Orange County NC Website
urx u r uu r v i IV i AC4 - 0 V U I G i vu <br /> 2018 Agreement as supplemented, the " Prior Agreement" ) . Under the Prior <br /> Agreement, the County has issued its $ 7, 510 , 000 Limited Obligation Bonds , Series <br /> 2018 ) its $ 14 , 135 , 000 Limited Obligation Bonds , Series 2019A, its $ 29 , 745 , 000 <br /> Limited Obligation Bonds , Series 2019B , and its $ 40 , 731 , 000 Limited Obligation <br /> Bond , Series 2020 to ether, the " Prior Bonds " ) . The County secured its repayment <br /> obligation with respect to the Prior Bonds by granting a security interest in certain <br /> Mortgaged Property, as defined in the Existing Deed of Trust ( as defined below) . <br /> The parties have now agreed that the Mortgaged Property will also secure the <br /> County' s repayment obligations with respect to the 2022 Bonds as provided in the <br /> 2022 Agreement. The parties have further agreed that the Mortgaged Property will <br /> " Tract 6 " on Exhibit A, and all improvements <br /> include the real property described as <br /> to that property, as further described below. <br /> Accordingly, this Supplement supplements the Deed of Trust and <br /> Security .Agreement granted by the County for the benefit of BNY- M dated as of <br /> June 1 , 2018 (the " 2018 Deed of Trust") and recorded at RB 6486 , Page 413 , Orange <br /> County Registry, which has been previously supplemented by instruments recorded <br /> at RB 6613 , Page 17, RB 6633 , Page 1121 , and RB 6657 , Page 704 , Orange County <br /> Registry (those instruments, together with the 2018 Deed of Trust, are referred to <br /> as the " Existing Deed of Trust" in this Supplement) . The Existing Deed of Trust, as <br /> modified by this Supplement, is referred to as the " Modified Deed of Trust" in this <br /> Supplement . <br /> The Mortgaged Property includes the real property described in Exhibit A . <br /> The County is the record owner of that real property. <br /> The County executes and delivers this Supplement to secure current advances <br /> under the 2022 Agreement of $ 41 , 535 , 000 , as well as (a) total outstanding advances <br /> with respect to the Prior Bonds of approximately $ 76 , 837 , 000 , and (b ) potential <br /> future advances up to a total maximum principal amount outstanding at any one time <br /> of $ 200 , 000 , 000 , all as described and pursuant to the Existing Deed of Trust. The time <br /> during which such future advances may be made is 30 years from June 1 , 2018 . The <br /> current scheduled date for final repayment of amounts secured under the Modified <br /> Deed of Trust is February 1 , 2043 . <br /> 3 <br />