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Rural Economic Development Loan Agreement and <br />Legally Binding Commitment, Private Owner <br />BUILDING REUSE PROGRAM – Revision #3 <br />EXHIBIT E <br /> <br />2020-025-3201-2587 <br /> <br />Legally Binding Commitment - 1 <br />Orange County (the “Governmental Unit”) enters into this Loan Agreement and Legally <br />Binding Commitment (the “LBC,” including the “Loan,” defined below with Industrial <br />Connections & Solutions, LLC (the “Owner” and, together with the Governmental Unit, the <br />“Parties”). <br /> <br />WHEREAS, pursuant to N.C.G.S. §§143B-472.127 and .128, the North Carolina Rural <br />Infrastructure Authority (the “Rural Authority”) of the State of North Carolina (“State”) has <br />awarded a grant (the “Grant”) to the Governmental Unit, and the North Carolina Department of <br />Commerce (“Commerce”), an agency of the State, will administer the Grant; and <br /> <br />WHEREAS, the Grant is memorialized in an agreement (the “Grant Agreement”) <br />between Commerce and the Governmental Unit, and the Grant Agreement includes Exhibit A <br />(Scope of Project), Exhibit B (Payment Schedule), Exhibit C (Reporting Schedule), Exhibit D <br />(Closeout Schedule/Job Requirements), Exhibit E (this LBC, which incorporates by reference the <br />Grant Agreement and its other Exhibits), Exhibit F (Promissory Note) and Exhibit G (Waiver of <br />Confidentiality (“Waiver”)); and <br /> <br />WHEREAS, without limitation, the Rural Authority awarded the Grant: (1) based on the <br />application filed by the Governmental Unit and any subsequent materials supporting the <br />application that have been approved of by Commerce in writing, all of which are incorporated <br />into the Grant Agreement by reference; (2) based on the representation in the application that the <br />Owner owns certain real property located at: <br /> 6801 Industrial Drive <br />Mebane, NC 27302 <br /> <br />in Orange County, North Carolina (the “Property”); (3) based on Commerce’s Grant <br />requirements and guidelines, which are incorporated herein and which may be amended, <br />modified or supplemented and applied accordingly to the Grant Agreement and this LBC by <br />Commerce in its sole discretion; and for (4) the creation and retention of certain jobs in the <br />course of completing certain renovations/construction work at the Property (altogether, the <br />“Project,” as summarized in Exhibit A to this Grant Agreement); and <br /> <br /> WHEREAS, the Governmental Unit and the Owner are required to enter into this LBC as <br />a condition of the Governmental Unit loaning the Grant funds to the Owner. <br /> <br />NOW, THEREFORE, in consideration of the mutual promises and such other valuable <br />consideration set out herein, the Parties mutually agree to the following terms and conditions: <br /> <br />1. Third-Party Beneficiary. The Parties agree that the State (including, without limitation, <br />Commerce and the Rural Authority) is an intended third-party beneficiary of this LBC <br />(including the Loan) and may, at its option, enforce the terms of this LBC or appear as a <br />party in any litigation concerning the LBC. <br /> <br /> <br /> <br /> <br />23