Orange County NC Website
Property for purposes substantially different from the use intended as of the Closing <br /> Date. <br /> Section 5.02. Contractors' Performance and Payment Bonds. The <br /> County shall require each contractor entering into a Construction Contract to <br /> furnish a performance bond and a separate labor and material payment bond as <br /> required by State law. The County shall provide copies of all bonds to the Trustee at <br /> the Trustee's request. <br /> Section 5.03. Cooperation. The Trustee and the County will cooperate <br /> fully with each other in filing any claim or proof of loss with respect to any bond or <br /> insurance policy described in this Agreement. <br /> Section 5.04. Care and Use. The County must use the Pledged Sites <br /> and the Pledged Facilities in a careful and proper manner. The County must keep the <br /> Mortgaged Property in good condition, repair, appearance and working order for <br /> the purposes intended. <br /> Section 5.05. Utilities. The County must pay all charges for utility <br /> services furnished to or used on or in connection with the Pledged Sites and the <br /> Pledged Facilities. <br /> Section 5.06. Risk of Loss. The County bears all risk of loss to and <br /> condemnation of the Pledged Facilities and the Pledged Sites. Upon loss, damage or <br /> condemnation of the Mortgaged Property, the County must proceed as provided in <br /> Sections 5.15 and 5.16. <br /> Section 5.07. Trustee's Performance of County's Responsibilities. <br /> The Trustee may (but is not required to) undertake any payment or performance <br /> required of the County for the insurance, maintenance or preservation of the <br /> Mortgaged Property that is not timely paid or performed by the County. The County <br /> must then reimburse the Trustee for any payments and for any associated costs and <br /> expenses, legal or otherwise, together with interest at annual rate of 4.00%, all as <br /> Additional Payments under this Agreement. <br /> Section 5.08. Compliance with Requirements. The County must <br /> promptly and faithfully comply with all requirements of governmental authorities <br /> relating to the use or condition of the Mortgaged Property, the violation of which <br /> would adversely affect the use, value or condition of the Mortgaged Property, <br /> 18 <br />