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14 <br /> The County covenants with the Deed of Trust Trustee and BNY-M that the <br /> County is seized of and has the right to convey the Mortgaged Property in fee simple, <br /> that the Mortgaged Property is free and clear of all liens and encumbrances other <br /> than Permitted Encumbrances, as defined in the Prior Agreement and the 2019B <br /> Agreement, that title to the Mortgaged Property is marketable, and that the County <br /> will forever warrant and defend title to the Mortgaged Property (subject to the <br /> Permitted Encumbrances) against the claims of all persons. <br /> THE COUNTY COVENANTS AND AGREES with the Deed of Trust Trustee and <br /> BNY-M (and their respective heirs, successors and assigns), in consideration of the <br /> foregoing, as follows: <br /> 1. Security Provided <br /> 1-1 Security for Payment and Performance. The Modified Deed of <br /> Trust secures the County's payment, as and when the same become due and <br /> payable, of all amounts payable by the County under the Loan Documents (the <br /> "Obligations") and the County's timely compliance with all terms, covenants and <br /> conditions of (a) the Loan Documents and (b) any Additional Bonds, as defined in <br /> and as may be executed and delivered pursuant to the Prior Agreement. <br /> 1-2 Present and Future Advances. This Deed of Trust is executed to secure <br /> all the County's present and future obligations to the Trustee related to the <br /> Mortgaged Property as described in and pursuant to the Existing Deed of Trust. The <br /> total amount, including present and future obligations, that may be secured by the <br /> Modified Deed of Trust at any one time is $200,000,000. The period within which <br /> future obligations maybe incurred is 30 years from June 1, 2018. <br /> 1-3 Existing Deed of Trust Otherwise Confirmed. Except as provided by <br /> this Supplement, the County ratifies, approves and confirms the terms of the <br /> Existing Deed of Trust. <br /> 1-4 County's Obligation Limited. Notwithstanding any other provision <br /> of the Loan Documents, the parties intend that this transaction will comply with <br /> North Carolina General Statutes Section 160A-20. No deficiency judgment may be <br /> entered against the County in violation of Section 160A-20. <br /> 5 <br />