Browse
Search
2018-729-E Economic Dev - Bee'lixir Loan Document
OrangeCountyNC
>
Board of County Commissioners
>
Contracts and Agreements
>
General Contracts and Agreements
>
2010's
>
2018
>
2018-729-E Economic Dev - Bee'lixir Loan Document
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/14/2018 11:58:36 AM
Creation date
11/8/2018 4:44:48 PM
Metadata
Fields
Template:
Contract
Date
10/1/2018
Contract Starting Date
10/1/2018
Contract Ending Date
11/1/2020
Contract Document Type
Agreement
Amount
$3,000.00
Document Relationships
R 2018-729 Economic Dev - Bee'lixir CROP loan document
(Attachment)
Path:
\Board of County Commissioners\Contracts and Agreements\Contract Routing Sheets\Routing Sheets\2018
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
14
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
LOAN AND SECURITY AGREEMENT <br />Page 1 of 6 <br /> <br /> THIS Loan and Security Agreement (the "Agreement") is dated as of October 1, 2018,and is by <br />and between BEE’LIXIR, LLC,a North Carolina company(the "Borrower") and Orange County (the <br />“Fund”) <br /> The Borrower has applied for a loan fromthe Fund, and the Fundhas 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 Fundwill loan to the Borrower the sum of [$3,000.00](the "Loan"). TheFundis 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 [$30.00]. <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 formof Exhibit A, which the Borrower will <br />execute and deliverto the Fundin 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 Fundfor this Loan. <br />PART TWO -SECURITY FOR THE LOAN <br />4.To secure its obligations to the Fundunder the Note and this Loan Agreement, Borrower grantsto <br />the Funda 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 FundUCCFinancing Statements and such other <br />documents as the Fundmay reasonably deem appropriate to secure the benefits of this <br />Agreement. <br />5.To further secure the Borrower’s obligations to the Fundunder the Note and this Loan Agreement, <br />Geoffrey M. Smith shall execute a personal guaranty insubstantially 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 />6.1The Borrower fails to pay when due any amounts payable under the Note; <br />6.2The Borrower breaches or fails to perform or observe any term, condition or covenant of this <br />Agreement orthe Note on its part to be observed or performed; <br />6.3The Borrower moves its principal place of business outside Orange County; <br />6.4The Borrower sells all or substantially all of the assets of the Business; <br />DocuSign Envelope ID: 5D4D04D2-0575-4050-984E-6BFBDB99613A
The URL can be used to link to this page
Your browser does not support the video tag.