Orange County NC Website
Browse       Search
DocuSign Envelope ID:OF243B7E-72F3-495B-8B6E-9B803F8C6E75 <br /> 11. Other provisions regarding remedies — The County may delay or refrain from exercising any past, <br /> present, or future right or remedy hereunder without waiving any such right or remedy. The County <br /> shall have no obligation to proceed against real or personal property in preference to the other. <br /> PART FOUR— PROMISES BY THE BORROWER <br /> 12. The Borrower agrees that it will do the following: <br /> 12.1 Operate the Business in full compliance with applicable federal, state, and local laws, including, <br /> without limitation,federal laws relating to equal employment opportunity and occupational health <br /> and safety, the North Carolina State Building Code, and local building and land use regulations. <br /> 12.2 Promptly perform all obligations of Borrower including the payment, when due, of all amounts <br /> owed to County secured by this Agreement; <br /> 12.3 Protect and properly care for the Collateral, and allow no Collateral to be misused, wasted, or <br /> allowed to deteriorate except for normal wear and tear; <br /> 12.4 Use the Collateral principally within the State of North Carolina and Orange County, and not to <br /> affix the Collateral to real property unless it is classified as a fixture hereinabove the requisite <br /> information is supplied; <br /> 12.5 Insure all Collateral against theft, loss or destruction, by policies acceptable to County and <br /> payable to both Borrower and the County as their interests may appear; that all applicable <br /> licenses and permits be obtained; that the employer ID number be provided and a privilege <br /> license be obtained; and that both property and liability insurance on the building(s) and <br /> contents be procured and maintained by the Borrower. The Borrower shall provide and maintain <br /> hazard insurance (fire and extended coverage) in an amount acceptable to the County covering <br /> all tangible Collateral. Mortgagee endorsement is to include this loan. <br /> 12.6 Pay promptly when due all ad valorem taxes and assessments upon the Collateral; <br /> 12.7 Upon the County's request, deposit with County additional Collateral to County's satisfaction; <br /> 12.8 That Collateral will not be changed, transferred, or otherwise disposed of or be subjected to any <br /> unpaid charge, unless the County consents in advance in writing to such change, transfer, or <br /> charge. <br /> 12.9 Upon the County's request, provide a list of buyer, commission merchants and selling agents <br /> to or through whom the Borrower intends to sell the products granted as Collateral; <br /> 12.10 Keep proper books of account in a manner satisfactory to the County; <br /> 12.11 Upon the County's request, submit an annual financial statement reviewed or compiled by an <br /> independent public accountant; <br /> 12.12 Upon the County's request, submit a copy of its annual tax return to the County. <br /> 12.13 The Borrower hereby authorizes all federal, state and municipal authorities to furnish reports <br /> of examinations, records, and other information relating to the condition and affairs of the <br /> business and any desired information from reports, returns, files, and records of such authorities <br /> upon request therefore by the County; <br /> ESBLPLSA <br />