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1L <br /> STATE OF NORTH CAROLINA DEED OF TRUST AND <br /> SECURITY AGREEMENT <br /> COUNTY OF ORANGE COLLATERAL IS OR INCLUDES FIXTURES <br /> THIS DEED OF TRUST AND SECURITY AGREEMENT (the "Deed of <br /> TrUst") made and entered into as of 1993, by ORANGE COUNTY <br /> COMMUNITY ACTIVITY CORPORATION, a North Carolina not-for-profit <br /> corporation (the "Grantor" ) , and as trustee (the <br /> "Deed of Trust Trustee") , for the benefit of FIRST UNION NATIONAL <br /> BANK OF NORTH CAROLINA, a national banking association (the <br /> "Beneficiary") , <br /> W I T N E S S E T H: <br /> SECTION 1 <br /> Recitals and Conveyance <br /> WHEREAS, Orange County (the "County") , a body politic and <br /> corporate existing under North Carolina law has determined that it <br /> is advisable and in the best interests of the County and its <br /> residents to adopt a plan which provides for the acquisition, <br /> construction and equipping of a public ice skating rink and a <br /> swimming pool (collectively, the "Project") . <br /> WHEREAS, due to economies of a scale and other factors, the <br /> Grantor will be able to acquire, construct and operate the Project <br /> on a more efficient basis than the County could if the County were <br /> to build and operate the Project. <br /> WHEREAS, the Grantor is obtaining funds for the financing of <br /> the acquisition, construction and equipping of the Project through <br /> (a) the issuance and sale of $ Community Activity Center <br /> Revenue Bonds, Series 1993A of even date (the "1993A Bonds") and <br /> (b) the issuance and sale of $ Community Activity Center <br /> Revenue Bonds Series 1993B of even date (the "1993B Bonds" and, <br /> collectively with the 1993A Bonds, the "Bonds") . The Bonds are <br /> delivered under and secured by an Indenture of Trust, dated as of <br /> even date (the "Trust Indenture") , between the Grantor and the <br /> Beneficiary, as trustee. <br /> WHEREAS, the Grantor and the County have entered that certain <br /> Facilities/Management Services Contract (the "Contract") of even <br /> date pursuant to which the County will pay certain sums to the <br /> Grantor set forth therein in exchange for certain management <br /> services and usage rights as set forth therein. <br /> WHEREAS, as security for the Bonds the Grantor has assigned to <br /> the Trustee its interest in all Management Fees under the Contract <br /> and substantially all of its other rights under the Contract, <br /> except for certain rights specifically reserved. <br />