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Agenda Package - 05-03-10
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Agenda Package - 05-03-10
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7/15/2010 8:14:24 AM
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7/15/2010 8:09:07 AM
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Admin-Clerk
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Agenda
Committee
Board of Commissioners
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Gat <br />• TO HAVE AND TO HOLD the Mortgaged Property with all privileges and <br />appurtenances thereunto belonging, to the Deed of Trust Trustee, his heirs and assigns forever, <br />upon the trusts, terms and conditions and for the purposes set out below, in fee simple in trust; <br />SUBJECT, HOWEVER, to the encumbrances described in Exhibit C (the "Existing <br />Encumbrances"); <br />BUT THIS CONVEYANCE IS MADE UPON THIS SPECIAL TRUST: if the <br />Required Payments (as defined below) are paid in full in accordance with this Agreement, and <br />the County shall comply with all of the terms, covenants and conditions of this Agreement, this <br />conveyance shall be null and void and shall be canceled of record at the County's request and <br />cost, and title shall revest as provided by law. <br />BUT IF, HOWEVER, THERE SHALL OCCUR AN EVENT OF DEFAULT <br />UNDER THIS AGREEMENT, then BB&T shall have the remedies provided for in this <br />Agreement, including directing the Deed of Trust Trustee to sell the Mortgaged Property under <br />power of sale. <br />THE COUNTY COVENANTS AND AGREES with the Deed of Trust Trustee and <br />BB&T (and their respective heirs, successors and assigns), in consideration of the foregoing, as <br />follows: <br />• <br />0 <br />
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