Orange County NC Website
Browse       Search
DocuSign Envelope ID:A22B2E9F-380E-4015-AA14-DBA7ABFOD1DE <br /> applicable), covers the Collateral; there is no adverse lien or security interest in the Collateral; <br /> that Borrower has the right to transfer a security interest in the Collateral; and that the Borrower <br /> will defend the title to the Collateral and its proceeds against the claims of others <br /> 14.2 The Borrower's correct address appears below its signature to this Agreement <br /> 14.3 The County may act as attorney for Borrower in adjusting any insurance coverage and in <br /> endorsing any insurance draft and may retain for the satisfaction of the Borrower's obligation <br /> any insurance proceeds and/or unearned premium on such insurance. <br /> 14.4 All information supplied and statements made by or in support of the Borrower in its application <br /> for this credit are true and correct. <br /> 14.5 Any loss or destruction of the Collateral shall not release the Borrower from the payment and <br /> performance of its obligations under this Agreement. <br /> 14.6 The Borrower has its principal place of business in North Carolina and that place of business is <br /> in Orange County. <br /> 14.7 If more than one Borrower executes this Agreement, their obligations under this Agreement <br /> shall be joint and several. <br /> PART FIVE-THE COUNTY'S POLICIES AND PROCEDURES <br /> 15. The Borrower has been given a copy of the County's Emergency Loan Program Policies and <br /> Procedures, and has been given an opportunity to review the policies and procedures and ask <br /> questions about them. The Borrower will not use the loan proceeds for any purpose that the County's <br /> policies and procedures say is an improper use of the loan proceeds. <br /> 16. If at any time the Borrower has any questions about whether a particular use of the loan proceeds is <br /> permitted, or has any other questions about the policies and procedures or the terms of the loan <br /> documents (or wants to request any changes or any permission to vary the terms), Borrower will ask <br /> the County for the desired information. The Borrower recognizes that it is the Borrower's <br /> responsibility to comply with the policies and procedures and the terms of the loan documents, and <br /> it is not the County's responsibility to make sure the Borrower either understands the terms or <br /> complies with the terms. The County may take action against the Borrower if the Borrower fails to <br /> comply with the policies and procedures and the terms of the loan documents. The Borrower is <br /> entitled to rely on a waiver by the County of a requirement of the policies and procedures and the <br /> terms of the loan documents only if that waiver is in writing. <br /> PART SIX— OTHER AGREEMENTS BETWEEN THE PARTIES <br /> 17. Communication— <br /> 17.1 Any communication required or permitted by this Agreement must be in writing. <br /> 17.2 Any communication under this Agreement shall be sufficiently given and deemed given when <br /> delivered by hand or on the date shown as the date of delivery on a United States Postal Service <br /> return receipt, if addressed as follows: <br /> 17.2.1 If to the County, addressed as follows: Orange County Emergency Loan Program, <br /> 131 W. Margaret Lane, Suite 205, Hillsborough, NC 27278; or, <br /> ESBLPLSA <br />