Agenda - 12-13-2022; 8-c - Proposed Eighteen-Month Extension of the State of North Carolina’s “Building Reuse Grant” Incentive for Industrial Connections & Solutions-ABB Inc.

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I 31 _ l Rural Economic Development Loan Agreement and EXHIBIT E Legally Binding Commitment, Private Owner BUILDING REUSE PROGRAM—Revision#3 2020-025- 201.2587 Orange County(the"Governmental Unit")enters into this Loan Agreement and Legally Binding Commitment(the"LBC," including the"Loan,"defined below with Industrial Connections &Solutions,LLC(the"Owner"and,together with the Governmental Unit, the "Parties"). WHEREAS,pursuant to N.C.G,S. §§143B•472.127 and,128, the North Carolina Rural Infrastructure Authority (the"Rural Authority")of the State of North Carolina("State")has awarded a grant(the"Grant')to the Governmental Unit,and the North Carolina Department of Commerce("Commerce"),an agency of the State,will administer the Grant; and WHEREAS,the Grant is memorialized in an agreement(the"Grant Agreement") between Commerce and the Governmental Unit, and the Grant Agreement includes Exhibit A (Scope of Project),Exhibit B (Payment Schedule), Exhibit C(Reporting Schedule), Exhibit D (Closeout Schedule/Job Requirements), Exhibit E(this LBC,which incorporates by reference the Grant Agreement and its other Exhibits),Exhibit F(Promissory Note)and Exhibit G (Waiver of Confidentiality("Waiver")),- and WHEREAS,without limitation, the Rural Authority awarded the Grant: (1) based on the application filed by the Governmental Unit and any subsequent materials supporting the application that have been approved of by Commerce in writing, all of which are incorporated into the Grant Agreement by reference;(2)based on the representation in the application that the Owner owns certain real property located at: 6801 Industrial Drive Mebane,NC 27302 in Orange County,North Carolina(the"Property");(3) based on Commerce's Grant requirements and guidelines, which are incorporated herein and which may be amended, modified or supplemented and applied accordingly to the Grant Agreement and this LBC by Commerce in its sole discretion; and for(4)the creation and retention of certain jobs in the course of completing certain renovations/construction work at the Property(altogether, the "Project,"as summarized in Exhibit A to this Grant Agreement); and WHEREAS,the Governmental Unit and the Owner are required to enter into this LBC as a condition of the Governmental Unit loaning the Grant funds to the Owner, NOW,THEREFORE, in consideration of the mutual promises and such other valuable consideration set out herein,the Parties mutually agree to the following terms and conditions: 1, Third-Party Beneficiary. The Parties agree that the State(including, without limitation, Commerce and the Rural Authority) is an intended third-party beneficiary of this LBC (including the Loan)and may,at its option,enforce the terms of this LBC or appear as a party in any litigation concerning the LBC, a s Legally Binding Commitment- I i i