Orange County NC Website
14 <br /> (b) The property described as Parcels [Six and Seven] on Exhibit A and any <br /> real property later acquired by the County in exchange for, or in consideration of the <br /> exchange of, or with the proceeds from any disposition of, all or any part of any <br /> property described in this paragraph, and in all cases together with all easements, <br /> rights, rights-of-way and appurtenances belonging to any of that property <br /> (collectively, the "Added Property"); and <br /> (c) All buildings and other improvements and fixtures now or later attached <br /> to or used in or on that the Added Property or any of its improvements, including (i) <br /> all renewals, replacements, and additions, (ii) all articles in substitution, (iii) all <br /> building materials for construction, improvement, modification or repair of <br /> improvements upon their delivery to the Added Property, and (iv) all proceeds of all <br /> the foregoing in whatever form resulting from the loss or disposition of the <br /> foregoing, including all proceeds of and unearned premiums for any insurance <br /> policies covering the Added Property and the improvements, proceeds of title <br /> insurance and payments related to the exercise of condemnation or eminent domain <br /> authority, and all judgments or settlements in lieu of any of the foregoing; <br /> all of which together now constitutes the "Mortgaged Property" for the <br /> purposes of this Modified Deed of Trust. <br /> TO HAVE AND TO HOLD the Mortgaged Property with all privileges and <br /> appurtenances belonging thereunto, to the Deed of Trust Trustee, her successors <br /> and assigns forever, upon the trusts, terms and conditions and for the purposes set <br /> out below, in fee simple in trust; <br /> SUBJECT, HOWEVER, to the encumbrances described in Exhibit B; <br /> BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: if the <br /> County pays its "Obligations," as defined below, in full and in accordance with the <br /> Loan Documents, and the County complies with all the terms, covenants and <br /> conditions of the Loan Documents, then (a) this conveyance will be null and void, (b) <br /> BNY-M and the Deed of Trust Trustee will cooperate with the County to have this <br /> Modified Deed of Trust canceled of record, at the County's request and cost, and (c) <br /> title will revest as provided by law; <br /> 4 <br />