Orange County NC Website
(B) by means of an adequate self-insurance fund or risk-retention program, or by <br /> participation in a group risk pool or similar program. <br /> (iii) If the County obtains blanket or umbrella coverage, the County must <br /> provide to the Trustee, upon the Trustee's request, a certificate or certificates of the <br /> respective insurers evidencing the coverage and, with respect to property <br /> insurance, stating the amount of coverage provided with respect to the Pledged <br /> Facilities (or any covered portion thereof). The County must provide to the Trustee <br /> such evidence as to the sufficiency of any such alternative program as the Trustee <br /> may reasonably request. <br /> (c) Before the County adjusts or settles any property damage loss greater <br /> than $1,000,000 with respect to the Pledged Facilities, whether or not covered by <br /> insurance, the County must first notify the Trustee of the planned adjustment or <br /> settlement and the County's planned use of insurance proceeds. <br /> (d) The Trustee is not responsible for the sufficiency or adequacy of any <br /> required insurance. The Trustee shall have no liability in accepting payment on <br /> account of any insurance or with respect to any adjustment, compromise or <br /> settlement of any loss agreed to by the County. <br /> Section 5.12. Right of Entry and Inspection. The Trustee and its <br /> representatives and agents have the right to enter upon the Pledged Sites and <br /> inspect the Pledged Facilities at any time while any Bonds are Outstanding. <br /> No right of inspection or approval granted in this Section imposes upon any <br /> party any duty or obligation whatsoever to undertake any inspection or to make any <br /> approval. No inspection or approval by any party imposes upon any party any duty <br /> or obligation whatsoever to identify or correct any defects in the Pledged Facilities <br /> or to notify any person with respect thereto. No inspection constitutes a warranty <br /> (either express or implied) by the Trustee as to the quality or fitness of any <br /> improvement. Any such inspection is solely for the benefit of the Trustee and the <br /> Bondholders, and not for the County's benefit. <br /> Section 5.13. Title. Title to the Pledged Sites and the Pledged Facilities <br /> and all additions, repairs, replacements or modifications thereto will always be in <br /> the County, subject to the lien of the Deed of Trust and to the other Permitted <br /> Encumbrances. <br /> 21 <br />