HomeMy WebLinkAboutC.054.93011_0429Hunton & Williams LLP (MNKR)
Post Office Box 109
Raleigh, North Carolina 27602
DEED OF TRUST AND SECURITY AGREEMENT
THIS DEED OF TRUST CONSTITUTES A FIXTURE FILING
STATE OF NORTH CAROLINA
COUNTY OFIREDELL
THIS DEED OF TRUST AND SECURITY AGREEMENT (this "Deed of Trust") is made and
entered into as of October 28, 2004, by and between the County of Iredell, North Carolina, a
political subdivision existing under the Constitution and laws of the State of North Carolina (the
"County") and PRLAP, Inc., as Trustee (the "Trustee"), for the benefit of Bank of America, N.A.
(the `Beneficiary").
WITNESSETH:
WHEREAS, the County and the Beneficiary have entered into an Installment Financing
Agreement dated the date hereof (the "Agreement") to finance Implementation of the Project (as
such terms are defined in the Agreement);
WHEREAS, the County has agreed to pay to the Beneficiary a sum not exceeding $6,671,075 for
money advanced to the County by the Beneficiary (the "Advance"), as evidenced by, and
payable as provided in, the Agreement, in installments with interest payable as specified therein,
and to make certain Additional Payments (as defined in the Agreement) as more fully provided
therein, with the last Installment Payment (as defined in the Agreement) of principal and interest
being due and payable on or about October 31, 2019;
WHEREAS, the County desires to secure (i) the payment of the Installment Payments due under
the Agreement; (ii) the payment by the County of all Additional Payments required to be paid by
the County under the Agreement and the performance by the County of all additional covenants
of the County set forth in the Agreement; (iii) the payment by the County of any additional
payments required to be made to the Beneficiary in connection with additional advances made
under the Agreement; (iv) the payment of any and all other indebtedness which this Deed of
Trust by its terms secures; and (v) the performance of the covenants and agreements contained in
this Deed of Trust, the Agreement, and any amendments and supplements thereto;
WHEREAS, the County wishes to grant to the Beneficiary a first lien on, and security interest in,
the Trust Estate (hereinafter defined), including the real property described in Exhibit A,
attached hereto, pursuant to the terms of this Deed of Trust as security for the payment of the
amounts described above and the performance of the covenants described above, subject only to
Permitted Encumbrances (as described in Exhibit B hereto); and
WHEREAS, all capitalized terms used but not defined herein shall have the meanings assigned
to them in the Agreement.
NOW, THEREFORE, the County, subject to Permitted Encumbrances (as described in Exhibit
B hereto), as security for payment of the Installment Payments and the Additional Payments to
be made under the Agreement and for the performance by the County of all of its obligations
under the Agreement and this Deed of Trust, and in consideration of the sum of $10.00 paid to
the County by the Trustee, the receipt and sufficiency of which are hereby acknowledged, the
County hereby irrevocably grants and conveys to the Trustee and the Trustee's successors and
assigns, in trust, with power of sale, all of the following described land, real property interests,
buildings, improvements, fixtures, furniture and appliances and other personal property:
(a) All those tracts or parcels of land and other real property interests in the County of
Iredell, County, North Carolina, more particularly described in Exhibit A attached hereto and
made a part hereof (the "Land");
(b) All buildings and improvements of every kind and description now or hereafter erected or
placed on the aforesaid Land (the "Improvements") and all materials (stored on-site or off-site)
intended for construction, reconstruction, alteration and repair of such improvements now or