Orange County NC Website
Browse       Search
LOAN AND SECURITY AGREEMENT <br />Page 5 of 6 <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 />14.2The Borrower’s correct address appears below its signature to this Agreement <br />14.3The Fundmay 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 />14.4All information supplied and statements made by or in support of the Borrower in its <br />application for this credit are true and correct. <br />14.5Any loss or destruction of the Collateral shall not release the Borrower from the payment and <br />performance of its obligations under this Agreement. <br />14.6The Borrower has only one place of business in North Carolina and that place of business is <br />in Orange County. <br />14.7If 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 />15.The Borrower has been given a copy of the Fund’s Policiesand 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 theFund’s policies and procedures say is an <br />improper use of the loan proceeds. <br />16.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 Fundfor 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 Fundmay 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 ona waiver by the Fundof a requirement of the policies and procedures and the <br />terms of the loan documents only if that waiver is in writing. <br />PART SIX –OTHER AGREEMENTS BETWEEN THE PARTIES <br />17.Communication– <br />17.1Anycommunication required or permitted by this Agreementmust be in writing. <br />17.2Any communication under this Agreementshall be sufficiently given and deemed given when <br />delivered by hand or on the date shown as the date of delivery on a United States Postal <br />Service return receipt, if addressed as follows: <br />17.2.1If to the Fund, addressed as follows: Orange County, 131 W. Margaret Lane, Suite <br />211, Hillsborough, NC 27278; or, <br />DocuSign Envelope ID: 71A540D4-95BC-4724-9E65-6A85543C95A9