BC 1995 05 11 - Laserfiche WebLink

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417 prior to the Closing; and (iv) any other liability arising from the ownership or operation of the System prior to the Closing. (b) City's Indemnity; The City will indemnify the Sellers for liabilities or losses incurred by the Sellers arising from (i) any breach of the City's representations and warranties and any failure by the City to comply with its covenants; (ii) the Assumed Liabilities; (iii) all environmental matters arising from operating Lake Concord prior to the Closing; and (iv) any other liability arising from the ownership or operation of Lake Concord prior to the Closing. 14. Binding Effect. This Letter of Intent evidences the good faith intent of the parties hereto to negotiate, execute and deliver the Purchase Agreement substantially upon the terms and subject to the conditions set forth herein. Except as set forth in this paragraph 14, this Letter of Intent is not intended to be binding upon, or grant any rights to, any person or entity. Accepted and Agreed to this day of COUNTY OF CABARRUS BY: Title: Very truly yours, CITY OF CONCORD By: Title: , 1995: WATER AND SEWER DISTRICT OF CABARRUS COUNTY By: Title: Chairman Barnhart thanked Mayor Liles and the City of Concord and turned the meeting over to Mayor Liles. The Concord Board of Aldermen voted unanimously to approve the Letter of Intent. Mayor Liles addressed the benefits of the merger for the citizens of the City of Concord and Cabarrus County. He commented on the cooperation between the two boards as well as City and County staff in the successful negotiations for the utilities merger. There being no further business to come before the Board, Chairman Barnhart adjourned the meeting of the Board of Commissioners and the Water and Sewer District at 7:30 P.M. Clerk to the Board