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2018-193-E Economic Dev - Seal the Seasons loan agreement
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2018-193-E Economic Dev - Seal the Seasons loan agreement
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Last modified
8/1/2018 8:52:49 AM
Creation date
5/30/2018 10:41:38 AM
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Contract
Date
5/23/2018
Contract Starting Date
5/23/2018
Contract Ending Date
6/1/2021
Contract Document Type
Agreement
Amount
$25,000.00
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R 2018-193 Economic Dev - Seal the Seasons loan agreement
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\Board of County Commissioners\Contracts and Agreements\Contract Routing Sheets\Routing Sheets\2018
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DocuSign Envelope ID: F1811 E71D-0596- 43717-AM9 -1 E9E8DD91 D1 B <br />LOAN AND SECURITY AGREEMENT <br />pursuant to this Agreement and any other agreements delivered by the Borrower pursuant to <br />this Agreement. <br />14.6 Use the Collateral for any illegal purposes. <br />14.7 Assert a claim or defense held against the Fund against any assignee of this Agreement <br />15. The Borrower further represents to the Fund and acknowledges that the following things are true: <br />15.1 No financing statement, other than those financing statement(s) on file with the North Carolina <br />Secretary of State at the date of execution of this Agreement and described in Exhibit D (if <br />applicable), covers the Collateral; there is no adverse lien or security interest in the Collateral; <br />that Borrower has the right to transfer a security interest in the Collateral; and that the <br />Borrower will defend the title to the Collateral and its proceeds against the claims of others <br />15.2 The Borrower's correct address appears below its signature to this Agreement <br />15.3 The Fund may act as attorney for Borrower in adjusting any insurance coverage and in <br />endorsing any insurance draft and may retain for the satisfaction of the Borrower's obligation <br />any insurance proceeds and /or unearned premium on such insurance. <br />15.4 All information supplied and statements made by or in support of the Borrower in its <br />application for this credit are true and correct. <br />15.5 Any loss or destruction of the Collateral shall not release the Borrower from the payment and <br />performance of its obligations under this Agreement. <br />15.6 The Borrower has only one place of business in North Carolina and that place of business is <br />in Orange County. <br />15.7 If more than one Borrower executes this Agreement, their obligations under this Agreement <br />shall be joint and several. <br />PART FIVE -THE FUND'S POLICIES AND PROCEDURES <br />16. The Borrower has been given a copy of the Fund's Policies and Procedures, and has been given <br />an opportunity to review the policies and procedures and ask questions about them. The Borrower <br />will not use the loan proceeds for any purpose that the Fund's policies and procedures say is an <br />improper use of the loan proceeds. <br />17. If at any time the Borrower has any questions about whether a particular use of the loan proceeds <br />is permitted, or has any other questions about the policies and procedures or the terms of the loan <br />documents (or wants to request any changes or any permission to vary the terms), Borrower will <br />ask the Fund for the desired information. The Borrower recognizes that it is the Borrower's <br />responsibility to comply with the policies and procedures and the terms of the loan documents, and <br />it is not the Fund's responsibility to make sure the Borrower either understands the terms or <br />complies with the terms. The Fund may take action against the Borrower if the Borrower fails to <br />comply with the policies and procedures and the terms of the loan documents. The Borrower is <br />entitled to rely on a waiver by the Fund of a requirement of the policies and procedures and the <br />terms of the loan documents only if that waiver is in writing. <br />Page 5 of 7 <br />
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