Agenda - 06-19-2001-8q - Laserfiche WebLink

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"Permitted Encumbrances" means, as of any particular time, (a) the Existing Encumbrances, (b) liens for taxes and assessments not then delinquent, (c) this Agreement, (d) easements, rights-of way and other such minor defects or restrictions as normally exist with respect to property of the same general character as the Mortgaged Property which will not impair the affordable housing owner's intended use of the Mortgaged Property, (e) a Declaration of Covenants ensuring that the Mortgaged Property will be used far a minimum of ninety-nine years far housing for families earning up to $0% of HCTD area median income as described in Section 4.14 of this Agreement, (f) a deed of trust(s) securing financing for the initial construction of the Facilities, and (g) a deed of trust securing a first mortgage.... "Required Payments" means the Payment and Additional Payments. "State" means the State of North Carolina. All references in this Agreement to designated "Sections" and other subdivisions are to the designated sections and other subdivisions of this Agreement. The words "hereof' and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision unless the context indicates otherwise. Words imparting the singular number shall include the plural number and vice versa. ARTICLE II SECLTRiTY PROVIDED SY THIS AGREEMENT; ADVANCE 2.01 Securi for Pa meat 'and Performance. This Agreement secures the affordable housing owner's payment, as and when the same shall become due and payable, of all Required Payments and the affordable housing owner's timely compliance with all terms, covenants and conditions of this Agreement. 2.02 Amount Reimbursed. The County reimburses $ (the "Amount Reimbursed") to the affordable housing owner on the Closing Date, and the affordable, housing owner hereby accepts the reimbursement. The County is paying the full amount of the Amount Reimbursed to the affordable housing owner simultaneously with the execution and delivery of this Agreement. 2.03 Affordable Housin Owner's Continuin Obli ations. The affordable housing owner shall remain liable for full performance of all its covenants under this Agreement, including payment of all Required Payments, notwithstanding the occurrence of any event or circumstances whatsoever, including any of the following: (a) The County's waiver of any right granted or remedy available to it; (b) The forbearance or extension of time for payment or performance of any obligation under this Agreement, whether granted to the affordable housing owner, a subsequent owner of the Facilities or the Site or of both the Facilities and the Site, or any other person;