AG 2016 08 15 - Laserfiche WebLink

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1. Economic Investment. The County shall, in accordance with and as provided by this Agreement, loan to Rehab a total Investment amount of One Hundred Five Thousand Dollars ($105,000.00) also known as the "Loan ". The County shall pay the Loan to Rehab as follows: (a) For a period of five (5) consecutive years, the County shall make a disbursement of the Loan to Rehab in the annual amount of Twenty -One Thousand Dollars ($21,000.00). (b) Rehab shall execute an unsecured promissory note in the aggregate amount of the Loan. The initial annual amount shall be disbursed within thirty (30) days of the date that Rehab closes on the purchase of all of the real property comprising the Project. So long as the Project proceeds steadily to completion and Rehab is in default with regard to any of its obligations regarding the Project, the County will, on each next anniversary date of the initial disbursement, make the additional loan disbursements to Rehab. (c) In the event the Project is completed generally in accordance with Rehabs' Project description provided to the County, the Loan from the County to Rehab shall be considered forgiven and the promissory note shall be marked "satisfied" by the County. 2. State and City Incentives. The County agrees to assist Rehab in obtaining any incentives, grants and programs that may be or become available from the State of North Carolina and /or the City of Concord; however, the County shall not be responsible for obtaining or paying any State or City incentives to Rehab, except as otherwise provided by law. 3. Validity of Investment. As stated in the County's Industrial Development Grant Program, no change in the Program after the date of this Agreement shall apply to the provisions of this Agreement or to the Project unless otherwise agreed to in writing by the County and Rehab. In the event one or more lawsuits or other proceedings are brought against the County or any County elected official challenging the legality of this Agreement or any provision, the County shall defend against any and all such lawsuits or other proceedings, including appealing any adverse judgment to the highest appellate court of the State of North Carolina. In the event that any of the loans are determined to be invalid, the County agrees that it will, to the extent permitted by law, provide Rehab with incentives of substantially equal value pursuant to one or more replacement programs. 4. Noncompliance by Rehab. Rehab acknowledges that at any time during the period that a Loan disbursement is paid or is to be paid to Rehab by County, if Rehab has (a) failed or fails to make continuous progress on the Project, (b) fails to finish the Project or (c) fails to comply with any provision of this Agreement, then Rehab shall be in default of this Agreement. In any such event, the County may at its option terminate Attachment number 3 \n G -1 Page 171