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required for the remainder of that Fiscal Year, then the County must provide notice of such event to the <br /> Trustee and the LGC and post such notice on the MSRB ' s EMMA system . An Event of Nonappropriation <br /> constitutes an Event of Default under the Trust Agreement, which entitles the Trustee to exercise its <br /> remedies under the Trust Agreement, including its rights to foreclose on the Mortgaged Property under the <br /> Modified Deed of Trust . <br /> IN CONNECTION WITH THE BOND PAYMENTS AND THE ADDITIONAL PAYMENTS , THE <br /> APPROPRIATION OF FUNDS THEREFOR IS WITHIN THE SOLE DISCRETION OF THE BOARD OF COMMISSIONERS <br /> OF THE COUNTY . <br /> TRUST AGREEMENT <br /> Under the Trust Agreement, the County has granted to the Trustee for the benefit of the Owners of <br /> the Bonds a lien on and security interest in all moneys and securities from time to time held by the Trustee <br /> under the Trust Agreement. <br /> DEED OF TRUST <br /> General. In connection with the execution and delivery of the Prior Bonds, the County executed <br /> and delivered the Existing Deed of Trust to provide security for its obligations under the Trust Agreement <br /> by granting a lien of record on the Mortgaged Property . In connection with the execution and delivery of <br /> the 2025 Bonds , the County will execute and deliver the Third Deed of Trust Supplement to provide that <br /> the Modified Deed of Trust secures the Prior Bonds, the 2025 Bonds and any Additional Bonds issued <br /> under the Trust Agreement. <br /> ONLY THE SITES ON WHICH ( 1 ) THE WHITTED BUILDING, (2) BLACKWOOD FARM PARK, (3 ) <br /> CULBRETH MIDDLE SCHOOL, (4) THE ORANGE COUNTY LIBRARY, ( 5 ) ORANGE MIDDLE SCHOOL , (6) NEW <br /> HOPE ELEMENTARY SCHOOL, (7) PATHWAYS ELEMENTARY SCHOOL, ( 8 ) ORANGE HIGH SCHOOL, AND (9) <br /> EPHESUS ELEMENTARY SCHOOL ARE LOCATED WILL BE INCLUDED IN THE DEFINITION OF "MORTGAGED <br /> PROPERTY" AND, CONSEQUENTLY, SUCH REAL PROPERTY AND ANY IMPROVEMENTS THEREON WILL BE <br /> SUBJECT TO THE LIEN CREATED BY THE MODIFIED DEED OF TRUST . See "THE PLAN OF FINANCE " <br /> herein . <br /> The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds executed <br /> and delivered under the Trust Agreement to be secured by the Modified Deed of Trust, provided that the <br /> total amount of present and future obligations secured thereby at any one time does not exceed <br /> $200 , 000 ,000 and such future obligations are incurred not later than 30 years from June 1 , 2021 . <br /> The Modified Deed of Trust will be recorded in the office of the Register of Deeds of Orange <br /> County, North Carolina and the liens created thereby with respect to a portion of the Mortgaged Property <br /> will be insured by a title insurance policy . The title insurance policy only insures the County ' s title to the <br /> sites of [( 1 ) the Whitted Building, (2) Blackwood Farm Park, (3 ) Culbreth Middle School and (4) the Orange <br /> County Library] . The other properties comprising the Mortgaged Property are not covered by the title <br /> insurance policy . The title insurance policy is subject to certain exceptions described therein, including a <br /> survey exception with respect to the Mortgaged Property . <br /> Release of Security . The Trustee is required , upon the County ' s direction and at any time, to <br /> execute and deliver all documents necessary to effect the release of all or a portion of the Mortgaged <br /> Property from the lien of the Modified Deed of Trust upon the County ' s compliance with the following <br /> requirements : <br /> 7 <br />