HomeMy WebLinkAbout2014-635 AMS - Inter-Faith Council for Social Service Inc. - Estoppel Certificate and Standstill Agreement l l-J 3 -apt q
ESTOPPEL CERTIFICATE AND STANDSTILL AGREEMENT
November 18,2014
For good and valuable consideration,ORANGE COUNTY,NORTH CAROLINA("Landlord")hereby
makes the following certifications to and agreements with and for the benefit of North Carolina Housing
Finance Agency("NCHFA") in connection with a$150,000.00 loan by NCHFA to Inter-Faith Council
for Social Service,Inc., a North Carolina non-profit corporation("Tenant"),which is secured by a Deed
of Trust encumbering Tenant's fee and leasehold interest in property which is located at 2505 Homestead
Drive in the Town of Chapel Hill,Orange County,North Carolina and is known as Project Home Start
(the"Project"):
1. Tenant and Landlord have entered into that certain Ground Lease("Lease")pertaining to the Project
which is dated June 30, 1995.
2. The Lease is for the entire Project("Demised Premises"),including approximately 3.497 acres upon
which the buildings of the Project are located.
3. The Lease has not been modified or amended except by the following documents(if none, so state):
None.
4. The initial term of the Lease commenced on July 1, 1995, and shall expire on July 1,2020 .Tenant has
the following option to renew or extend the term of the Lease(if none, so state):None.
5. The Lease,as it may have been modified or amended, contains the entire agreement of Landlord and
Tenant with respect to the Demised Premises,and is in full force and effect.
6.As of the date hereof,Tenant is paying rent on a current basis under the Lease in the amount of$1.00
annually.
7. To the best of Landlord's knowledge,no default on the part of Tenant exists under the Lease in the
performance of the terms, covenants and conditions of the Lease required to be performed on the part of
Tenant.
8. Landlord has not received notice of any assignment,hypothecation,mortgage or pledge of Tenant's
interest in the Lease or the rents or other amounts payable thereunder,except as follows(if none, so
state):None.
9.Landlord agrees that it will send written notice of any defaults under the Lease to NCHFA at the same
time that it sends such notice to Tenant and that notwithstanding the terms of the Lease,Landlord shall
not pursue its remedies under the Lease for Tenant default without giving NCHFA such written notice
and 10 business days to cure a monetary default and 30 days to cure a non-monetary default(or if such
default cannot reasonably be cured within 30 days, a reasonable time to cure). If in NCHFA's reasonable
estimation NCHFA needs to foreclose under its Deed of Trust,Landlord will give NCHFA time to
complete such foreclosure before pursuing its remedies under the Lease.
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10. If NCHFA succeeds to the interest of Tenant under the Lease, either by foreclosure or
deed/assignment in lieu of foreclosure,Landlord will recognize NCHFA as the tenant under the Lease.
11.Landlord shall not agree to a termination or modification of the Lease without NCHFA's prior written
consent.NCHFA(or any successor transferee in the event of a foreclosure or deed/assignment in lieu of
foreclosure)will not be bound by any modifications to the Lease made without NCHFA's written
consent.
12. The provisions of NCHFA's loan documents shall control distribution of any proceeds or awards
made to Tenant or regarding the Premises in the event of a casualty or condemnation.
13.By signing below,the Landlord acknowledges receipt and approval of the Modification of Promissory
Note,Deed of Trust and Declaration by and between Tenant and NCHFA.
14. The individual signing below is authorized to execute this Estoppel Certificate and Standstill
Agreement on behalf of Landlord.
IN WITNESS WHEREOF,Landlord has caused this instrument to be executed by authority duly given.
LANDLORD:
ORANGE LINTY,N TH CAR NA
By:
Print Name:
Title: LAA-
STATE OF NORTH CAROLINA
' 1%-CL COUNTY
I, an S• LJN& , a Notary Public of the County and State aforesaid, certify that
Aar-f-m—saabSpersonally appeared before me this day and acknowledged that s/he is the
of 6wrlitf 6CU amNorth Carolina limited liability
company,and that by authority duly given and as an act of 01-64- , on behalf
of ,the foregoing instrument was signed under seal in its name.
Witness my hand and official stamp or seal,this ltday of 20 .
— . C:�& onna
otary Public Notary Publ c
Guilford County
/�'ly Qamm�55ian ire North Carolina
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