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65 <br /> DEED OF TRUST <br /> General. In connection with the execution and delivery of the 2018 Bonds and the 2019A Bonds, <br /> the County executed and delivered the Existing Deed of Trust, to provide security for its obligations <br /> under the Trust Agreement by granting a lien of record on the Government Services Annex, the <br /> Emergency Operations Center, the Visitors Center, the Link Center, the District Attorney's Building and <br /> the Northern Campus. In connection with the execution and delivery of the 2019B Bonds, the County <br /> will execute and deliver the Second Deed of Trust Supplement, granting a lien of record on the Southern <br /> Campus. The Modified Deed of Trust secures the Prior Bonds, the 2019B Bonds and any Additional <br /> Bonds issued under the Trust Agreement. <br /> ONLY THE SITES ON WHICH (1) THE GOVERNMENT SERVICES ANNEX, (2) THE EMERGENCY <br /> OPERATIONS CENTER, (3) THE VISITORS CENTER, (4) THE LINK CENTER(5) THE DISTRICT ATTORNEY'S <br /> BUILDING, (6) THE NORTHERN CAMPUS, AND (7) THE SOUTHERN CAMPUS ARE LOCATED WILL BE <br /> INCLUDED IN THE DEFINITION OF"MORTGAGED PROPERTY"AND,CONSEQUENTLY,SUCH REAL PROPERTY <br /> AND ANY IMPROVEMENTS THEREON WILL BE SUBJECT TO THE LIEN CREATED BY THE MODIFIED DEED OF <br /> TRUST. See"THE PLAN OF FINANCE"herein. <br /> The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds <br /> executed and delivered under the Trust Agreement to be secured by the Modified Deed of Trust,provided <br /> that the total amount of present and future obligations secured thereby at any one time does not exceed <br /> $200,000,000 and such future obligations are incurred not later than 30 years from June 1,2018. <br /> The Modified Deed of Trust will be recorded in the office of the Register of Deeds of Orange <br /> County,North Carolina, and the liens created thereby will be insured by a title insurance policy. <br /> Release of Security. The Trustee is required, upon the County's direction and at any time, to <br /> execute and deliver all documents necessary to effect the release of all or a portion of the Mortgaged <br /> Property from the lien of the Modified Deed of Trust upon the County's compliance with the following <br /> requirements: <br /> (a) The County must file with the Trustee a certificate executed by a County <br /> Representative, (i) stating that(A) no Event of Default is continuing, (B)that the grant or <br /> release will not materially impair the intended use of the property remaining subject to <br /> the Modified Deed of Trust and (C) the release complies with the requirements of the <br /> Modified Deed of Trust, (ii) providing a copy of the proposed instrument of grant or <br /> release, including a complete legal description of the property to be released, (iii) <br /> providing a written application signed by a County Representative requesting such <br /> instrument be executed and delivered, and(iv)providing evidence of compliance with(b) <br /> or(c)below,and. <br /> (b) In the case of a proposed release of all the Mortgaged Property, the <br /> County must pay to the Trustee (or other fiduciary) an amount (i) which is sufficient to <br /> provide for the payment in full of all Outstanding Bonds in accordance with the Trust <br /> Agreement and(ii)which is required to be used for such payment. <br /> (c) In connection with the release of a portion (but less than all) of the <br /> Mortgaged Property, the County must provide evidence to the Trustee that the appraised, <br /> tax or insured value of that portion of the Mortgaged Property that is proposed to remain <br /> subject to the lien of the Modified Deed of Trust is not less than 50% of the aggregate <br /> principal component of the Bonds Outstanding at the time the release is effected. <br /> 9 <br />