Orange County NC Website
Browse       Search
21 <br /> Fixtures acquired by real property law. The Fixtures are located on the land <br /> described on Exhibit B, and the County is the record owner of that land. Section S-1 <br /> sets forth the name and address of the County, as debtor, and BNY-M and the Deed <br /> of Trust Trustee, as secured parties. The County agrees to execute, deliver and file, <br /> or cause to be filed, in such place or places as may be requested by BNY-M or the <br /> Deed of Trust Trustee, any additional financing statements (including any <br /> continuation statements) in whatever form any party may reasonably request to <br /> evidence the security interest provided for in this Section. <br /> 1-5 County's Obligation Limited. Notwithstanding any other provision <br /> of this Deed of Trust, the parties intend that this transaction will comply with North <br /> Carolina General Statutes Section 160A-20. No deficiency judgment may be entered <br /> against the County in violation of Section 160A-20. <br /> No provision of this Deed of Trust is to be construed or interpreted as <br /> creating a pledge of the County's faith and credit within the meaning of any <br /> constitutional debt limitation. No provision of this Deed of Trust should be <br /> construed or interpreted as an illegal delegation of governmental powers, nor as an <br /> improper donation or lending of the County's credit within the meaning of the North <br /> Carolina constitution. The County's taxing power is not and may not be pledged, <br /> directly or indirectly contingently, to secure any moneys due under this Deed of <br /> Trust. <br /> No provision of this Deed of Trust restricts the County's future issuance of <br /> any of its bonds or other obligations payable from any class or source of the <br /> County's moneys, except to the extent the "Documents," as defined in Section 1-2, <br /> restrict the incurrence of additional obligations secured by the Mortgaged Property. <br /> Nothing in this Section is intended to impair or prohibit foreclosure on this <br /> Deed of Trust if the Obligations are not paid when due or otherwise upon the <br /> occurrence of an Event of Default under this Deed of Trust or the Trust Agreement. <br /> To the extent of any conflict between this Section and any other provision of <br /> this Deed of Trust, this Section takes priority. <br /> 6 <br />