Orange County NC Website
37 <br /> The Mortgaged Property includes the property described in Exhibit A. The County <br /> is the record owner of the property described in Exhibit A. <br /> This Deed of Trust is given to secure current advances under the Financing <br /> Contract of $8,150,000, as well as potential future advances in the total maximum <br /> principal amount of$25,000,000. The time during which future advances may be made is <br /> 30 years from May 1, 2016. The current scheduled date for final repayment is on or about <br /> May 1, 2036. <br /> NOW, THEREFORE, <br /> (1) in consideration of the execution and delivery of the Financing Contract <br /> and other good and valuable consideration, the receipt and sufficiency of which the <br /> parties acknowledge, <br /> (2) to secure the County's performance of all its covenants under this Deed of <br /> Trust and under the Financing Contract, including the repayment of amounts advanced <br /> under the Financing Contract, and <br /> (3) to charge the Mortgaged Property with this payment and performance, <br /> the County sells, grants and conveys to the Deed of Trust Trustee, [his] successors and <br /> assigns forever, in trust, with power of sale, the following (collectively, the "Mortgaged <br /> Property"): <br /> (a) the property described in Exhibit A and any real property later acquired by <br /> the County in exchange for, or in consideration of the exchange of, or with the proceeds <br /> from any disposition of, all or any part of any property described in this paragraph, and in <br /> all cases together with all easements, rights, rights-of-way and appurtenances belonging <br /> to any such property (collectively, the "Pledged Site"); and <br /> (b) all buildings and other improvements and fixtures (including any <br /> "Fixtures," as defined in Section 1-4) now or later attached to or used in or on those <br /> improvements or the Pledged Site, including (i) all renewals, replacements, and additions, <br /> (ii) all articles in substitution, (iii) all building materials for construction, improvement, <br /> modification or repair of improvements upon their delivery to the Pledged Site, and (iv) all <br /> proceeds of all the foregoing in whatever form resulting from the loss or disposition of the <br /> foregoing, including all proceeds of and unearned premiums for any insurance policies <br /> covering the Pledged Site and the improvements, proceeds of title insurance and payments <br /> related to the exercise of condemnation or eminent domain authority, and all judgments or <br /> settlements in lieu of any of the foregoing (collectively, the "Pledged Facilities"); <br /> 2 <br />