Orange County NC Website
Browse       Search
150 <br /> Modification. This Modification affects all and only the property subject to the Original <br /> Lease. <br /> Introduction <br /> The County and the School Board have previously agreed to cooperate in a plan to <br /> finance, construct and equip improvements to various schools administered by the School <br /> Board, including the schools referenced above.The parties entered into the Original Lease <br /> to facilitate the County's financing improvements to the schools. The County has asked <br /> the School Board to modify the Original Lease to extend its term,to facilitate an additional <br /> financing transaction contemplated by the County. <br /> In connection with its financing,the County is entering into a Second Supplemental <br /> Trust Agreement dated as of June 1, 2024 (the "2024 Trust Agreement"). The County is <br /> similarly entering into a Deed of Trust Modification #2, also dated as of June 1, 2024 (the <br /> "Deed of Trust"), to secure the County's repayment obligations under the 2024 Trust <br /> Agreement. The School Board has agreed to subordinate its leasehold interest to the 2024 <br /> Deed of Trust, just as the School Board subordinated its interest to the deed of trust <br /> delivered by the County in connection with the originally referenced financing. <br /> NOW THEREFORE, for and in consideration of the Mutual promises contained in <br /> this Lease. the parties agree as follows: <br /> 1. Definition. The term "Modified Lease" means the Original Lease as modified <br /> by this Modification. All other capitalized terms used in this Modification and not <br /> otherwise defined have the meanings ascribed in the Original Lease. <br /> 2. Change to Lease Term. Section 3.2(c) of the Original Lease is hereby <br /> amended to read as follows, in order to extend the expected Lease Term. <br /> 3.2. Termination. <br /> [subparagraphs (a) and (b) intentionally omitted] <br /> (c) The date that is 30 days after October 1, 2044, which is the <br /> scheduled date for the County's final payment under the "2024 Trust <br /> Agreement," as defined below, except that the Lease Term ends immediately <br /> 2 <br />