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38 <br /> TO HAVE AND TO HOLD the Mortgaged Property with all privileges and <br /> appurtenances belonging thereto, to the Deed of Trust Trustee, [his] successors and <br /> assigns forever, upon the trusts, terms and conditions and for the purposes set out below, <br /> in fee simple in trust; <br /> SUBJECT, HOWEVER, to the existing encumbrances described in Exhibit B; <br /> BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: if the <br /> County pays its "Obligations," as defined below, in full in accordance with the Financing <br /> Contract and this Deed of Trust, and the County complies with all of the terms, covenants <br /> and conditions of the Financing Contract and this Deed of Trust, this conveyance will be <br /> null and void and will be canceled of record at the County's request and cost, and title <br /> will revest as provided by law; <br /> BUT IF, HOWEVER, THERE OCCURS AN EVENT OF DEFAULT <br /> UNDER THE FINANCING CONTRACT, then the Lender will have the remedies <br /> provided for in this Deed of Trust, including directing the Deed of Trust Trustee to sell <br /> the Mortgaged Property under power of sale. <br /> THE COUNTY COVENANTS AND AGREES with the Deed of Trust Trustee <br /> and the Lender (and their respective heirs, successors and assigns), in consideration of the <br /> foregoing, as follows: <br /> 1. Warranties of Title; Security Provided By This Deed of Trust <br /> 1-1 Warranties of Title. The County covenants with the Deed of Trust <br /> Trustee and the Lender that the County is seized of and has the right to convey the <br /> Mortgaged Property in fee simple, that the Mortgaged Property is free and clear of all <br /> liens and encumbrances other than Permitted Encumbrances (as defined in the Financing <br /> Contract), that title to the Mortgaged Property is marketable, and that the County will <br /> forever warrant and defend title to the Mortgaged Property (subject to the Permitted <br /> Encumbrances) against the claims of all persons. <br /> 1-2 Security for Payment and Performance. This Deed of Trust secures <br /> the County's payment, as and when the same become due and payable, of all amounts <br /> payable by the County under the Financing Contract and this Deed of Trust (the <br /> "Obligations") and the County's timely compliance with all terms, covenants and <br /> conditions of the Financing Contract and this Deed of Trust. <br /> 1-3 Present and Future Advances. This Deed of Trust is executed to secure all <br /> the County's present and future obligations to the Company related to the Mortgaged <br /> Property. The making of future advances is subject to the terms and conditions of the <br /> Financing Contract and this Deed of Trust. The amount of the present obligations secured <br /> by this Deed of Trust is $8,150,000 and the total amount, including present and future <br /> 3 <br />