Orange County NC Website
cause to be satisfied and discharged all such unpaid items (but such payment will <br />not in itself constitute a waiver of the right to continue to contest such items). The <br />Company will cooperate fully with the County in any such contest, upon the <br />request and at the expense of the County. <br />(b) Except as provided in subsection (a) above, the County will not <br />directly or indirectly create, incur, assume or suffer to exist any mortgage, pledge, <br />lien, charge, encumbrance or claim on or with respect to the Mortgaged Property, <br />except Permitted Encumbrances, or encumbrances incurred in connection with the <br />authorization, execution and delivery of Additional Certificates. The County ujill <br />promptly, at its own expense, take such action as may be appropriate to discharge <br />any such mortgage, pledge, lien, charge, encumbrance or claim not excepted above <br />which it will have created, incurred or suffered to exist. <br />(c) The County will reimburse the Trustee for any expense incurred by it <br />in order to discharge or remove any such mortgage, pledge, lien, security interest, <br />encumbrance or claim, together with interest thereon at the annual rate of 8.00°l0. <br />ARTICLE VI <br />DAMAGE, DESTRUCTION AND CONDEMNATION; <br />USE OF NET PROCEEDS <br />6.1. Damage, Destruction or Condemnation. The County will promptly <br />notify the Compan~T, the Trustee and the InsL~rer if (a) the Mortgaged Property or <br />any portion thereof is destroyed or damaged by fire or other casualty, (b) any <br />governmental authority takes, or notifies the County of any intent to take, title to, <br />or the temporary or permanent use of the Mortgaged Property or any portion <br />thereof, or the estate of the County or the Company in the Pledged Facilities, the <br />Pledged Sites or any portion thereof, under the pou~•er of eminent domain, (c) a <br />material defect in the construction of the Pledged Facilities becomes apparent, or <br />(d) title to or the use of all or any portion of the Mortgaged Property is lost by <br />reason of a defect in title. <br />Each such notice must describe generally the nature and extent of such <br />damage, destruction or taking. The County must provide any additional <br />information concerning such matter as the Company may reasonably request. <br />The County v~Till file its claims under insurance coverages and claims for <br />awards or payments in the nature of condemnation awards resulting from any such <br />damage, destruction or taking. The County will prosecute all such claims for such <br />93361v2 1 <br />