Orange County NC Website
Browse       Search
11 <br /> WHEREAS, it is further anticipated that Beneficiary will <br /> obtain funds for the financing of the acquisition and construction <br /> of subsequent phases of the Project through the sale of additional <br /> bonds (all such additional bonds being referred to, collectively, <br /> as the "Additional Bonds") . <br /> • <br /> WHEREAS, the Grantor desires to further secure its obligations <br /> hereunder and under the Bonds and to provide a mechanism to secure <br /> the Additional Bonds by this Deed of Trust (the "Deed of Trust" ) on <br /> the Mortgaged Property as more fully described herein. <br /> NOW, THEREFORE, in consideration of the premises and the <br /> indebtedness herein recited and for the sum of Ten Dollars ($10 . 00) <br /> paid to the Grantor by the Deed of Trust Trustee, the receipt of <br /> which is hereby acknowledged, the Grantor has given, granted, <br /> bargained, sold, and conveyed, and by these presents does give, <br /> grant, bargain, sell and convey to the Deed of Trust Trustee, his <br /> heirs, successors and assigns, in trust to secure the payment and <br /> performance of the Obligations (as defined in Section 2 . 8) with <br /> power of sale, all rights, title and interest of the Grantor now <br /> owned or hereinafter acquired in and to the Mortgaged Property; <br /> TO HAVE AND TO HOLD the Mortgaged Property, together with all <br /> rents, issues and profits thereof and all privileges and <br /> appurtenances thereunto belonging, to the Deed of Trust Trustee, <br /> his heirs, successors or assigns upon the trust and for the uses <br /> and purposes hereinafter set forth, subject to such exceptions and <br /> limitations to title as qualify as Permitted Encumbrances (as <br /> defined in Section 2 . 1) . <br /> THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST, that if the <br /> Grantor shall pay, or cause to be paid, to the Trustee an amount <br /> sufficient to provide for the payment in full of the Obligations <br /> in accordance with their respective terms and the terms of the <br /> Trust Indenture, together with interest and prepayment premiums, if <br /> any, with respect thereto, at the times and places thereto <br /> specified for the payment of the same and shall comply with all the <br /> covenants, terms and conditions of this Deed of Trust, the Bonds, <br /> and the Trust Indenture, then this conveyance shall be null and <br /> void and shall be canceled or released of record at the request and <br /> at the cost of the Grantor. <br /> BUT IF AN EVENT OF DEFAULT should occur under the Trust <br /> Indenture or the Contract and the maturities of the Obligations are <br /> accelerated as provided in the Trust Indenture, it shall be lawful <br /> for, and upon the request of the Beneficiary it shall become the <br /> duty of the Deed of Trust Trustee, to advertise and sell under this <br /> Deed of Trust the Mortgaged Property in the manner hereinafter set <br /> forth. <br /> 2 <br />