Orange County NC Website
20 <br /> under any state or federal bankruptcy or insolvency statute) to protect the <br /> Mortgaged Property, to protect the lien of this Modified Deed of Trust, to enforce <br /> collection of the Obligations, or to enforce compliance by the County with any of the <br /> provisions of the Loan Documents, then the County will pay reasonable legal fees <br /> and costs that the Deed of Trust Trustee or BNY-M may reasonably have incurred <br /> (whether or not any suit or proceeding is commenced). The County's repayment of <br /> all amounts paid for any such purpose, together with interest at the annual rate of <br /> 4.00% (calculated on the basis of a 360-day year consisting of twelve 30-day <br /> months), is secured as an Obligation under this Modified Deed of Trust. <br /> (b) If any suit or proceeding described in subsection (a) is adverse to the <br /> County, however, then the County has this liability to pay legal fees and costs only if <br /> the Deed of Trust Trustee or BNY-M, as the case may be, is a prevailing party in the <br /> suit or proceeding. <br /> 2-3 Advances for Performance of County's Obligations. If the County <br /> fails to perform any of its obligations under the Loan Documents, then the Deed of <br /> Trust Trustee and BNY-M are authorized, but not obligated, to perform the <br /> obligation or cause it to be performed. The County must repay any amounts paid for <br /> any such purpose. The County's repayment of all those amounts, together with <br /> interest at the annual rate of 4.00% (calculated on the basis of a 360-day year <br /> consisting of twelve 30-day months), is secured as an Obligation under this Modified <br /> Deed of Trust. <br /> 3. The Deed of Trust Trustee <br /> 3-1 No Liability for Deed of Trust Trustee. The Deed of Trust Trustee <br /> will suffer no liability by her acceptance of this trust except as may be incurred <br /> because of any failure on her part to account for the proceeds of any sale under this <br /> Modified Deed of Trust. <br /> 3-2 Resignation. The Deed of Trust Trustee may resign at any time by <br /> giving notice to the County and BNY-M as provided in Section 5-1. <br /> 3-3 Substitute Trustees. If any Deed of Trust Trustee dies, becomes <br /> incapable of acting or renounces the trust, or if for any reason BNY-M desires to <br /> replace any Deed of Trust Trustee, then BNY-M has the unqualified right to appoint <br /> one or more substitute or successor Deed of Trust Trustees by instruments filed for <br /> 10 <br />