Agenda - 03-18-1997 - 5a - Laserfiche WebLink

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t 6 r The North Carolina Local Government Commission joins in the execution of this instrument for the purpose of evidencing its approval of the modifications effected by this instrument. Branch Banking & Trust Company of North Carolina, in its capacity as Escrow Agent (the "Escrow Agent"),joins in the execution of this instrument for the limited purpose of affirming its additional obligations under the Escrow Agreement referenced below. The parties desire to modify the Original Agreement. The purpose of the modification is to provide additional financing to the County for the Facilities, as defined in the Original Agreement. This Modification Agreement provides for an additional advance to the County, as contemplated by the Original Agreement. This Modification Agreement is given to secure a current advance of$9,000,000. The current scheduled date for final repayment is on or about December 20, 2011. The total amount, including present and future obligations, that may be secured by the Original Agreement, as modified by this Modification Agreement, at any one time remains at $20,000,000. The period within which future obligations may be incurred remains at fifteen years from December 1, 1996. The security interest evidenced hereby is a "construction mortgage" within the meaning of N.C. Gen. Stat. § 25-9-313. Now, therefore, for and in consideration of the premises, and for the purposes described in the Original Agreement, the County covenants and agrees with the Deed of Trust Trustee and BB&TGF(and their respective heirs,successors and assigns), as follows: 1. Pursuant to this Modification Agreement,there shall be provided for the benefit of the County an additional $9,000,000 (for a total principal amount financed of $14,000,000), which advance shall be made by the making an additional deposit of such amount in a new separate account in the Construction Fund established pursuant to Section 4 of the Escrow Agreement dated as of December 1, 1997 (the "Escrow Agreement"), related to the Original Agreement. 2. Exhibit-D-to-the_Original-Agreement is hereby_amended_to read-as set-forth on _ Exhibit A attached to this Modification Agreement and incorporated herein by this reference. 3. Except as modified by this Modification Agreement, the terms and provisions of the Original Agreement are in all respects ratified and confirmed. 4. Notwithstanding any other provision of this agreement or the Original Agreement, the County, the Deed of Trust Trustee and BB&TGF intend to comply with North Carolina General Statutes Section 160A-20. No deficiency judgment may be entered against the County in violation of such Section 160A-20, including, without limitation, any deficiency judgment for amounts that may be owed under this agreement or the Original Agreement when the sale of all of the Mortgaged Property, as defined in the Original Agreement, is insufficient to produce 2