Agenda - 03-02-2006-8bDTC - Laserfiche WebLink

Browse Search

The amount of the present obligations secured by this Agreement is [Twenty-four Million Dollars {$24,000,000)] and the total amount, including present and future obligations, that may be secured by this Agreement at any one time is Seventy-five Million Dollars {$75,000,000). The period within ~vluch future obligations may be incurred is 15 years from April 1, 2006. 1-3 Security Interest in Fixtures. This Deed of Trust is intended to be a security agreement pursuant to the North Carolina Uniform Commercial Code for the "Fixtures," as defined below. The County grants to the Company and the Deed of Trust Trustee a security interest in the Fixtures. The County agrees that the security interest in the Fixtures granted in this Section 1- ~ will be in addition to, and not in lieu of, any security interest in the Fixtures acquired by real property law. The County agrees to execute, deliver and file, or cause to be filed, in such place or places as may be required by law, financing statements (including any continuation statements required by the North Carolina Unform Commercial Code) in such form as the Company may require to evidence the security interest in the Fixtures. Upon the occurrence of an Event of Default under this Deed of Trust, the Company or Deed of Trust Trustee is entitled to exercise all rights and remedies of a secured party under the North Carolina Uniform Commercial Cade and may proceed as to the Fixtures in the same manner as provided herein for the real property. The "Fixtures" are all articles of personal property attached or affixed to the Pledged Facility, including but not limited to all apparatus, maclunery, motors, elevators, fittings and all plumbing, heating, lighting, electrical, laundry, ventilating, refrigerating, incinerating, air-conditioning, fire and theft protection and sprinkler equipment, including all renev~Tals and replacements thereof and all additions thereto, and all articles in substitution thereof, and all proceeds of all the foregoing in whatever form. The County is not obliged to renew, repair or replace any inadequate, obsolete, wonl-out, unsuitable, undesirable or unnecessary Fixture. If the County determines that any Fixture has become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the County may remo~Te such Fixture from the Pledged Facility and sell, trade-in, exchange or otherwise dispose of it {as a whole or in part), with an amount equivalent to the fair market value of the Fixture as removed deemed to be Net Proceeds and subject to the provisions of Section 6.2 of the Financing Contract. 9336w3 4