Orange County NC Website
40 <br /> is the record owner of that land. The name and address of the County, as debtor, and the <br /> Lender, as secured party, are set forth in Section 5-1. <br /> 1-5 County's Obligation Limited. Notwithstanding any other provision of <br /> this Deed of Trust, the parties intend that this transaction will comply with North <br /> Carolina General Statutes Section 160A-20. No deficiency judgment may be entered <br /> against the County in violation of Section 160A-20. <br /> No provision of this Deed of Trust is to be construed or interpreted as creating a <br /> pledge of the County's faith and credit within the meaning of any constitutional debt <br /> limitation. No provision of this Deed of Trust should be construed or interpreted as an <br /> illegal delegation of governmental powers, nor as an improper donation or lending of the <br /> County's credit within the meaning of the North Carolina constitution. The County's <br /> taxing power is not and may not be pledged, directly or indirectly contingently, to secure <br /> any moneys due under this Deed of Trust. <br /> No provision of this Deed of Trust restricts the County's future issuance of any of <br /> its bonds or other obligations payable from any class or source of the County's moneys <br /> (except to the extent the Financing Contract and this Deed of Trust restrict the incurrence <br /> of additional obligations secured by the Mortgaged Property). <br /> Nothing in this Section is intended to impair or prohibit foreclosure on this Deed of <br /> Trust if the Obligations are not paid when due or otherwise upon the occurrence of an Event <br /> of Default under this Deed of Trust or the Financing Contract. <br /> To the extent of any conflict between this Section and any other provision of this <br /> Deed of Trust, this Section takes priority. <br /> 1-6 Releases; Grants of Easements and Other Transfers. <br /> (a) So long as no Event of Default is continuing, the Lender and the Deed of <br /> Trust Trustee are required, upon the County's request and at any time, to execute and <br /> deliver all documents necessary to effect the release of all or a portion of the Mortgaged <br /> Property from the lien of this Deed of Trust upon the County's compliance with the <br /> requirements of this Section. <br /> (b) In connection with the release of a portion (but less than all) of the <br /> Mortgaged Property, the County must file with the Lender and the Deed of Trust Trustee <br /> evidence that the appraised or insured value of that portion of the Mortgaged Property <br /> that is proposed to remain subject to the lien of this Deed of Trust will not be less than <br /> 75% of the aggregate principal component of the Amount Advanced outstanding at the <br /> time the release is effected. <br /> (c) In the case of a proposed release of all the Mortgaged Property, the County <br /> must pay to some fiduciary reasonably acceptable to the Lender an amount (i) that is <br /> 5 <br />