Orange County NC Website
44 <br />release to SunTrust, along with a certificate that such grant or release will <br />not materially impair the intended use of the Pledged Facilities. <br />(ii) The County may dispose of any inadequate, obsolete, worn-out, <br />undesirable or unnecessary Fixture in accordance with Section 1-3. <br />2. County's Payment Oblieation; Bank's Advances <br />2-1 Payment of Obligations; Compliance with Covenants. The County <br />must pay the Obligations as and when the same become due and payable in the <br />manner set forth in this Deed of Trust and in the Financing Contract, and must <br />comply in all respects with all of the terms, covenants, and conditions contained in <br />the Financing Documents. <br />2-2 Taxes and Other Governmental Charges. The County must pay, or <br />cause to be paid, all taxes, assessments and other governmental charges related to <br />the Pledged Facilities as provided in the Financing Contract. <br />2-3 Insurance. The County must obtain and continually maintain the <br />insurance coverages (or alternative risk coverages) required by the Financing <br />Contract. <br />2-4 Net Proceeds. The Net Proceeds (a) of any payments on <br />insurance policies arising from any damage to the Mortgaged Property or (b) of <br />any action or proceeding in condemnation or related to condemnation, as provided <br />for in the Financing Contract, in any case will be payable and applied as provided. <br />in the Financing Contract. <br />2-5 Payment of Costs and Attorney's Fees. If the Deed of Trust <br />Trustee or SunTrust employs an attorney to assist in the enforcement or collection <br />of any Obligations, or if the Deed of Trust Trustee or SunTrust voluntarily or <br />otherwise becomes a party to any suit or legal proceeding (including a proceeding <br />conducted under any state or federal bankruptcy or insolvency statute) to protect <br />the Mortgaged Property, to protect the lien of this Deed of Trust, to enforce <br />collection of the Obligations or to enforce compliance by the County with any of <br />the provisions of the Financing Documents, the County will pay reasonable <br />attorneys' fees and all of the costs that may reasonably be incurred (whether or not <br />any suit or proceeding is commenced), and such fees and costs (together with <br />interest at the rate of 5.00% per year) are secured as Obligations under this Deed of <br />Trust (but if any such proceeding is adverse to the County, then only. if the Deed of <br />Trust Trustee or SunTrust, as the case may be, is a prevailing party in such action). <br />97561vt 44 <br />