Orange County NC Website
Browse       Search
11 <br /> (c) all buildings and other improvements and fixtures now or later <br /> attached to or used in or on that the Added Property or any of its improvements, <br /> including (i) all renewals, replacements, and additions, (ii) all articles in substitution, <br /> (iii) all building materials for construction, improvement, modification or repair of <br /> improvements upon their delivery to the Added Property, and (iv) all proceeds of all <br /> the foregoing in whatever form resulting from the loss or disposition of the foregoing, <br /> including all proceeds of and unearned premiums for any insurance policies covering <br /> the Added Property and the improvements, proceeds of title insurance and payments <br /> related to the exercise of condemnation or eminent domain authority, and all <br /> judgments or settlements in lieu of any of the foregoing; <br /> all of which together now constitutes the "Mortgaged Property" for the purposes of the <br /> Modified Deed of Trust. <br /> TO HAVE AND TO HOLD the Mortgaged Property with all privileges and <br /> appurtenances belonging thereunto, to the Deed of Trust Trustee, her successors <br /> and assigns forever, upon the trusts, terms and conditions and for the purposes set <br /> out below, in fee simple in trust; <br /> SUBJECT, HOWEVER, to the encumbrances described in Exhibit B; <br /> BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: if the <br /> County pays its "Obligations," as defined in Section 1-1 below, in full and in <br /> accordance with the Loan Documents, and the County complies with all the terms, <br /> covenants and conditions of the Loan Documents, this conveyance will be null and <br /> void and will be canceled of record at the County's request and cost, and title will <br /> revest as provided by law; <br /> BUT IF, HOWEVER, THERE OCCURS AN EVENT OF DEFAULT UNDER THE <br /> LOAN DOCUMENTS, then BNY-M will have the remedies provided for in this <br /> Modified Deed of Trust, including directing the Deed of Trust Trustee to sell the <br /> Mortgaged Property under power of sale. <br /> The County covenants with the Deed of Trust Trustee and BNY-M that the <br /> County is seized of and has the right to convey the Mortgaged Property in fee simple, <br /> that the Mortgaged Property is free and clear of all liens and encumbrances other <br /> than Permitted Encumbrances, as defined in the 2021 Agreement and the 2023 <br /> 4 <br />