2018-193-E Economic Dev - Seal the Seasons loan agreement

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DocuSign Envelope ID: F1811 E7D- C59B- 437F- A7A9 -1 E9E8DD91 D1 B LOAN AND SECURITY AGREEMENT realize upon, the whole, or from time to time, any part of the collateral, or any interest which the Borrower may have therein. 9.5 If any automobile is part of the Collateral, the Borrower agrees that a sale by the Fund of such vehicle at a price based upon a recognized automobile quotation, publication or a sale at a recognized automobile wholesale auction shall be deemed "commercially reasonable." 10. Financial records after a default — At any time the Borrower is in default or a payment due under the Agreement is not made, the Borrower hereby authorizes the Fund to make or cause to be made, at the Borrower's expense and in such manner and at such times as the Fund require, (a) inspections and audits of any books, records, and papers in custody or control of the Borrower or others, relating to the Borrower's financial or business conditions, including the making of copies thereof and extracts thereof, and (b) inspections and appraisals of any Borrower assets. Should the Borrower fail to make any payment due under the Agreement, the Borrower will furnish to the Fund for each one month period from the date of disbursement of the loan proceeds covered by this Agreement, and for a six month period thereafter, and semiannually thereafter (no later than 30 days following the expiration of any such period), and at such other times and in such form as the Fund may prescribe, the financial and operating statement of the business. 11. Costs and expenses related to remedial action - The Borrower agrees that all costs and expenses (including reasonable attorneys' fees and expenses for legal services of every kind) of, or incidental to, the custody, care, management, sale or collection of, or realization upon, any of the Collateral, or in any way relating to the enforcement or protection of the Fund's rights under this Agreement, shall be entitled to the benefits of this Agreement. The Fund may at any time apply to the payment of all such costs and expenses all monies of the Borrower or other proceeds arising from the possession or disposition of all or any portion of the Collateral. 12. Other provisions regarding remedies — The Fund may delay or refrain from exercising any past, present, or future right or remedy hereunder without waiving any such right or remedy. The Fund shall have no obligation to proceed against real or personal property in preference to the other. PART FOUR — PROMISES BY THE BORROWER 13. The Borrower agrees that it will do the following: 13.1 Operate the Business in full compliance with applicable federal, state, and local laws, including, without limitation, federal laws relating to equal employment opportunity and occupational health and safety, the North Carolina State Building Code, and local building and land use regulations. 13.2 Promptly perform all obligations of Borrower including the payment, when due, of all amounts owed to Fund secured by this Agreement; 13.3 Protect and properly care for the Collateral, and allow no Collateral to be misused, wasted, or allowed to deteriorate except for normal wear and tear; 13.4 Use the Collateral principally within the State of North Carolina and Orange County, and not to affix the Collateral to real property unless it is classified as a fixture hereinabove the requisite information is supplied; 13.5 Insure all Collateral against theft, loss or destruction, by policies acceptable to Fund and payable to both Borrower and the Fund as their interests may appear; that all applicable licenses and permits be obtained; that the employer ID number be provided and a privilege Page 3 of 7