Orange County NC Website
Browse       Search
61 <br /> ONLY THE SITES ON WHICH (1) THE GOVERNMENT SERVICES ANNEX, (2) THE EMERGENCY <br /> OPERATIONS CENTER,(3)THE LINK CENTER(4)THE DISTRICT ATTORNEY'S BUILDING,(5)THE NORTHERN <br /> CAMPUS, AND (6) THE SOUTHERN CAMPUS ARE LOCATED WILL BE INCLUDED IN THE DEFINITION OF <br /> "MORTGAGED PROPERTY" AND, CONSEQUENTLY, SUCH REAL PROPERTY AND ANY IMPROVEMENTS <br /> THEREON WILL BE SUBJECT TO THE LIEN CREATED BY THE MODIFIED DEED OF TRUST. See "THE PLAN <br /> OF FINANCE"herein. <br /> The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds executed <br /> and delivered under the Trust Agreement to be secured by the Modified Deed of Trust, provided that the <br /> 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. The title <br /> insurance policy is subject to certain exceptions described therein,including a survey exception with respect <br /> to certain portions of the Mortgaged Property. <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 the <br /> Modified Deed of Trust and(C)the release complies with the requirements of the Modified <br /> Deed of Trust, (ii) providing a copy of the proposed instrument of grant or release, <br /> including a complete legal description of the property to be released, (iii) providing a <br /> written application signed by a County Representative requesting such instrument be <br /> executed and delivered, and (iv)providing evidence of compliance with (b) or(c) below, <br /> and. <br /> (b) In the case of a proposed release of all the Mortgaged Property,the County <br /> must pay to the Trustee(or other fiduciary)an amount(i)which is sufficient to provide for <br /> the payment in full of all Outstanding Bonds in accordance with the Trust Agreement and <br /> (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 /> In addition to the provisions for release described above, the County may from time to time grant <br /> easements, licenses, rights-of-way and other similar rights with respect to any part of the Mortgaged <br /> Property, and the County may release such interests, with or without consideration, and the County may <br /> dispose of any undesirable or unnecessary Fixture, so long as such grant or disposition does not materially <br /> impair the intended use of the Mortgaged Property. <br /> See"THE DEED OF TRUST—Restriction on Transfers; Releases; Grants of Easements"in <br /> Appendix C hereto. <br /> 7 <br />