Orange County NC Website
Browse       Search
80 <br /> IN CONNECTION WITH THE BOND PAYMENTS AND THE ADDITIONAL PAYMENTS, THE <br /> APPROPRIATION OF FUNDS THEREFOR IS WITHIN THE SOLE DISCRETION OF THE BOARD OF COMMISSIONERS <br /> OF THE COUNTY. <br /> TRUST AGREEMENT <br /> Under the Trust Agreement,the County has granted to the Trustee for the benefit of the Owners of <br /> the Bonds a lien on and security interest in all moneys and securities from time to time held by the Trustee <br /> under the Trust Agreement. <br /> DEED OF TRUST <br /> General. In connection with the execution and delivery of the Prior Bonds, the County executed <br /> and delivered the Existing Deed of Trust to provide security for its obligations under the Trust Agreement <br /> by granting a lien of record on the Existing Mortgaged Property. In connection with the execution and <br /> delivery of the 2026A Bonds, the County will execute and deliver the Fifth Deed of Trust Supplement, <br /> which extends the lien of the Existing Deed of Trust to include a lien of record on the site of the Crisis <br /> Diversion Center. The Modified Deed of Trust secures the Prior Bonds, the 2026A Bonds and any <br /> Additional Bonds issued under the Trust Agreement. <br /> ONLY THE SITES ON WHICH(1) THE GOVERNMENT SERVICES ANNEX, (2) THE LINK CENTER, (3) <br /> THE DISTRICT ATTORNEY'S BUILDING, (4) THE NORTHERN CAMPUS, (5) THE EMERGENCY OPERATIONS <br /> CENTER, (6) THE SOUTHERN CAMPUS, (7) THE EFLAND EMS CENTER, (8) THE JUSTICE CENTER,AND(9) <br /> THE CRISIS DIVERSION CENTER ARE LOCATED WILL BE INCLUDED IN THE DEFINITION OF "MORTGAGED <br /> PROPERTY" AND, CONSEQUENTLY, SUCH REAL PROPERTY AND ANY IMPROVEMENTS THEREON WILL BE <br /> SUBJECT TO THE LIEN CREATED BY THE MODIFIED DEED OF TRUST. See "THE PLAN OF FINANCE" <br /> herein. <br /> The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds executed <br /> and delivered under the Trust Agreement to be secured by the Modified Deed of Trust, provided that the <br /> total amount of present and future obligations secured thereby at any one time does not exceed <br /> $200,000,000 and such future obligations are incurred not later than 30 years from June 1,2018. <br /> The Modified Deed of Trust will be recorded in the office of the Register of Deeds of Orange <br /> County, North Carolina and the liens created thereby with respect to a portion of the Mortgaged Property <br /> will be insured by a title insurance policy. The title insurance policy only insures the County's title to the <br /> sites of[list sites to be covered by title policy]. The other properties comprising the Mortgaged Property <br /> are not covered by the title insurance policy. The title insurance policy is subject to certain exceptions <br /> described therein, including a survey exception with respect to certain portions of the Mortgaged Property. <br /> Release of Security. The Trustee is required, upon the County's direction and at any time, to <br /> execute and deliver all documents necessary to effect the release of all or a portion of the Mortgaged <br /> Property from the lien of the Modified Deed of Trust upon the County's compliance with the following <br /> requirements: <br /> (a) The County must file with the Trustee a certificate executed by a County <br /> Representative, (i) stating that(A)no Event of Default is continuing, (B)that the grant or <br /> release will not materially impair the intended use of the property remaining subject to the <br /> Modified Deed of Trust and(C)the release complies with the requirements of the Modified <br /> Deed of Trust, (ii) providing a copy of the proposed instrument of grant or release, <br /> including a complete legal description of the property to be released, (iii) providing a <br /> 7 <br />