Orange County NC Website
1 . Definitions . <br /> (a) The term " Modified Lease " means the Original Lease as modified by this <br /> Modification . <br /> ( b ) The term " Deed of Trust" means the 2024 Deed of Trust, together with the <br /> Deed of Trust and Security Agreement granted by the County dated as of June <br /> 1 , 2021 , and recorded at RB 6730 , Page 209 , Orange County Registry, as <br /> supplemented by the instrument recorded at RB 6818 , Page 817 , Orange <br /> County Registry. <br /> All other capitalized terms used in this Modification and not otherwise defined <br /> 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 /> 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 TrustAgreement <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 <br />