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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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Last modified
8/3/2012 9:37:52 AM
Creation date
5/20/2010 8:46:10 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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50 <br />6-3 No Marshalling. The County waives any and all rights to require <br />marshalling of assets in connection with the exercise of any remedies provided in <br />this Deed of Trust or as permitted by law. <br />6-4 Definitions. All capitalized terms used in this Deed of Trust and not <br />otherwise defined have the meanings ascribed to them in the Financing Contract. <br />6-5 Governing Law; Forum. The County, SunTrust and- the Deed <br />of Trust Trustee intend that North Carolina law will govern this Deed of Trust. To <br />the extent permitted by law, the County, SunTrust and the Deed of Trust Trustee <br />agree that- any action brought with respect to this Deed of Trust must be brought in <br />the North Carolina General Court of Justice in Orange County, North Carolina. <br />6-6 Limitation of Liability of Officers and Agents. No officer, agent <br />or employee of the County will be subject to any personal liability or <br />accountability by reason of the execution of this Deed of Trust or any other <br />documents related to the transactions contemplated by this Deed of Trust. Such <br />officers or agents are deemed to execute such documents in their official capacities <br />only, and not in their individual capacities. This Section does not relieve an officer, <br />agent or employee of the County from the performance of any official duty <br />provided by law. <br />6-7 Covenants Running with the Land. All covenants contained in this <br />Deed of Trust or in the Financing Contract run with the real estate encumbered by <br />this Deed of Trust. <br />6-8 Further Instruments. Upon the request of SunTrust or the Deed of <br />Trust Trustee, the County will execute, aclrnowledge and deliver such further <br />instruments reasonably necessary or desired by SunTrust or the Deed of Trust <br />Trustee to-carry out more effectively the purposes of this Deed of Trust or any other <br />document related to the transactions contemplated by this Deed of Trust, and to <br />subject to the liens and security interests hereof and thereof all or any part of the <br />Mortgaged Property intended to be given or conveyed hereunder or thereunder, <br />whether now given or conveyed or acquired and conveyed subsequent to the date of <br />this Deed of Trust. <br />6-9 Severability. If any provision of this Deed of Trust is <br />determined to be unenforceable, that will not affect any other provision of this <br />Deed of Trust. <br />97561v1 50 <br />
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