Orange County NC Website
(ii) The County may dispose of any inadequate, obsolete, worn out, <br />undesirable or unnecessary Fixture in accordance with Section 1-3. <br />2. County's Payment ObliQatian; Company's Advances <br />2-1 Payment of Obligations; Compliance with Covenants. The County <br />must pay the Obligations as and when the same became due and payable in the <br />manner set forth in this Deed of Trust and in the Financing Contract, and must <br />comply in all respects with all of the terms, covenants, and conditions contained in <br />this Deed of Trust, in the Financing Contract, in the Trust Agreement and in the <br />Certificates (together, the "DocLUnents"). <br />2-2 Taxes and Other Governmental Charges. The County must pay, or <br />cause to be paid, all taxes, assessments and other governmental charges related to <br />the Pledged Facility as provided in the Financing Contract. <br />2-3 Insurance. The County must obtain and continually maintain the <br />insurance coverages (or alternative risk coverages) required by the Financing <br />Contract. <br />2-4 Net Proceeds. The Net Proceeds (a) of any payments on <br />insurance policies arising from any damage to the Mortgaged Property or (b) of <br />any action or proceeding in condemnation or related to condemnation, as provided <br />far in the Financing Contract, in any case will be payable and applied as provided <br />in the Financing Contract. <br />~-5 Payment of Casts and Attorney's Fees. If the Deed of Trust <br />Trustee or the Company employs an attorney to assist in the enforcement or <br />collection of any Obligations, or if the Deed of Trust Trustee or the Company <br />voluntarily or otherwise becomes a party or parties to any suit or legal proceeding <br />(including a proceeding conducted under any state ar federal bankruptcy or <br />insolvency statute) to protect the Mortgaged Property, to protect the lien of this <br />Deed of Trust, to enforce collection of the Obligations or to enforce compliance by <br />the County with any of the provisions of the Documents, the County will pay <br />reasonable attorneys' fees and all of the costs that may reasonably be incurred <br />{whether or not any suit or proceeding is commenced), and such fees and costs <br />{together ujith interest at the rate of 8.U0% per year) are secured as Obligations <br />under this Deed of Trust {but if any such proceeding is adverse to the County, then <br />only if the Deed of Tnist Trustee or the Company, as the case may be, is a <br />prevailing party in such action). <br />9336Uv3 '] <br />