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65 <br /> DistrictAttorney's Building.The District Attorney's Building is located at 144 East Margaret Lane <br /> in Hillsborough,North Carolina. The County used a portion of the proceeds of the 2019A Bonds to finance <br /> certain repairs to the District Attorney's Building to remediate water intrusion. The County estimates the <br /> value of this building(not including equipment,which is generally not part of the Mortgaged Property) at <br /> approximately$1.1 million. <br /> The Government Services Center, the Link Center and the District Attorney's Building are all <br /> located on a single 9.2-acre parcel that has a listed tax value of$690,000. <br /> Southern Campus. The County's Southern Campus is located at 2551 Homestead Road in Chapel <br /> Hill, North Carolina. The Southern Campus is the site of the County's Seymour Senior Center and the <br /> Southern Human Services Center. The County is using a portion of the proceeds of the 2019B Bonds to <br /> construct and equip additional parking spaces and improvements to the driveway and access road into the <br /> Southern Campus and to construct and equip an expansion to the Seymour Senior Center,which expansion <br /> will include additional programming space. The insured value of the buildings located on the Southern <br /> Campus(not including equipment,which is generally not part of the Mortgaged Property)is approximately <br /> $7.9 million. The real estate on which the Southern Campus sits has a tax value, according to County tax <br /> records,of approximately$6.1 million. Together with the improvements and expansions financed with the <br /> 2019B Bonds, the County estimates the total value of the Southern Campus to be approximately $19.7 <br /> million. The County has leased an approximately 3-acre portion of the Southern Campus site and certain <br /> improvements located thereon to a nonprofit corporation to be used to provide short-term housing for <br /> homeless families and individuals. The nonprofit has mortgaged its leasehold interest in the property under <br /> two deeds of trust and has agreed to certain restrictive covenants related to the use of the property in <br /> connection with one such mortgage. If there were to be a foreclosure on the Southern Campus, the <br /> purchaser in such foreclosure would take title to the property subject to such lease and leasehold deeds of <br /> trust. The lease and the restrictive covenants are currently scheduled to expire on July 1,2020,but may be <br /> extended. <br /> Northern Campus Site. The County acquired approximately 19 acres of land off U.S. Highway 70 <br /> in the northern section of the County in April 2018 to be the site of a new "Northern Campus" for the <br /> County. There are no structures currently on this property. The County intends to use a portion of the <br /> proceeds of the 2020 Bonds to build several buildings on this site,including a new 144-bed detention center, <br /> an agricultural and environmental center, and a parks and recreation administration building. The County <br /> financed site preparation related to such planned buildings with the proceeds of the 2019B Bonds. Such <br /> buildings will become part of the collateral for the Bonds. The County paid approximately $394,500 for <br /> this property, and after providing for the rezoning of the property from an agricultural-residential <br /> classification to an institutional classification(to allow for the construction of the detention center and other <br /> buildings), the County estimates the current value of this property to be approximately $1.2 million. The <br /> County commissioned an independent environmental evaluation of the Northern Campus before <br /> completing the acquisition, and this evaluation called for no additional environmental action to be <br /> undertaken by the County prior to construction. <br /> NO OTHER FACILITY OR IMPROVEMENT FINANCED WITH THE 2020 BONDS <br /> WILL BE INCLUDED AS PART OF THE MORTGAGED PROPERTY. <br /> The Trust Agreement and the Modified Deed of Trust generally allow the County to direct the <br /> release of any portion of the Mortgaged Property, in the County's discretion, so long as the taxable, <br /> appraised or insured value of the property remaining subject to the lien of the Modified Deed of Trust <br /> following such release is at least equal to 50% of the principal amount of the Outstanding Bonds. See <br /> "THE DEED OF TRUST—No Transfers; Releases; Grants of Easements"in Appendix C hereto. <br /> 11 <br />