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HomeMy WebLinkAboutC.054.93011_0430hereafter erected thereon, all of which materials shall be deemed to be included within the Land hereby conveyed immediately upon the delivery thereof to the aforesaid Land, and all fixtures now or hereafter owned by the County acquired with the proceeds of the Advance and attached to or contained in or used in connection with the aforesaid Land and Improvements (the "Fixtures"); TOGETHER WITH all proceeds of any of the foregoing Land, real property interests, buildings, improvements, fixtures, including, without limitation, proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims, including, without limitation, all awards and other payments as a result of or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain by any governmental authority ("Eminent Domain'), all insurance proceeds and claims therefor as a result of damage to or destruction of all or any part of any of the foregoing, and all proceeds of title insurance with respect to all or any part of any of the foregoing (the Land, Improvements, Fixtures and proceeds thereof granted to the Trustee pursuant to the foregoing provisions hereof being collectively referred to as the "Trust Estate"); TO HAVE AND HOLD the same, together with all privileges, hereditament, easements and appurtenances thereunto belonging, to the Trustee and the Trustee's successors and assigns to secure the indebtedness upon this special trust: that should the indebtedness secured hereby be paid according to the tenor and effect thereof when the same shall be due and payable and should the County timely and fully discharge its obligations hereunder, then this conveyance shall be null and void and will be canceled of record at the request of the County, and the Trust Estate shall be reconveyed to the County or the title thereto shall be reinvested according to the provisions of law; All the Fixtures which comprise a part of the Land shall, as far as permitted by law, be deemed to be affixed to the aforesaid Land and conveyed therewith. If this box is checked, the following paragraph applies: This Deed of Trust secures an obligation incurred for the construction of an improvement on the Land and as such constitutes a "construction mortgage" under Section 25-9-334, North Carolina General Statutes. The County, the Trustee and the Beneficiary covenant, represent and agree as follows: ARTICLE I THE PROCEEDS 1.1 Amount Secured. This Deed of Trust secures all present and future loan disbursements made by the Beneficiary to the County under the Agreement, and all other present and future obligations from time to time owing to the Beneficiary by the County under the Agreement or this Deed of Trust. 1.2 Use of Funds. The Advance is made pursuant to the Agreement for the purpose of financing the Implementation of the Project. This Deed of Trust secures the obligations of the County under the Agreement, and any extensions, renewals, modifications, replacements and substitutions therefor, and all other obligations of the County set forth in this Deed of Trust. 1.3 Payment of Installment Payments. Payment of Installment Payments by the County will be in accordance with the Agreement, with the last Installment Payment being due and payable on or about October _ _, 2019 (as such date maybe extended or modified). 1.4 Maintenance and Modification of the Trust Estate. Neither the Trustee nor the Beneficiary shall be under any obligation to operate, maintain or repair the Trust Estate. The County agrees it will at its own expense (i) keep the Trust Estate in as reasonably safe condition as its operations shall permit, (ii) keep the Trust Estate in good repair and in good operating condition, (iii) comply with all applicable governmental requirements imposed upon the Trust Estate or in connection with its use, and (iv) make from time to time all necessary repairs thereto and renewals and replacements thereof.