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Rural Economic Development Grant Agreement, Private Owner <br />BUILDING REUSE PROGRAM – Revision #3 2020-025-3201-2587 <br /> <br />Grant Agreement - 1 <br /> <br /> <br />The North Carolina Department of Commerce (“Commerce”), an agency of the State of <br />North Carolina (“State”), enters into this Rural Economic Development Grant Agreement <br />(“Grant Agreement”) with Orange County (the “Governmental Unit” and, together with <br />Commerce, the “Parties”). <br /> <br />WHEREAS, the North Carolina General Assembly (“General Assembly”) has <br />determined that it is the policy of the State to stimulate economic activity and to create new jobs <br />for citizens of the State by providing matching grants or loans to specific local governmental <br />units so as to productively reuse certain buildings and properties or expand rural health care <br />facilities subject to the requirements of N.C.G.S. §§143B-472.127 and .128; and <br /> <br />WHEREAS, under N.C.G.S. §143B-472.128, the General Assembly created the North <br />Carolina Rural Infrastructure Authority (“Rural Authority”) to review applications for and, <br />where appropriate, authorize such matching grants or loans, and, under N.C.G.S. §§143B- <br />472.126 and .127, the General Assembly authorized Commerce to administer such grants or <br />loans; and <br /> <br />WHEREAS, pursuant to N.C.G.S. §§143B-472.127 and .128, and based on the terms, <br />conditions and representations in this Grant Agreement’s Exhibits A (Scope of Project), Exhibit <br />B (Payment Schedule), Exhibit C (Reporting Schedule), Exhibit D (Closeout Schedule/Job <br />Requirements), Exhibit E (LBC), Exhibit F (Promissory Note) and Exhibit G (Waiver of <br />Confidentiality (“Waiver”)), the Rural Authority has approved a grant (the “Grant”) to the <br />Governmental Unit; 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 by <br />reference herein; (2) based on the representation in the application that Industrial Connections <br />& Solutions, LLC (the “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 this Grant Agreement by Commerce in its <br />sole discretion; and for (4) the creation and retention of certain jobs in the course of completing <br />certain renovations/construction work at the Property (altogether, the “Project,” as summarized <br />in Exhibit A to this Grant Agreement). <br /> <br />NOW, THEREFORE, in consideration of the mutual promises and such other valuable <br />consideration as set out herein, the Parties mutually agree to the following terms and conditions: <br /> <br /> <br /> <br />8