Orange County NC Website
Browse       Search
hereafter thereon or therein, including all interests of any <br /> owner of the Project (as defined in the Loan Agreement) in any of <br /> such items, except those reserved pursuant hereto, at any time <br /> acquired under conditional sale contracts or installment sale <br /> contracts; excluding, however, from this Deed of Trust and from <br /> the Trust Estate (as hereinafter defined) any items thereof which <br /> shall not constitute real property or fixtures under the laws of <br /> North Carolina; <br /> TOGETHER WITH all proceeds of any of the foregoing real <br /> property and fixtures, including, without limitation, proceeds of <br /> the conversion, voluntary or involuntary, of any of the foregoing <br /> into cash or liquidated claims, including, without limitation, <br /> all awards and other payments as a result of or in lieu or in <br /> anticipation of the exercise of the right of condemnation or <br /> eminent domain by any governmental authority ( "Eminent Domain" ) , <br /> all insurance proceeds and claims therefor as a result of damage <br /> to or destruction of all or any part of any of the foregoing, and <br /> all proceeds of title insurance with respect to all or any part <br /> of any of the foregoing ( the real property, fixtures and proceeds <br /> granted to the Trustee pursuant to the foregoing provisions <br /> hereof being collectively referred to as the "Trust Estate" ) ; <br /> TO HAVE AND TO HOLD the Trust Estate, with all the rights, <br /> privileges and appurtenances thereunto belonging or appertaining <br /> to the Trustee, his successors and assigns, in fee simple <br /> forever , upon the trusts and for the uses and purposes <br /> hereinafter set out; <br /> AND THE COMPANY hereby warrants and represents to the <br /> Trustee and his heirs, administrators, successors and assigns <br /> that the Company is seized of the Trust Estate in fee simple and <br /> has the right to convey the same; that the Trust Estate is <br /> subject to no liens or encumbrances (other than Permitted <br /> Encumbrances as defined in the Loan Agreement ) and that the <br /> Company will defend the title to the Trust Estate against the <br /> claims of all persons whomsoever; provided, however, that <br /> THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST, that if the <br /> Company shall pay the Note and other obligations secured hereby <br /> in full in accordance with its terms, the security interests <br /> granted hereby shall terminate and all rights to the Trust Estate <br /> shall revert to the Company. Upon any such termination, the <br /> Beneficiary will, at the Company's expense, execute and deliver <br /> to the Company such documents as the Company shall reasonably <br /> request to evidence such termination. <br /> Section 1 . Maintenance and Modification of Trust Estate by <br /> Company. The Trustee shall not be under any obligation to <br /> operate, maintain or repair the Trust Estate. The Company agrees <br /> 3. <br />