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OTHER-2021-021 Deed of Trust and Security Agreement
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OTHER-2021-021 Deed of Trust and Security Agreement
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Last modified
8/27/2021 2:54:09 PM
Creation date
8/27/2021 2:53:27 PM
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BOCC
Date
5/18/2021
Meeting Type
Business
Document Type
Others
Agenda Item
8-e
Document Relationships
Agenda - 05-18-2021; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various CIP Projects and To Refinance Existing County Obligations
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
Agenda for May 18, 2021 Board Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
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the basis of a 360-day year consisting of twelve 30-day months), is secured as an <br /> Obligation under this Deed of Trust. <br /> (b) If any suit or proceeding described in subsection (a) is adverse to the <br /> County, however, then the County has this liability for payment of fees and costs <br /> only if the Deed of Trust Trustee or BNY-M, as the case may be, is a prevailing party <br /> in the suit or proceeding. <br /> 2-3 Advances for Performance of County's Obligations. If the County <br /> fails to perform any of its obligations under the Documents, then the Deed of Trust <br /> Trustee and BNY-M are authorized, but not obligated, to perform the obligation or <br /> cause it to be performed. The County must repay any amounts paid for any such <br /> purpose. The County's repayment of all those amounts, together with interest at the <br /> annual rate of 4.00% (calculated on the basis of a 360-day year consisting of twelve <br /> 30-day months), is secured as an Obligation under this Deed of Trust. <br /> 3. The Deed of Trust Trustee <br /> 3-1 No Liability for Deed of Trust Trustee. The Deed of Trust <br /> Trustee will suffer no liability by his acceptance of this trust except as may be <br /> incurred because of any failure on his part to account for the proceeds of any sale <br /> under this Deed of Trust. <br /> 3-2 Resignation. The Deed of Trust Trustee may resign at any time by <br /> giving notice to the County and BNY-M as provided in Section 5-1. <br /> 3-3 Substitute Trustees. If any Deed of Trust Trustee dies, becomes <br /> incapable of acting or renounces the trust, or if for any reason BNY-M desires to <br /> replace any Deed of Trust Trustee, then BNY-M has the unqualified right to appoint <br /> one or more substitute or successor Deed of Trust Trustees by instruments filed for <br /> registration in the office of the Register of Deeds where this Deed of Trust is <br /> recorded. BNY-M may make any removal or appointment at any time without notice, <br /> without specifying any reason, and without any court approval. Any appointee <br /> becomes vested with title to the Mortgaged Property and with all rights, powers, <br /> and duties conferred upon the Deed of Trust Trustee by this Deed of Trust in the <br /> same manner and to the same effect as if that Deed of Trust Trustee had been <br /> named as the original Deed of Trust Trustee. <br /> 9 <br />
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