AG 2016 05 16 - Laserfiche WebLink

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12.10 Memorandum of Lease At the request of either party, the County and the Board of Education may, on or before the Closing Date, execute a memorandum of this lease legally sufficient to comply with the relevant provisions of the North Carolina General Statutes. 12.11 Limited Obligation Bonds Series 2016 Insurer Provisions Notwithstanding any other provisions of this Lease to the contrary, this Lease and any sublease or assignment shall be subject to immediate termination at the direction of the Insurer (as defined in the Installment Financing Contract dated as of March 1, 2016 between County and the Cabarrus County Development Corporation), in the event of default by the County or such Corporation under such contract. All rights of the Board of Education or any sublessee or assignee shall terminate upon such termination. This Lease, or any sublease or assignment, may not be a Permitted Encumbrance under the Deed of Trust incident to issuance of the Limited Obligation Bonds Series 2016, if, in the opinion of Insurer's counsel, the presence of such encumbrances would impair any ability to exercise remedies under the Contract or the Deed of Trust, including the right to foreclosure under the Deed of Trust. This Lease or any sublease or assignment is subject to the Deed of Trust. All Permitted Encumbrances must be acceptable to the Insurer, including the Permitted Encumbrances to the title insurance policy. IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed in their corporate names by their duly authorized officers all as of the day and year acknowledged. CABARRUS COUNTY, NORTH CAROLINA Chair, Board of Commissioners ATTEST: Clerk, Board of Commissioners This instrument has been preaudited in the manrier required by the Budget and the Fiscal Control Act, Finance Director KANNAPOLIS BOARD OF EDUCATION Chair ATTEST: Secretary F -3 Attachment number 1 \n Page 67