Upon a written application by a grantee, the lender, and any and all signators or guarantors upon the proposed loan, the Board, in its sole discretion, from time to time, may consent by duly adopted resolution to the sale, transfer, assignment, mortgage, pledge, lease, sublease, or other encumbrance upon real or personal property mandatorily included by Section 11-1.702 of Article 7 of this chapter within a purchase which the County or its assignee is authorized to make, or upon a franchise issued pursuant to the provisions of this chapter, for the purpose of securing a loan or capital or constituting a purchase money security interest. Such information concerning the identity and background of the lender, terms of the transaction, intended expenditure of the capital, and other matters relating to the transaction shall be provided as is required by the Board or its authorized representative. If, in its sole discretion, the Board elects to approve such encumbrance or encumbrances, such approval may be granted upon such terms and conditions as the Board determines to be appropriate, including, but not limited to, the following:
(a) The purpose for which the capital to which the encumbrance relates will be utilized, including guarantees relating to the expenditure or disposition of such capital;
(b) The terms and conditions of the encumbrance instruments relating to such matters as default and the rights of the lender and successors in interest in relation thereto;
(c) The amount of the encumbrance and types of properties encumbered;
(d) The subordination of the encumbrance to the rights of the County, under the franchise, consistent with the terms and conditions of the encumbrance approved by the Board; and
(e) An agreement by any party in whose name the loan secured by the encumbrance is made or any signator or guarantor thereon to be bound by the terms, conditions, provisions, and requirements of the franchise documents, in addition to the party or parties in whose names the franchise is issued by the franchise agreement and certificate of acceptance.
The Board by resolution shall be authorized to delegate its power to consent in writing to such encumbrance for financing purposes of individual items of property described by said Section 11-1.702, subject to the limitations prescribed. (§ 1, Ord. 961, eff. October 27, 1983)