Orange County NC Website
Browse       Search
The School Board has agreed to subordinate its leasehold interest to the 2021 Deed of <br /> Trust. <br /> NOW THEREFORE, for and in consideration of the mutual promises contained in <br /> this Lease, the parties agree as follows: <br /> 1. Definition. The term "Modified Lease" means the Original Lease as <br /> modified by this Modification. All other capitalized terms used in this Modification and not <br /> otherwise defined have the meanings ascribed in the Original Lease. <br /> 2. Change to Lease Term. Section 4.2(c) of the Original Lease is hereby <br /> amended to read as follows, in order to extend the expected Lease Term. The expected end <br /> of the lease term under the Original Lease was 30 days after February 1, 2029. <br /> 4.2. Termination. The Lease Term terminates upon the earliest of the <br /> following: <br /> (a) Judicial sale of or foreclosure on the Leased Property under the <br /> 2021 Deed of Trust; <br /> (b) The occurrence of an Event of Default under the 2021 Trust <br /> Agreement or the Modified Lease and subsequent termination by the County <br /> pursuant to Section 11.1 of the Original Lease; or <br /> (c) The date that is 30 days after December 1, 2041, which is the <br /> scheduled date for the County's final payment on the 2021 Trust Agreement, <br /> except that the Lease Term ends immediately upon the termination of the 2021 <br /> Trust Agreement if the 2021 Trust Agreement is terminated following an event <br /> of default by the County under the 2021 Trust Agreement. <br /> Termination of the Lease Term terminates all the County's obligations under the <br /> Modified Lease, and terminates the School Board's rights of possession under <br /> the Modified Lease; but all other provisions of this Lease, including the receipt <br /> and disbursement of funds, shall continue until the Trust Agreement is <br /> discharged as provided therein. <br /> 3. Priority of 2021 Deed of Trust. Notwithstanding anything in the <br /> Modified Lease to the contrary, the School Board's rights to possession of the Leased <br /> Property and all its other rights under the Modified Lease are subordinate to the <br /> rights of the beneficiary under the 2021 Deed of Trust. Any judicial sale of, or <br /> foreclosure on, the Leased Property pursuant to the 2021 Deed of Trust terminates all <br /> the School Board's rights under the Modified Lease. <br /> 2 <br />