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152 <br /> subject to the lien of the Deed of Trust is not less than 50% of the aggregate principal <br /> 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 /> ENFORCEABILITY <br /> The enforceability of the parties' obligations under the Trust Agreement and the Deed of Trust are <br /> subject to bankruptcy, insolvency,reorganization and other laws related to or affecting the enforcement of <br /> creditors' rights generally and, to the extent that certain remedies under such instruments require or may <br /> require enforcement by a court,to such principles of equity as the court having jurisdiction may impose. <br /> NOTWITHSTANDING ANYTHING THEREIN TO THE CONTRARY,THE DELIVERY OF THE 2021 BONDS <br /> SHALL NOT BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE <br /> COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT LIMITATION. IN ADDITION,NEITHER THE <br /> 2021 BONDS NOR THE TRUST AGREEMENT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATES THE <br /> COUNTY TO MAKE ANY PAYMENTS BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE BOARD <br /> OF COMMISSIONERS FOR ANY FISCAL YEAR IN WHICH THE 2021 BONDS ARE OUTSTANDING. IF THE <br /> COUNTY FAILS TO MAKE PAYMENTS OF PRINCIPAL OF OR INTEREST ON THE BONDS, THE TRUSTEE MAY <br /> DECLARE THE ENTIRE UNPAID PRINCIPAL OF THE BONDS TO BE IMMEDIATELY DUE AND PAYABLE AND <br /> DIRECT THE DEED OF TRUST TRUSTEE TO INSTITUTE FORECLOSURE PROCEEDINGS UNDER THE DEED OF <br /> TRUST AND PROCEED IN ACCORDANCE WITH LAW TO ATTEMPT TO DISPOSE OF THE MORTGAGED PROPERTY <br /> AND APPLY THE PROCEEDS OF SUCH DISPOSITION TOWARD ANY BALANCE,OWING BY THE COUNTY ON THE <br /> BONDS.NO ASSURANCE CAN BE GIVEN THAT SUCH PROCEEDS WILL BE SUFFICIENT TO PAY ALL PRINCIPAL <br /> OF AND INTEREST ON THE BONDS.IN ADDITION,SECTION 160A-20(f)OF THE NORTH CAROLINA GENERAL <br /> STATUTES PROVIDES THAT NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE COUNTY FOR <br /> BREACH OF ANY CONTRACTUAL OBLIGATION AUTHORIZED UNDER SECTION 160A-20 AND THAT THE <br /> TAXING POWER OF THE COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE <br /> ANY MONEYS DUE FROM THE COUNTY. See "THE TRUST AGREEMENT—Defaults and Remedies <br /> under the Trust Agreement-Acceleration"and"—Other Remedies"and"THE DEED OF TRUST— <br /> Defaults and Remedies; Foreclosure" in Appendix C hereto and the caption "CERTAIN RISKS OF <br /> 2021 BOND OWNERS"herein. <br /> ADDITIONAL BONDS <br /> Under the conditions described in the Trust Agreement, without the approval or consent of the <br /> Owners of the then Outstanding 2021 Bonds, Additional Bonds may be delivered and secured on parity <br /> with the 2021 Bonds to provide funds (a)to expand or improve the Pledged Facilities, (b)to construct <br /> further improvements to the Pledged Sites, (c)to refund any Outstanding Bonds,(d)to pay financing costs <br /> or establish reserves in connection with the issuance of Additional Bonds, (e) for any other purpose that <br /> may be allowed by law from time to time, including the acquisition and construction of additional public <br /> facilities,whether or not those facilities are related to the Pledged Facilities or the Pledged Sites, or(f) for <br /> any combination of such purposes. See"THE TRUST AGREEMENT—Additional Bonds"in Appendix <br /> C hereto. <br /> 8 <br />