Orange County NC Website
If the County redeems a portion of this Bond, the County will prepare, and the <br /> Trustee will deliver, a new Bond in principal amount equal to the unpaid portion to <br /> the registered owner upon the surrender of this Bond . All amounts prepaid will be <br /> applied first to any prepayment premium due for the Bond on that prepayment date , <br /> then to interest accrued to the prepayment date, and then to principal in inverse <br /> order of the maturity dates . No partial prepayment postpones the due dates of, or <br /> relieves the amounts of, any scheduled installment payments otherwise due . <br /> The Trustee will send redemption notice to the Bondholder, at its address as <br /> it appears on the register kept by the Trustee as provided in the Trust Agreement, <br /> not more than 60 nor less than 30 days prior to the redemption date , <br /> If on or before the date fixed for redemption funds have been deposited with <br /> the Trustee to pay the principal and interest accrued to the redemption date with <br /> respect to this Bond , this Bond or portion called for redemption will cease to accrue <br /> interest from and after the redemption date, will no longer be entitled to the <br /> ided by the Trust Agreement, and will not be deemed to be <br /> benefits prov <br /> Outstanding under the Trust Agreement . <br /> The Owner of this Bond has no right to enforce the provisions of the Trust <br /> Agreement or to institute action to enforce the covenants therein, or to take any <br /> action with respect to any event of default thereunder, or to institute, appear in or <br /> defend any suit or other proceeding with respect thereto , except as provided in the <br /> Trust Agreement. Changes to or supplements of the Trust Agreement may be made <br /> to the extent and in the circumstances permitted by the Trust Agreement. <br /> Ownership of this Bond will be registered on the Bond Register (as defined in <br /> the Trust Agreement) kept for that purpose by the Trustee , which will act as Bond <br /> registrar . This Bond may be exchanged, and its transfer may be effected, only by its <br /> Owner in person or by attorney duly authorized in writing at the designated office of <br /> the Trustee, but only in the manner, subject to the limitations and upon payment of <br /> the charges provided in the Trust Agreement, and upon surrender and cancellation <br /> of this Bond . Upon exchange or registration of such transfer a new registered Bond <br /> of the same maturity and interest rate for the same aggregate principal amount will <br /> be issued in exchange therefor . <br /> 30 <br />