Orange County NC Website
Browse       Search
successors and assigns forever, upon the trusts, terms and conditions and for the <br />purposes set out below, in fee simple in trust; <br />SUBJECT, HOWEVER, to the encumbrances described in Exhibit C (the <br />"Existing Encumbrances"}; <br />BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: <br />if the County pays its "Obligations," as defined below, in full in accordance with <br />the Financing Contract and this Deed of Trust, and the County complies with all of <br />the terms, covenants and conditions of the Financing Contract and this Deed of <br />Trust, this conveyance will be null and void and will be canceled of record at the <br />County's request and cost, and title will revest as provided by law; <br />BUT IF, HOWEVER, THERE OCCURS AN EVENT OF DEFAULT <br />UNDER THE FINANCING CONTRACT, then the Company will have the <br />remedies provided for in this Deed of Trust, including directing the Deed of Trust. <br />Trustee to sell the Mortgaged Property under power of sale. <br />THE COUNTY COVENANTS AND AGREES with the Deed of Trust <br />Trustee and the Company (and their respective heirs, successors and assigns), in <br />consideration of the foregoing, as follows: <br />1. Security Provided By This Deed of Trust <br />1-1 Security for Payment and Performance. Tlus Deed of Trust <br />secures the County's payment, as and when the same become due and pa5~~able, of <br />all amounts payable by the County under the Financing Contract and this Deed of <br />Trust (the "Obligations"} and the County's timely compliance with all terms, <br />covenants and conditions of (a) the Financing Contract, {b} this Deed of Trust, (c) <br />the Trust Agreement dated as of April 1, 2006 {the "Trust Agreement"), beri~Teen <br />the Company and the Trustee named therein, {d} the [$24,000,000] Certificates of <br />Participation {Orange County Public Improvement Projects), Series 2006A (the <br />"Certificates"), executed and delivered pursuant to the Trust Agreement, and (e) <br />any Additional Certificates, as defined in the Trust Agreement, as may be executed <br />and deli~Tered pursuant to the Trust Agreement. <br />1-2 Present and Future Advances. This Deed of Trust is executed to <br />secure all the County's present and future obligations to the Company related to the <br />Mortgaged Property. The making of future advances is subject to the terms and <br />conditions of the Financing Contract, the Trust Agreement and this Deed of Trust. <br />9336w3 3 <br />