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80 <br /> sites of(1)the Whitted Building,(2)Blackwood Farm Park,(3)Culbreth Middle School and(4)the Orange <br /> County Library. The other properties comprising the Mortgaged Property are not covered by the title <br /> insurance policy. The title insurance policy is subject to certain exceptions described therein, including a <br /> survey exception with respect to the Mortgaged Property. <br /> Release of Security. The Trustee is required, upon the County's direction and at any time, to <br /> execute and deliver all documents necessary to effect the release of all or a portion of the Mortgaged <br /> Property from the lien of the Modified Deed of Trust upon the County's compliance with the following <br /> requirements: <br /> (a) The County must file with the Trustee a certificate executed by a County <br /> Representative, (i) stating that(A)no Event of Default is continuing, (B)that the grant or <br /> release will not materially impair the intended use of the property remaining subject to the <br /> Modified Deed of Trust and(C)the release complies with the requirements of the Modified <br /> Deed of Trust, (ii) providing a copy of the proposed instrument of grant or release, <br /> including a complete legal description of the property to be released, (iii) providing a <br /> written application signed by a County Representative requesting such instrument be <br /> executed and delivered, and (iv)providing evidence of compliance with (b) or(c)below, <br /> and. <br /> (b) In the case of a proposed release of all the Mortgaged Property,the County <br /> must pay to the Trustee(or other fiduciary)an amount(i)which is sufficient to provide for <br /> the payment in full of all Outstanding Bonds in accordance with the Trust Agreement and <br /> (ii)which is required to be used for such payment. <br /> (c) In connection with the release of a portion (but less than all) of the <br /> Mortgaged Property, the County must provide evidence to the Trustee that the appraised, <br /> tax or insured value of that portion of the Mortgaged Property that is proposed to remain <br /> subject to the lien of the Modified Deed of Trust is not less than 50% of the aggregate <br /> principal component of the Bonds Outstanding at the time the release is effected. <br /> In addition to the provisions for release described above,the County may from time to time grant <br /> easements, licenses, rights-of-way and other similar rights with respect to any part of the Mortgaged <br /> Property, and the County may release such interests, with or without consideration, and the County may <br /> dispose of any undesirable or unnecessary Fixture, so long as such grant or disposition does not materially <br /> impair the intended use of the Mortgaged Property. <br /> See"THE DEED OF TRUST—No Transfers; Provision for Releases,Grants of Easements" <br /> in Appendix C hereto. <br /> ENFORCEABILITY <br /> The enforceability of the parties' obligations under the Trust Agreement and the Modified Deed of <br /> Trust are subject to bankruptcy, insolvency, reorganization and other laws related to or affecting the <br /> enforcement of creditors' rights generally and, to the extent that certain remedies under such instruments <br /> require or may require enforcement by a court,to such principles of equity as the court having jurisdiction <br /> may impose. <br /> NOTWITHSTANDING ANYTHING THEREIN TO THE CONTRARY,THE DELIVERY OF THE 2024 BONDS <br /> SHALL NOT BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE <br /> COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT LIMITATION. IN ADDITION,NEITHER THE <br /> 8 <br />