Orange County NC Website
Browse       Search
42 <br /> costs (together with interest at the annual rate of 4.00%) are secured as Obligations under <br /> this Deed of Trust. <br /> (b) If any suit or proceeding described in subsection (a) is adverse to the <br /> County, however, then the County has this liability only if the Deed of Trust Trustee or <br /> the Lender, as the case may be, is a prevailing party in the suit or proceeding. <br /> 2-3 Advances for Performance of County's Obligations. If the County fails <br /> to perform any of its obligations under the Financing Contract or this Deed of Trust, then <br /> the Deed of Trust Trustee and the Lender are authorized, but not obligated, to perform the <br /> obligation or cause it to be performed. All of those fees and costs, together with interest <br /> at the annual rate of 4.00%, are secured as Obligations under this Deed of Trust. <br /> 3. The Deed of Trust Trustee <br /> 3-1 Deed of Trust Trustee's Liability. The Deed of Trust Trustee will <br /> suffer no liability by virtue of[his] acceptance of this trust except as may be incurred as a <br /> result of any failure on [his] part to account for the proceeds of any sale under this Deed <br /> of Trust. <br /> 3-2 Substitute Trustees. If any Deed of Trust Trustee dies, becomes <br /> incapable of acting or renounces the trust, or if for any reason the Lender desires to <br /> replace any Deed of Trust Trustee, then the Lender has the unqualified right to appoint <br /> one or more substitute or successor Deed of Trust Trustees by instruments filed for <br /> registration in the office of the Register of Deeds where this Deed of Trust is recorded. <br /> Any removal or appointment may be made at any time without notice, without specifying <br /> any reason, and without any court approval. Any appointee becomes vested with title to <br /> the Mortgaged Property and with all rights, powers, and duties conferred upon the Deed <br /> of Trust Trustee by this Deed of Trust in the same manner and to the same effect as if that <br /> Deed of Trust Trustee were named as the original Deed of Trust Trustee. <br /> 4. Defaults and Remedies; Foreclosure <br /> 4-1 Defaults and Remedies. During the continuation of an Event of Default <br /> under the Financing Contract, the Lender may pursue its rights and remedies as provided <br /> under the Financing Contract and this Deed of Trust. <br /> 4-2 Foreclosure; Sale under Power of Sale. <br /> (a) Right to foreclosure or sale. During the continuation of an Event of <br /> Default, at the Lender's request, the Deed of Trust Trustee must foreclose this Deed of <br /> Trust by judicial proceedings or, at the Lender's option, the Deed of Trust Trustee must <br /> sell (and is empowered to sell) all or any part of the Mortgaged Property at public sale to <br /> the last and highest bidder for cash (free of any equity of redemption, homestead, dower, <br /> curtesy or other exemption, all of which the County expressly waives to the extent <br />