Orange County NC Website
17 <br /> secured parties, are set forth in Section 5-1. The County agrees to execute, deliver <br /> and file, or cause to be filed, in such place or places as BNY-M or the Deed of Trust <br /> Trustee may request, any additional financing statements (including any <br /> continuation statements) in whatever form any party may reasonably request to <br /> evidence the security interest provided for in this Section. <br /> 1-5 Existing Deed of Trust Otherwise Confirmed. Except as provided by <br /> this Supplement, the County ratifies, approves and confirms the terms of the <br /> Existing Deed of Trust. <br /> 1-6 County's Obligation Limited. Notwithstanding any other provision <br /> of this Modified Deed of Trust, the parties intend that this transaction will comply <br /> with North Carolina General Statutes Section 160A-20. No deficiency judgment may <br /> be entered against the County in violation of Section 160A-20. <br /> No provision of this Modified Deed of Trust is to be construed or interpreted <br /> as creating a pledge of the County's faith and credit within the meaning of any <br /> constitutional debt limitation. No provision of this Modified Deed of Trust should be <br /> construed or interpreted as an illegal delegation of governmental powers, nor as an <br /> improper donation or lending of the County's credit within the meaning of the North <br /> Carolina constitution. The County's taxing power is not and may not be pledged, <br /> directly or indirectly contingently, to secure any moneys due under this Modified <br /> Deed of Trust. <br /> No provision of this Modified Deed of Trust restricts the County's future <br /> issuance of any of its bonds or other obligations payable from any class or source of <br /> the County's moneys, except to the extent the Loan Documents restrict the <br /> incurrence of additional obligations secured by the Mortgaged Property. <br /> Nothing in this Section is intended to impair or prohibit foreclosure on this <br /> Modified Deed of Trust if the Obligations are not paid when due or otherwise upon the <br /> occurrence of an Event of Default under this Modified Deed of Trust or the 2026A <br /> Agreement. <br /> To the extent of any conflict between this Section and any other provision of <br /> this Modified Deed of Trust, this Section takes priority. <br />