Agenda - 04-12-2005-8a - Laserfiche WebLink

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DRAFT 10 3. Orange Enterprises shall purchase the Premises for the sum of $950,000 and make the necessary improvements to the Premises in the amount estimated to be $300,000 in order to improve and upfit the Premises to accomplish the other obligations of Orange Enterprises as contained in this Agreement. The Premises maybe subjected to a deed of trust in favor of a commercial lending institution in an amount not to exceed $440,000 BUT NO OTHER without the written consent of the County. 4. Orange Enterprises agrees to insure the Premises for its replacement value, pay all taxes, assessments, utilities and other charges on the property and keep the property at ali times properly maintained as specifically provided in pazagraph 7 of this Agreement. 5. Orange Enterprises makes the following additional representations as an inducement to and the basis for its undertakings and the County's agreement to provide the building support and operational support as provided herein. These representations are covenants and the failure of Orange Enterprises to comply and remain in compliance with them constitutes an event of default under this agreement: (i) Orange Enterprises is a corporation duly incorporated under the laws of and is in good standing in the State of North Carolina, is authorized to do business in North Carolina and has the power to enter into this Agreement and by proper corporate action has been duly authorized to execute and deliver this Agreement; (ii) neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of compliance of the terms and conditions of this Agreement, conflict with or result in a breach of any of the terms, conditions or provisions of any corporate restriction or any agreement or instmment to which Orange Enterprises is now a pazty or by which it is bound, or constitute a default under any of the