Orange County NC Website
9872 - 75 - 5904 New Hope Elementary - 1900 New Hope Church Road, Chapel Hill <br /> 9865 - 99 - 3002 Pathways Elementary - 431 Strouds Creek Road, Hillsborough <br /> 987542 - 5819 Orange High School - 500 Orange High School Road , Hillsborough <br /> Modifies Book 6818 , Page 1070 <br /> THIS LEASE MODIFICATION is dated as of June 1 , 2024, and is entered into by <br /> and between ORANGE COUNTY, NORTH CAROLINA, as lessor (the " County " ) , and <br /> THE ORANGE COUNTY BOARD OF EDUCATION, as lessee (the " School Board " ) . <br /> This Modification modifies and amends the Lease dated as of June 13 , 2023 , and <br /> recorded at Book 6818 , Page 1070 , Orange County Registry (the " Original Lease " ) . The <br /> County is the record owner of the property subject to the Original Lease and this <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 /> 2 <br />