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79 <br /> Year, items for all Bond Payments and the reasonably estimated Additional Payments coming due in such <br /> Fiscal Year. Notwithstanding that the initial proposed budget includes an appropriation for Bond Payments <br /> and Additional Payments,the Board of Commissioners may determine not to include such an appropriation <br /> in the final County budget for such Fiscal Year;further,the Board of Commissioners may amend an adopted <br /> budget to reduce or delete an approved appropriation. If for any Fiscal Year the County adopts an annual <br /> budget that does not appropriate (for that purpose) an amount equal to the Bond Payments or estimated <br /> Additional Payments for that Fiscal Year,fails to adopt an annual budget that appropriates(for that purpose) <br /> an amount equal to the Bond Payments and estimated Additional Payments coming due during that Fiscal <br /> Year within 15 days after the beginning of any Fiscal Year, or amends the annual budget to reduce the <br /> amounts appropriated for Bond Payments and Additional Payments below the amounts expected to be <br /> required for the remainder of that Fiscal Year, then the County must provide notice of such event to the <br /> Trustee and the LGC and post such notice on the MSRB's EMMA system. An Event of Nonappropriation <br /> constitutes an Event of Default under the Trust Agreement, which entitles the Trustee to exercise its <br /> remedies under the Trust Agreement, including its rights to foreclose on the Mortgaged Property under the <br /> Modified Deed of Trust. <br /> IN CONNECTION WITH THE BOND PAYMENTS AND THE ADDITIONAL PAYMENTS, THE <br /> APPROPRIATION OF FUNDS THEREFOR IS WITHIN THE SOLE DISCRETION OF THE BOARD OF COMMISSIONERS <br /> OF THE COUNTY. <br /> TRUST AGREEMENT <br /> Under the Trust Agreement,the County has granted to the Trustee for the benefit of the Owners of <br /> the Bonds a lien on and security interest in all moneys and securities from time to time held by the Trustee <br /> under the Trust Agreement. <br /> DEED OF TRUST <br /> General. In connection with the execution and delivery of the Prior Bonds, the County executed <br /> and delivered the Existing Deed of Trust to provide security for its obligations under the Trust Agreement <br /> by granting a lien of record on the Mortgaged Property. In connection with the execution and delivery of <br /> the 2024 Bonds,the County will execute and deliver the Second Deed of Trust Supplement to provide that <br /> the Modified Deed of Trust secures the Prior Bonds, the 2024 Bonds and any Additional Bonds issued <br /> under the Trust Agreement. <br /> ONLY THE SITES ON WHICH (1) THE WHITTED BUILDING, (2) BLACKWOOD FARM PARK, (3) <br /> CULBRETH MIDDLE SCHOOL, (4) THE ORANGE COUNTY LIBRARY, (5) ORANGE MIDDLE SCHOOL, (6) <br /> HILLSBOROUGH ELEMENTARY SCHOOL, (7) NEW HOPE ELEMENTARY SCHOOL, (8) PATHWAYS <br /> ELEMENTARY SCHOOL, (9) ORANGE HIGH SCHOOL, AND (10) EPHESUS ELEMENTARY SCHOOL ARE <br /> LOCATED WILL BE INCLUDED IN THE DEFINITION OF "MORTGAGED PROPERTY" AND, CONSEQUENTLY, <br /> SUCH REAL PROPERTY AND ANY IMPROVEMENTS THEREON WILL BE SUBJECT TO THE LIEN CREATED BY THE <br /> MODIFIED DEED OF TRUST. See"THE PLAN OF FINANCE"herein. <br /> The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds executed <br /> and delivered under the Trust Agreement to be secured by the Modified Deed of Trust, provided that the <br /> total amount of present and future obligations secured thereby at any one time does not exceed <br /> $200,000,000 and such future obligations are incurred not later than 30 years from June 1,2021. <br /> The Modified Deed of Trust will be recorded in the office of the Register of Deeds of Orange <br /> County,North Carolina and the liens created thereby with respect to a portion of the Mortgaged Property <br /> will be insured by a title insurance policy. The title insurance policy only insures the County's title to the <br /> 7 <br />