Orange County NC Website
If a successor Trustee does not take office within 60 days after the retiring <br /> Trustee resigns or is removed, then the retiring Trustee, the County or the Majority <br /> Owners may petition any court for the appointment of a successor Trustee. <br /> Section 9.07. Successor Trustee by Merger. If the Trustee consolidates <br /> with, merges or converts into, or transfers all or substantially all its assets (or, in the <br /> case of a bank or trust company, its corporate trust assets) to another corporation, <br /> then the resulting, surviving or transferee corporation without any further act will <br /> be the successor Trustee. <br /> Section 9.08. Consent to Jurisdiction and Venue. The Trustee consents to <br /> jurisdiction in the State of North Carolina and venue in Orange County for any <br /> lawsuit arising from the Trust Agreement or the Bonds, or from the related <br /> transactions contemplated by the Trust Agreement or the Bonds. <br /> ARTICLE X <br /> DEFAULTS: REMEDIES <br /> Section 10.01. Events of Default. An "Event of Default" is any of the <br /> following: <br /> (a) Default in the payment of the principal of any Bond when the same <br /> becomes due and payable, whether at the stated maturity of the Bond or upon <br /> proceedings for mandatory (but not optional) redemption. <br /> (b) Default in the payment of any interest on any Bond when the same <br /> becomes due and payable. <br /> (c) The occurrence of an Event of Nonappropriation. <br /> (d) The County breaches or fails to perform or observe any term, condition <br /> or covenant of this Agreement, the Bonds or the Deed of Trust on its part to be <br /> observed or performed, other than as referred to in the preceding subsections, <br /> including payment of any Additional Payment, for a period of 90 days after written <br /> notice specifying the failure and requesting that it be remedied has been given to the <br /> County by any person or entity, unless the Trustee agrees in writing to an extension <br /> of the 90-day period prior to its expiration; provided, however, that if the failure <br /> stated in the notice cannot reasonably be corrected within the notice period and the <br /> 39 <br />