Orange County NC Website
Browse       Search
14 <br />7.06 Pavment of Costs and Attorney's Fees. Tf the County employs an attorney to <br />assist in the enforcement or collection of Required Payments, or if the Deed of Trust Trustee or the <br />County voluntarily or otherwise shall become a party or parties to any suit ar legal proceeding <br />(including a proceeding conducted under any state or federal bankruptcy or insolvency statute) to <br />protect the Mortgaged Property, to protect the lien of this Agreement, to enforce collection of the <br />Required Payments or to enforce compliance by the affordable housing owner with any of the <br />provisions of this Agreement, the affordable housing owner agrees to pay reasonable attorneys' fees <br />and all of the costs that may reasonably be incurred (whether or not any suit or proceeding is <br />commenced), and such fees and costs (together with interest at an annual rate equal to 10%) shall <br />be secured as Required Payments. <br />ARTICLE VIII <br />MISCELLANEOUS <br />8.01 otices. (a) Any communication required or permitted by this Agreement must be <br />in writing. <br />(b) Any communication under this Agreement shall be sufficiently given and deemed <br />given when delivered by hand or five days after being mailed by first-class mail, postage prepaid, <br />addressed as follows: <br />(i) if to the County, to Post Office Box 8181, Hillsborough, NC 27278, <br />Attention: Finance Director; <br />(ii) if to the Deed of Trust Trustee, to P.O. Drawer 1529, Hillsborough, North <br />Carolina 27278; or <br />(iii) if to the affordable housing owner, to <br />(c) Any communication to the Deed of Trust Trustee shall also be sent to the County. <br />(d) Any addressee may designate additional or different addresses for communications <br />by notice given under this Section to each of the others. <br />8.02 No Assi nments b Affordable Housin Owner. The affardable housing owner <br />shall not sell or assign any interest in this Agreement. <br />8.03 Assignments b,, C~oun_Ly. The County may, at any time and from time to time, <br />assign all or any part of its interest in the Site, the Facilities or this Agreement, including, without <br />limitation, the County's rights to receive the Required Payments. Any assignment made by the <br />County or any subsequent assignee shall not purport to convey any greater interest or rights than <br />those held by the County pursuant to this Agreement. No assignment or reassignment of the <br />County's interest in the Mortgaged Property or this Agreement shall be effective unless and until <br />14 <br />