Orange County NC Website
• To the extent of any conflict between this Section and any other provision of this <br />Deed of Trust, this Section takes priority. <br />1-5 County's Continuing Obligations. The County remains liable for full <br />performance of ail its covenants under the Financing Contract and this Deed of Trust <br />(subject to the limitations described in Section 1-4), notwithstanding the occurrence of any <br />event or circumstances whatsoever, including any of the following: <br />(a) Any act or omission by the Company, or the Company`s waiver of any right <br />granted or remedy available to it; <br />(b) The forbearance or extension of time for payment or performance of any <br />obligation under this Deed of Trust, whether granted to the County or any other person; <br />(c) The sale or release of all or part of the Mortgaged Properly or the release of <br />any party who assumes all or any part of such performance; or <br />(d) Another party's assumption of any of the County's obligations under this <br />Deed of Trust. <br />• 1-6 Releases; Grants of Easements. <br />(a) So long as no Event of Default is continuing, the Company and the Deed of <br />Trust Trustee shall, upon the County's request and at any time, execute and deliver all <br />documents necessary to effect the release of all or a portion of the Mortgaged Property <br />from the lien of this Deed of Trust upon the County's compliance with the requirements <br />of this Section. <br />(b) In connection with -the release of a portion (but less than ail) of the <br />Mortgaged Property, the County must file with the Company and the Deed of Trust <br />Trustee evidence that the appraised, tax or insured value of that portion of the Mortgaged <br />Property that is proposed as the portion that is to remain subject to the lien of the Deed of <br />Trust is not less than 50% of the aggregate outstanding principal component of the <br />Installment Payments. <br />(c) In the case of a proposed release of all the Mortgaged Property, the County <br />must pay to the Trustee (or other fiduciary) an amount (i) which is sufficient to provide <br />for the payment in full of all Outstanding Bonds in accordance with Article III and <br />Article VII (if applicable) of the Trust Agreement and (ii) which is required to be used for <br />such payment. <br />(d) In any event, the County must file with the Company and the Deed of Trust <br />Trustee (i) a certified copy of a County Board resolution stating the purpose for which the <br />County desires such release, giving a brief and general description of the portion of the <br />Mortgaged Property to be released and requesting such release, (ii) a copy of the <br />s <br />