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50 <br /> respect to the Bonds called for redemption, the Bonds or portions thereof thus <br /> called for redemption will cease to accrue interest from and after the redemption <br /> date, will no longer be entitled to the benefits provided by the Trust Agreement, and <br /> will not be deemed to be Outstanding under the Trust Agreement. <br /> The Owner of this Bond has no right to enforce the provisions of the Trust <br /> Agreement or to institute action to enforce the covenants therein, or to take any <br /> action with respect to any event of default thereunder, or to institute, appear in or <br /> defend any suit or other proceeding with respect thereto, except as provided in the <br /> Trust Agreement. Changes to or supplements of the Trust Agreement may be made <br /> to the extent and in the circumstances permitted by the Trust Agreement. <br /> Ownership of this Bond will be registered on the Bond Register (as defined in <br /> the Trust Agreement) kept for that purpose by the Trustee, which will act as Bond <br /> registrar for the Bonds. This Bond may be exchanged, and its transfer may be <br /> effected, only by the Owner hereof in person or by attorney duly authorized in <br /> writing at the designated office of the Trustee, but only in the manner, subject to the <br /> limitations and upon payment of the charges provided in the Trust Agreement, and <br /> upon surrender and cancellation of this Bond. Upon exchange or registration of such <br /> transfer a new registered Bond or Bonds of the same maturity and interest rate and <br /> of authorized denomination or denominations for the same aggregate principal <br /> amount will be issued in exchange therefor. <br /> The County and the Trustee may deem and treat the person in whose name <br /> this Bond is registered on the Bond Register as the absolute owner of this Bond for <br /> the purpose of receiving payment of or on account of principal of and interest due <br /> on this Bond and for all other purposes, and neither the County nor the Trustee will <br /> be affected by any notice to the contrary, except that interest payments will be made <br /> to the persons shown as Owners on the Trustee's registration books on the Record <br /> Date, which is the end of the calendar day on the 15th day of the month (whether or <br /> not a business day) preceding each Payment Date. <br /> All acts, conditions and things required by the Constitution and laws of the <br /> State of North Carolina to happen, exist or be performed precedent to and in the <br /> execution and delivery of this Bond have happened, exist and have been performed. <br /> 28 <br />