Orange County NC Website
Browse       Search
DocuSign Envelope ID:81024767-66DD-4AEE-B143-EBD82D03FA58 <br /> 4. To secure its obligations to the County under the Note and this Loan Agreement, Borrower grants to <br /> the County a security interest in the"Collateral"as described in Exhibit A. This Agreement is intended <br /> as, and constitutes, a security agreement within the meaning of the North Carolina Uniform <br /> Commercial Code (UCC) Financing Statement, with respect to the Collateral. The Borrower will <br /> execute and deliver to the County such documents as the County may reasonably deem appropriate <br /> to secure the benefits of this Agreement. <br /> 5. If required by the County, to further secure the Borrower's obligations to the County under the Note <br /> and this Loan Agreement, Borrower shall execute a personal guaranty. <br /> PART THREE - EVENTS OF DEFAULT <br /> 6. Events of Default—The happening of any of the following events shall constitute a default under this <br /> Agreement (these are the "Events of Default"): <br /> 6.1 The Borrower fails to pay when due any amounts payable under the Note; <br /> 6.2 The Borrower breaches or fails to perform or observe any term, condition or covenant of this <br /> Agreement or the Note on its part to be observed or performed; <br /> 6.3 The Borrower moves its principal place of business outside Orange County; <br /> 6.4 The Borrower sells all or substantially all of the assets of the Business; <br /> 6.5 Any warranty, representation or statement made by the Borrower in this Agreement or otherwise <br /> to the County in connection with this Loan is found to be incorrect or misleading in any material <br /> respect; <br /> 6.6 The County believes in good faith that the prospect of the Borrower's payment or performance <br /> is impaired; <br /> 6.7 The Borrower seeks an order of relief under Federal Bankruptcy laws; <br /> 6.8 The Borrower becomes insolvent; or <br /> 6.9 A federal or state tax lien is filed against the assets of the Borrower. <br /> 7. Remedies on Default— Upon the occurrence of an Event of Default, the County may, without any <br /> further demand or notice, exercise any one or more of the following remedies: <br /> 7.1 Declare the unpaid balance of the Note immediately due and payable; <br /> 7.2 Proceed by appropriate court action to enforce the Borrower's performance of the applicable <br /> covenants of this Agreement or to recover for the breach thereof; <br /> 7.3 Pursue collection under the guaranties; <br /> 7.4 Pursue enforcement of the lien of the UCC Financing Statement; and <br /> 7.5 Avail itself of all other rights and remedies available at law and in equity. <br /> ESBLPLSA <br />