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2018-556-E Economic Dev - Cheese Bread King LLC CROP loan agreement
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2018-556-E Economic Dev - Cheese Bread King LLC CROP loan agreement
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Last modified
10/4/2018 9:08:45 AM
Creation date
10/4/2018 9:03:59 AM
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Contract
Date
10/2/2018
Contract Starting Date
10/2/2018
Contract Ending Date
10/1/2021
Contract Document Type
Agreement
Amount
$12,000.00
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R 2018-556 Economic Dev - Cheese Bread King LLC CROP 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:5FCOF65D-9139-4E6A-B13C-2B74E389CABD <br /> LOAN AND SECURITY AGREEMENT <br /> THIS Loan and Security Agreement (the "Agreement") is dated as of October 2, 2018, and is by <br /> and between CHEESE BREAD KING, LLC, a North Carolina limited liability company (the "Borrower") <br /> and Orange County (the "Fund"). <br /> The Borrower has applied for a loan from the Fund, and the Fund has agreed to make the loan. <br /> This Agreement sets out the terms of the loan, including the terms for payments and the security for the <br /> loan. <br /> NOW, THEREFORE, in consideration of the mutual promises set out in this Agreement, the <br /> parties agree as follows: <br /> PART ONE — AGREEMENT TO MAKE AND REPAY THE LOAN <br /> 1. The Fund will loan to the Borrower the sum of [$12,000.00] (the "Loan"). The Fund is making this <br /> loan by giving the Borrower a check for the full amount of the loan, reduced by the Fund's loan fee <br /> of [$12&00]. <br /> 2. The Borrower will repay the loan. The Borrower's obligation to repay the Loan will be represented <br /> by a promissory note (the "Note) in substantially the form of Exhibit A, which the Borrower will <br /> execute and deliver to the Fund in exchange for the Loan proceeds. The Note will set out the <br /> terms of repayment, including payment dates and interest rates. <br /> 3. The Borrower will use the Loan for the purposes of its business (the "Business") as described in its <br /> application to the Fund for this Loan. <br /> PART TWO - SECURITY FOR THE LOAN <br /> 4. To secure its obligations to the Fund under the Note and this Loan Agreement, Borrower grants to <br /> the Fund a security interest in the "Collateral" as described in Exhibit B. This Agreement is <br /> intended as, and constitutes, a security agreement within the meaning of the North Carolina <br /> Uniform Commercial Code (UCC) Financing Statement, with respect to the Collateral. The <br /> Borrower will execute and deliver to the Fund UCC Financing Statements and such other <br /> documents as the Fund may reasonably deem appropriate to secure the benefits of this <br /> Agreement. <br /> 5. To further secure the Borrower's obligations to the Fund under the Note and this Loan Agreement, <br /> Flavio C. DeOliveira shall execute a personal guaranty in substantially the form of Exhibit C. <br /> PART THREE - EVENTS OF DEFAULT <br /> 6. Events of Default—The happening of any of the following events shall constitute a default under <br /> this Agreement (these are the "Events of Default"): <br /> 61 The Borrower fails to pay when due any amounts payable under the Note; <br /> 62 The Borrower breaches or fails to perform or observe any term, condition or covenant of this <br /> Agreement or the Note on its part to be observed or performed, <br /> 6.3 The Borrower moves its principal place of business outside Orange County; <br /> 6.4 The Borrower sells all or substantially all of the assets of the Business; <br /> Page 1 of 6 <br />
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