Orange County NC Website
151 <br /> upon the termination of the 2024 Trust Agreement if the 2024 Trust <br /> Agreement is terminated following an event of default by the County under the <br /> 2024 Trust Agreement. <br /> The"2024 Trust Agreement"means the Second Supplemental Trust Agreement <br /> dated as of June 1, 2024, between the County and a corporate trustee. <br /> Termination of the Lease Term terminates all the County's obligations under <br /> the Modified Lease, and terminates the School Board's rights of possession <br /> under the Modified Lease; but all other provisions of the Modified Lease, <br /> including the receipt and disbursement of funds, shall continue until the 2024 <br /> Trust Agreement is discharged as provided therein. <br /> 3. Priority of 2024 Deed of Trust. Notwithstanding anything in the Modified <br /> Lease to the contrary, the School Board's rights to possession of the Leased Property and <br /> all its other rights under the Modified Lease are subordinate to the rights of the <br /> beneficiary under the 2024 Deed of Trust. Any judicial sale of, or foreclosure on, the <br /> Leased Property pursuant to the 2024 Deed of Trust terminates all the School Board's <br /> rights under the Modified Lease. <br /> 4. Confirmation of Remaining Lease Terms. Except as provided by this <br /> Agreement, the parties ratify, approve and confirm the terms of the Original Lease. <br /> [The remainder of this page has been left intentionally blank.] <br /> 3 <br />