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<br />Million Fifty-Seven Thousand Dollars ($50,057,000)] and the total amount,
<br />including present and future obligations, that may be secured by this Agreement at
<br />any one time is Seventy-five Million Dollars ($75,000,000). The period within
<br />which future obligations maybe incurred is 15 years from June 1, 2007.
<br />1-3 Security Interest in Fixtures. 'This Deed of Trust is intended to be a
<br />security agreement pursuant to the North Carolina Uniform Commercial Code for
<br />the "Fixtures;" as defined below. The County grants to SunTrust and the Deed of
<br />Trust Trustee a security interest in the Fixtures. The County agrees that the
<br />security interest in the Fixtures granted in this Section 1-3 will be in addition to,
<br />and not in lieu of, any security interest in the Fixtures acquired by real property
<br />law.
<br />The County agrees to execute, deliver and file, or cause to be filed, in such
<br />place or places as may be required by law, financing statements (including any
<br />continuation statements required by the North Carolina Uniform Commercial
<br />Code) iri such form as SunTrust may require to evidence the security interest in the
<br />Fixtures. Upon the occurrence of an Event of Default under this Deed of Trust,
<br />SunTrust or Deed of Trust Trustee is entitled to exercise all rights and remedies of
<br />a secured party under the North Carolina Uniform Commercial Code and may
<br />proceed as to the Fixtures in the same manner as provided herein for the real
<br />property.
<br />The "Fixtures" are all articles of personal property attached or affixed to the
<br />Pledged Facilities, including but not limited to all apparatus, machinery, motors,
<br />elevators, fittings and all plumbing, heating, lighting, electrical, laundry,
<br />ventilating, refrigerating, incinerating, air-conditioning, fire and ,heft protection
<br />and sprinkler equipment, including all renewals and replacements thereof and all
<br />additions thereto, and all articles in substitution thereof, and all proceeds of all the
<br />foregoing in whatever form.
<br />The County is not obliged to renew, repair or replace any inadequate,
<br />obsolete, worn-out, unsuitable, undesirable or unnecessary Fixture. If the County
<br />determines that any Fixture has become inadequate, obsolete, worn-out, unsuitable,
<br />undesirable or unnecessary, the County may remove such Fixture from the Pledged
<br />Facilities and sell, trade-in, exchange or otherwise dispose of it (as a whole or in
<br />part), with no further obligation to SunTrust if the fair market value of the such
<br />Fixture at the time of disposition does not exceed $250,000. If the fair. market
<br />value of the such Fixture at the time of disposition exceeds $250,000, then an
<br />amount equivalent to the fair market value of such Fixture (whether or not received
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