Orange County NC Website
10 <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 2023 Agreement of [$14,500,000] , as well as (a) total outstanding <br /> advances with respect to the Prior Bonds of approximately $21,265,000, and (b) <br /> potential future advances up to a total maximum principal amount outstanding at any <br /> one time of$200,000,000, all as described and pursuant to the Existing Deed of Trust. <br /> The time during which such future advances may be made is 30 years from June 1, <br /> 2021. The current scheduled date for final repayment of amounts secured under the <br /> Modified Deed of Trust is February 1, 2043. <br /> NOW, THEREFORE, <br /> (1) in consideration of the execution and delivery of the 2023 Bonds and <br /> the 2023 Agreement and other good and valuable consideration, the receipt and <br /> sufficiency of which the County acknowledges, <br /> (2) to secure the County's performance of all its covenants under this <br /> Supplement, the Existing Deed of Trust, the 2023 Agreement, the 2021 Agreement, <br /> the 2023 Bonds and the Prior Bonds (together, the "Loan Documents"), and <br /> (3) to charge the Mortgaged Property with that payment and performance, <br /> the County sells, grants and conveys to the Deed of Trust Trustee, her successors <br /> and assigns forever, in trust, with power of sale, the "Mortgaged Property," which is <br /> now defined as the following: <br /> (a) The "Mortgaged Property" as defined in the Existing Deed of Trust; <br /> along with <br /> (b) The property described as Tracts on Exhibit A and any real <br /> property later acquired by the County in exchange for, or in consideration of the <br /> exchange of, or with the proceeds from any disposition of, all or any part of any <br /> property described in this paragraph, and in all cases together with all easements, <br /> rights, rights-of-way and appurtenances belonging to any of that property <br /> (collectively, the "Added Property"); and <br /> 3 <br />