Orange County NC Website
Browse       Search
15 <br /> BUT IF, HOWEVER, THERE OCCURS AN EVENT OF DEFAULT UNDER THE <br /> LOAN DOCUMENTS, then BNY-M will have the remedies provided for in this <br /> Modified Deed of Trust, including directing the Deed of Trust Trustee to sell the <br /> Mortgaged Property under power of sale. <br /> THE COUNTY COVENANTS AND AGREES with the Deed of Trust Trustee and <br /> BNY-M (and their respective heirs, successors and assigns) in consideration of the <br /> foregoing, as follows: <br /> 1. Warranties of Title: Security Provided by this Deed of Trust <br /> 1-1 Warranties of Title. The County covenants with the Deed of Trust <br /> Trustee and BNY-M that the County is seized of and has the right to convey the <br /> Mortgaged Property in fee simple, that the Mortgaged Property is free and clear of <br /> all liens and encumbrances other than Permitted Encumbrances, as defined Section <br /> 5-4, that title to the Mortgaged Property is marketable, and that the County will <br /> forever warrant and defend title to the Mortgaged Property (subject to the <br /> Permitted Encumbrances) against the claims of all persons. <br /> 1-2 Security for Payment and Performance. The County is delivering <br /> this Modified Deed of Trust (a) to secure the County's payment, as and when the <br /> same become due and payable, of all amounts payable by the County (the <br /> "Obligations") under the Loan Documents and (b) to secure the County's timely and <br /> full compliance with all terms, covenants and conditions of the Loan Documents. <br /> 1-3 Present and Future Advances. This Modified Deed of Trust is executed <br /> to secure all the County's present and future obligations to the Trustee related to the <br /> Mortgaged Property. The making of future advances is subject to the terms and <br /> conditions of the Loan Documents and this Modified Deed of Trust. The amount of the <br /> present obligations secured by this Agreement is $32,000,000 and the total amount, <br /> including present and future obligations, that may be secured by this Modified Deed <br /> of Trust at any one time is $200,000,000. The period within which future obligations <br /> may be incurred is 30 years from June 1, 2018. <br /> The provisions in this Modified Deed of Trust for future advances are made <br /> only to facilitate the possible financing of additions or improvements to the <br /> Mortgaged Property, the possible refinancing of the present obligations, or <br /> otherwise as provided for under the 2026A Agreement. As of the date of this <br /> 5 <br />