OTHER-2025-035-Orange County North Carolina limited obligation bonds series 2025

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(a) The County must file with the Trustee a certificate executed by a County Representative , ( i) stating that (A) no Event of Default is continuing, (B ) that the grant or release will not materially impair the intended use of the property remaining subject to the Modified Deed of Trust and (C ) the release complies with the requirements of the Modified Deed of Trust, ( ii) providing a copy of the proposed instrument of grant or release, including a complete legal description of the property to be released , ( iii) providing a written application signed by a County Representative requesting such instrument be executed and delivered , and ( iv) providing evidence of compliance with (b) or (c) below, and . ( b) In the case of a proposed release of all the Mortgaged Property, the County must pay to the Trustee (or other fiduciary) an amount ( i ) which is sufficient to provide for the payment in full of all Outstanding Bonds in accordance with the Trust Agreement and ( ii ) which is required to be used for such payment . (c) In connection with the release of a portion ( but less than all) of the Mortgaged Property, the County must provide evidence to the Trustee that the appraised, tax or insured value of that portion of the Mortgaged Property that is proposed to remain subject to the lien of the Modified Deed of Trust is not less than 50% of the aggregate principal component of the Bonds Outstanding at the time the release is effected . E In addition to the provisions for release described above , the County may from time to time grant easements , licenses , rights-of-way and other similar rights with respect to any part of the Mortgaged Property , and the County may release such interests , with or without consideration , and the County may dispose of any undesirable or unnecessary Fixture , so long as such grant or disposition does not materially impair the intended use of the Mortgaged Property . See "THE DEED OF TRUST— No Transfers ; Provision for Releases , Grants of Easements" in Appendix C hereto . i ENFORCEABILITY The enforceability of the parties ' obligations under the Trust Agreement and the Modified Deed of Trust are subject to bankruptcy, insolvency, reorganization and other laws related to or affecting the enforcement of creditors ' rights generally and, to the extent that certain remedies under such instruments require or may require enforcement by a court, to such principles of equity as the court having jurisdiction may impose . NOTWITHSTANDING ANYTHING THEREIN TO THE CONTRARY, THE DELIVERY OF THE 2025 BONDS SHALL NOT BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT LIMITATION . IN ADDITION , NEITHER THE 2025 BONDS NOR THE TRUST AGREEMENT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATES THE COUNTY TO MAKE ANY PAYMENTS BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE BOARD OF COMMISSIONERS FOR ANY FISCAL YEAR IN WHICH THE 2025 BONDS ARE OUTSTANDING , IF THE COUNTY FAILS TO MAKE PAYMENTS OF PRINCIPAL OF OR INTEREST ON THE BONDS , THE TRUSTEE MAY DECLARE THE ENTIRE UNPAID PRINCIPAL OF THE BONDS TO BE IMMEDIATELY DUE AND PAYABLE AND DIRECT THE DEED OF TRUST TRUSTEE TO INSTITUTE FORECLOSURE PROCEEDINGS UNDER THE MODIFIED DEED OF TRUST AND PROCEED IN ACCORDANCE WITH LAW TO ATTEMPT TO DISPOSE OF THE MORTGAGED PROPERTY AND APPLY THE PROCEEDS OF SUCH DISPOSITION TOWARD ANY BALANCE, OWING BY THE COUNTY ON THE BONDS , NO ASSURANCE CAN BE GIVEN THAT SUCH PROCEEDS WILL BE SUFFICIENT TO PAY ALL PRINCIPAL OF AND INTEREST ON THE BONDS , IN ADDITION , SECTION 160A-20(f) OF THE NORTH 8