Orange County NC Website
155 <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 from the text of <br /> this Modification, but they are not modified.] <br /> (c) The date that is 30 days after October 1, 2045, which is the <br /> scheduled date for the County's final payment under the "2025 Trust <br /> Agreement," as defined below, except that the Lease Term ends immediately <br /> upon the termination of the 2025 Trust Agreement if the 2025 Trust <br /> Agreement is terminated following an event of default by the County under the <br /> 2025 Trust Agreement. <br /> The "2025 Trust Agreement" means the Third Supplemental Trust Agreement <br /> dated as of June 1, 2025, 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 2025 <br /> Trust Agreement is discharged as provided therein. <br /> 3. Priority of Deed of Trust. Notwithstanding anything in the Modified Lease <br /> to the contrary, the School Board's rights to possession of the Leased Property and all its <br /> other rights under the Modified Lease are subordinate to the rights of the beneficiary <br /> under the Deed of Trust, specifically including the 2025 Deed of Trust.Any judicial sale of, <br /> or foreclosure on, the Leased Property pursuant to the Deed of Trust terminates all the <br /> School Board's 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 />