Orange County NC Website
of this paragraph) shall be held in Trust and the proceeds, together <br />with interest thereon, shall be reinvested in a Low- income House at <br />its resale or, if none, then in_ a manner as instructed by the <br />Corporation, provided that the manner is consistent with the purposes <br />and goals espoused by this Agreement. The Town shall notify the <br />Corporation within ten days of receipt of any notice of condemnation <br />or of the intention or threat of condemnation. <br />I. Insurance Proceeds. If the whole or any part of a <br />Low- income House shall be damaged or destroyed by fire or other <br />casualty, the damage for which is covered by insurance, and if any <br />insurance proceeds are made to the Town or distributed to the Town <br />according to the terms of the applicable insurance policy or any <br />Shared Equity Agreement (except any said funds payable to the Town <br />i <br />pursuant to the Loan Documents, which payments are expressly excluded <br />from the requirements of this paragraph), said insurance proceeds <br />shall be held in Trust and the proceeds, together with interest <br />thereon, shall be reinvested in a Low- income House at its resale or, <br />if none, then in a manner as instructed by the Corporation, provided <br />that the manner is consistent with the purposes and goals espoused by <br />this Agreement. The Town shall notify the Corporation within ten days <br />of receipt of any notice of any damage or destruction of any <br />Low - income House that is insured. <br />J. Evidence of Consent. Whenever the consent, approval, or <br />other action necessary to be taken by the Town is required to be <br />evidenced by a writing, the Corporation may rely on a certificate or <br />other writing to such effect reasonably believed by the Corporation to <br />have been signed by the Town Manager or the Town Planning Director, <br />- 40 - <br />