Orange County NC Website
Browse       Search
12 <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 /> void and will be canceled of record at the County's request and cost, and title will <br /> revest as provided by law; <br /> BUT IF, HOWEVER, THERE OCCURS AN EVENT OF DEFAULT UNDER THE <br /> LOAN DOCUMENTS, then BNY-M will have the remedies provided for in this <br /> Modified Deed of Trust, including directing the Deed of Trust Trustee to sell the <br /> Mortgaged Property under power of sale. <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 2020 <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 /> 4 <br />