Agenda - 11-16-2010 - 4k - Laserfiche WebLink

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Fixtures granted in this Section 1-3 will be in addition to, and not in lieu of, any security • interest in the Fixtures acquired by real property law. The County agrees to execute, deliver and file, or cause to be filed, in such place or places as may be requested by the Company, the Trustee or the Deed of Trust Trustee, financing statements (including any continuation statements) in such form as such party may reasonably request to evidence the security interest provided for in this Section. Upon the occurrence of an Event of Default under this Deed of Trust, the Company or the Deed of Trust Trustee is entitled to exercise all rights and remedies of a secured party under the North Carolina Uniform Commercial Code and may proceed as to the Personal Property Collateral in the same manner as provided herein for the real property. The "Fixtures" are all articles of personal property attached or affixed to the Facilities, including but not limited to all apparatus, machinery, motors, elevators, fittings and all plumbing, heating, lighting, electrical, laundry, ventilating, refrigerating, incinerating, air-conditioning, fire and theft protection and sprinkler equipment, including all renewals and replacements thereof and all additions thereto, and all articles in substitution thereof, and all proceeds of all the foregoing in whatever form. The County is not obliged to renew, repair or replace any inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary Fixture. If the County determines that any Fixture has become inadequate, obsolete, worn-out, unsuitable, undesirable or • unnecessary, the County may remove such Fixture from the Facilities and sell, trade-in, exchange or otherwise dispose of it (as a whole or in part), with an amount equivalent to the fair market value of the Fixture as removed deemed to be Net Proceeds and subject to the provisions of Section 6.2 of the Financing Contract. 1-4 County's Obligation Limited. Notwithstanding any other provision of this Deed of Trust, .the parties intend that this transaction will comply with North Carolina General Statutes Sectia~n 160-20. No deficiency judgment may be entered against the County in violation of such Section 160A-20. No provision of this Deed of Trust. shall be construed or interpreted as creating a pledge of the County's faith and credit within the meaning of any constitutional debt limitation. No provision of this Deed of Trust should be construed or interpreted as an illegal delegation of governmental powers, nor as an improper donation or lending of the County's credit within the meaning of the North Carolina constitution. The County's taxing power is not and may not be pledged, directly or indirectly contingently, to secure any moneys due under this Deed of Trust. No provision of this Deed of Trust restricts the County's future issuance of any of its bonds or other obligations payable from any class or source of the County's moneys • (except to the extent the "Documents," as defined in Section 2-1 below, restrict the incurrence of additional obligations secured by the Mortgaged Property). 4