Orange County NC Website
Browse       Search
11 <br /> the 2018 Agreement of approximately $ , and potential future advances <br /> up to a total maximum principal amount of $200,000,000, all as described and <br /> pursuant to the 2018 Deed of Trust. The time during which such future advances may <br /> be made is 30 years from June 1, 2018. The current scheduled date for final <br /> repayment of amounts secured under this Supplement and the 2019 Deed of Trust <br /> is <br /> NOW, THEREFORE, <br /> (1) in consideration of the execution and delivery of the 2019 Bonds and <br /> the 2019 Agreement as a supplement to the 2018 Agreement, and other good and <br /> valuable consideration, the receipt and sufficiency of which the County <br /> acknowledges, <br /> (2) to secure the County's performance of all its covenants under this <br /> Supplement, the 2018 Deed of Trust, the 2018 Agreement, the 2019 Agreement, the <br /> 2018 Bonds and the 2019 Bonds (together, the "Loan Documents"), and <br /> (3) to charge the Mortgaged Property, as defined below, with that payment <br /> and performance, <br /> the County sells, grants and conveys to the Deed of Trust Trustee, her successors <br /> and assigns forever, in trust, with power of sale, the "Mortgaged Property," as <br /> defined in the 2018 Deed of Trust, which includes the property described in Exhibit <br /> A. <br /> TO HAVE AND TO HOLD the Mortgaged Property with all privileges and <br /> appurtenances belonging thereunto, to the Deed of Trust Trustee, her successors <br /> and assigns forever, upon the trusts, terms and conditions and for the purposes set <br /> out below, in fee simple in trust; <br /> SUBJECT, HOWEVER, to the encumbrances described in Exhibit B; <br /> BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: if the <br /> County pays its "Obligations," as defined in Section 1-1 below, in full and in <br /> accordance with the Loan Documents, and the County complies with all the terms, <br /> covenants and conditions of the Loan Documents, this conveyance will be null and <br /> 3 <br />