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; rp <br />~P <br />• RECITALS: <br />The County has the power, pursuant to Section 160A-20 of the North Carolina General <br />Statutes, to enter into installment contracts to finance the purchase or improvement of real or <br />personal property, and to secure its obligations under such contracts by security interests in all or <br />a portion of the property purchased or improved. This Agreement provides for BB&T to <br />advance [$19,980,000][$22,678,064] to the County to enable the County to acquire and construct <br />the Facilities (as defined below) on and for the Site (as defined below), and provides for securing <br />the County's obligations under this Agreement by creating certain lien and security interest in <br />favor of BB&T. <br />This Agreement secures current advances of 1$19,980,00011$22,678,0641. The current <br />scheduled date for final repayment is on May 2025. <br />NOW, THEREFORE, <br />(1) in consideration of the execution and delivery of this Agreement and other good and <br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged; <br />(2) to secure the County's performance of all its covenants under this Agreement, <br />including the repayment of amounts advanced and to be advanced, together with interest on all <br />such advances as provided in this Agreement or any amendments hereto, and all charges and <br />expenses of collection (including court costs and reasonable attorneys' fees and expenses); and <br />is (3) charge the Mortgaged Property (as defined below) with such payment and <br />performance, the County hereby sells, grants and conveys to the Deed of Trust Trustee, his heirs <br />and assigns forever, in trust, with power of sale, the following (collectively, the "Mortgaged <br />Property"): <br />(a) (i) the property described in Exhibit A and (ii) all real property hereafter <br />acquired by the County in replacement of, or in substitution for, all or any part of any <br />property described in this subparagraph, and in all cases together with all easements, <br />rights, liberties, rights-of-way and appurtenances belonging to any such property <br />(collectively, the "Site"); <br />(b) the improvements described in Exhibit B and all other improvements and <br />fixtures now or hereafter attached or appurtenant to or used in or on those improvements <br />or the Site, including (i) all renewals and replacements thereof and all additions thereto, <br />(ii) all articles in substitution thereof, (iii) all building materials for construction or repair <br />of such improvements upon their delivery to the Site, and (iv) all proceeds of all the <br />foregoing in whatever form resulting from the loss or disposition of the foregoing, <br />including all proceeds of and unearned premiums for any insurance policies covering the <br />Site and such improvements, proceeds of title insurance and payments related to the <br />exercise of condemnation or eminent domain authority, and all judgments or settlements <br />in lieu of any of the foregoing (collectively, the "Facilities"); and <br />(c) the moneys on deposit from time to time in the Project Fund, as provided in <br />Sections 2.02 and 2.03. <br />