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151 <br /> TRUST AGREEMENT <br /> Under the Trust Agreement, the County will grant to the Trustee for the benefit of the Owners of <br /> the Bonds a lien on and security interest in all moneys and securities from time to time held by the Trustee <br /> under the Trust Agreement. <br /> DEED OF TRUST <br /> General. In connection with the execution and delivery of the 2021 Bonds,the County will execute <br /> and deliver the Deed of Trust as security for its obligations under the Trust Agreement granting a lien of <br /> record on the Mortgaged Property. The Deed of Trust secures the 2021 Bonds and any Additional Bonds <br /> issued under the Trust Agreement. <br /> ONLY THE SITES ON WHICH (1) THE WHITTED BUILDING, (2) BLACKWOOD FARM PARK, (3) <br /> CULBRETH MIDDLE SCHOOL,AND(4)THE ORANGE COUNTY LIBRARY ARE LOCATED WILL BE INCLUDED <br /> IN THE DEFINITION OF"MORTGAGED PROPERTY"AND, CONSEQUENTLY, SUCH REAL PROPERTY AND ANY <br /> IMPROVEMENTS THEREON WILL BE SUBJECT TO THE LIEN CREATED BY THE DEED OF TRUST. See "THE <br /> PLAN OF FINANCE"herein. <br /> The Deed of Trust authorizes future obligations evidenced by Additional Bonds executed and <br /> delivered under the Trust Agreement to be secured by the Deed of Trust,provided that the total amount of <br /> present and future obligations secured thereby at any one time does not exceed$ and such future <br /> obligations are incurred not later than 30 years from June 1,2021. <br /> The Deed of Trust will be recorded in the office of the Register of Deeds of Orange County,North <br /> Carolina,and the liens created thereby will be insured by a title insurance policy. The title insurance policy <br /> is subject to certain exceptions described therein[, including a survey exception with respect to certain <br /> 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 Deed of Trust upon the County's compliance with the following 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 /> Deed of Trust and(C)the release complies with the requirements of the Deed of Trust,(ii) <br /> providing a copy of the proposed instrument of grant or release,including a complete legal <br /> description of the property to be released, (iii)providing a written application signed by a <br /> County Representative requesting such instrument be executed and delivered, and (iv) <br /> providing evidence of compliance with(b)or(c)below, 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 /> 7 <br />