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SHLF draft of February 21, 2006 <br />Prepared by and re. turn after re. carding to: <br />Robert M. Jessup Jr. <br />Sanford Holshouser LLP <br />Post Office Box 2447 <br />Raleigh, NC 27602 <br />STATE OF NORTH CAROLINA } <br />ORANGE COUNTY ) <br />The collateral is or includes fixtures. <br />This deed of trust secures future advances. <br />THIS DEED OF TRUST AND SECURITY AGREEMENT (this "Deed of <br />Tnist") is dated as of April 1, 2006, and is granted by ORANGE COUNTY, <br />NORTH CAROLINA, a political subdivision of the State of North Carolina {the <br />"County"}, to [Deed of Trust Trustee name/address] (the "Deed of Trust <br />Trustee"}, for the benefit of ORANGE COUNTY PUBLIC FACILITIES <br />COMPANY, a North Carolina nonprofit corporation (the "Company"}. <br />RECITALS: <br />Pursuant to an Installment Financing Contract dated as of April 1, 2006 (the <br />"Financing Contract"), between the County and the Company, the Company is <br />providing for an advance of [$24,000,000] for the benefit of the County. The <br />County will use these funds, together u~•ith other a~-railable funds, to provide for the <br />acquisition, construction and improvement of certain school facilities and to <br />prop-~ide for other public improvements. <br />As a condition to entering into the Financing Contract, the Company has <br />required the County to secure its obligations under the Financing Contract by this <br />conveyance of a portion of the school facilities that are to be so constructed (the <br />"Pledged Facility," as more particularly defined below}, the real property <br />associated with the Pledged Facility and the other ``Mortgaged Property," as <br />9336Uv3 j <br />