <br /> affixed and such seal to be attested by its Secretary or an.Assistant <br /> Secretary, all as of this 1st . day of October , 1972. <br /> '�� ......."14,,.., <br /> . T- INDUSTRIAL DEVELOPMENT CORPORATION <br /> ■:' . . _ 7 IN T:- COUNTY O. ORANGE, NORTH CAROLINA•' ^ / <br /> �__ - 3y ( • ' -��.._ �� �.�.. •.. �, . 1 <br /> `.COa�07.'T,"S-r) <br /> At-.. a,-.: <br /> •, <br /> V <br />