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2018-666-E Economic Dev - Boro Beverage Company loan agreement
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2018-666-E Economic Dev - Boro Beverage Company loan agreement
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Last modified
10/8/2018 10:55:09 AM
Creation date
10/8/2018 10:52:14 AM
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Contract
Date
10/3/2018
Contract Starting Date
10/3/2018
Contract Ending Date
10/1/2019
Contract Document Type
Agreement
Amount
$2,000.00
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R 2018-666 Economic Dev - Borro Beverage Company loan agreement
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\Board of County Commissioners\Contracts and Agreements\Contract Routing Sheets\Routing Sheets\2018
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LOAN AND SECURITY AGREEMENT <br />Page 3 of 6 <br />made, at the Borrower’s expense and in such manner and at such times as the Fundrequire, (a) <br />inspections and audits of any books, records, and papers in custody or control of the Borrower or <br />others, relating to the Borrower’s financial or business conditions, including the making of copies <br />thereof and extracts thereof, and (b) inspections and appraisals of any Borrower assets. Should <br />the Borrower fail to make any payment due under the Agreement, the Borrower will furnish to the <br />Fundfor each one month period from the date of disbursement of the loan proceeds covered by <br />this Agreement, and for a six month period thereafter, and semiannually thereafter (no later than 30 <br />days following the expiration of any such period), and at such other times and in such form as the <br />Fundmay prescribe, the financial and operating statement of the business. <br />10.Costs and expenses related to remedial action -The Borrower agrees that all costs and expenses <br />(including reasonable attorneys’ fees and expenses for legal services of every kind) of, or incidental <br />to, the custody, care, management, sale or collection of, or realization upon, any of the Collateral, <br />or in any way relating to the enforcement or protection of the Fund’s rights under this Agreement, <br />shall be entitled to the benefits of this Agreement. The Fundmay at any time apply to the payment <br />of all such costs and expenses all monies of the Borrower or other proceeds arising from the <br />possession or disposition of all or any portion of the Collateral. <br />11.Other provisions regarding remedies –The Fundmay delay or refrain from exercising any past, <br />present, or future rightor remedy hereunder without waiving any such right or remedy. The Fund <br />shall have no obligation to proceed against real or personal property in preference to the other. <br />PART FOUR –PROMISES BY THE BORROWER <br />12.The Borrower agrees that it will do the following: <br />12.1Operate the Business in full compliance with applicable federal, state, and local laws, <br />including, without limitation, federal laws relating to equal employment opportunity and <br />occupational health and safety, the North Carolina State Building Code, and local building and <br />land use regulations. <br />12.2Promptly perform all obligations of Borrower including the payment, when due, of all amounts <br />owed to Fundsecured by this Agreement; <br />12.3Protect and properly care for the Collateral, and allow no Collateral to be misused, wasted, or <br />allowed to deteriorate except for normal wear and tear; <br />12.4Use the Collateral principally within the State of North Carolina and Orange County, and not to <br />affix the Collateral to real property unless it is classified as a fixture hereinabove the requisite <br />information is supplied; <br />12.5Insure all Collateral againsttheft, loss or destruction, by policies acceptable to Fundand <br />payable to both Borrowerand the Fundas their interests may appear; that all applicable <br />licenses and permits be obtained; that the employer ID number be provided and a privilege <br />license be obtained; and that both property and liability insurance on the building(s)and <br />contents be procured and maintained by the Borrower. The Borrowershall provide and <br />maintain hazard insurance (fire and extended coverage) in an amount acceptable to the Fund <br />covering all tangible Collateral.Mortgagee endorsement is to include this loan. <br />12.6Pay promptly when due all advalorem taxes and assessments upon the Collateral; <br />12.7Upon the Fund’s request, deposit with Fundadditional Collateral to Fund’s satisfaction; <br />DocuSign Envelope ID: EB3192FE-16C4-46A8-BD81-BD425A584053
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