The URL can be used to link to this page

Home My WebLink About1999 S Finance - NATIONSBANK, N.A Modification Agreement 05-04-1999 3bRETURN THIS COPY TO THE CLERK'S OFFICE FOR THE PERMANENT AGENDA FILE S~`7~~`~~ ~iS~F Return After Recording To: Geoffrey E. Gledhill, Esq. Orange County Attorney P.O. Drawer 1529 Hillsborough, NC 27278 This instrument has been preaudited in the manner required by The Local Government Budget and Fiscal Control Act. e Kenneth T. Chavious Finance Officer Orange County, North Carolina MODIFICATION AG FFMFNT STATE OF NORTH CAROLINA ) COLLATERAL IS OR INCLUDES FIXTURES ORANGE COUNTY ) THIS MODIFICATION AGREEMENT (this "Modification Agreement") is dated as of May 1, 1999, and is granted by ORANGE COUNTY, NORTH CAROLINA, a public body of the State of North Carolina (the "County"), to Stephen D. Poe, a citizen and resident of Forsyth County, North Carolina, as trustee (the "Deed of Trust Trustee"), for the benefit of NATIONSBANK, N.A., a national banking association organized and existing under the laws of the United States and having an office in Chapel Hill, North Carolina (the "Beneficiary"). This Modification Agreement, among other things, modifies and amends (1) an Installment Purchase Contract dated as of January 17, 1995 (the "Contract"), between the County and the Beneficiary, and (2) a Deed of Trust and Security Agreement dated as of January 17, 1995 (the "Deed of Trust;" together with the Contract, the "Original Documents"), from the County to the Trustee for the benefit of the Beneficiary, which Deed of Trust was recorded on January 17, 1995, at Book 1320, Page 38, Orange County Registry. The North Carolina Local Government Commission joins in the execution of this instrument for the purpose of evidencing its approval of the modifications effected by this instrument. The parties desire to modify the Original Documents to reduce the interest rate payable by the County on its financing obligations to the Beneficiary. This Modification Agreement provides for no additional advance of funds to the County. The scheduled date for the County's final repayment of amounts advanced under the Original Agreement remains on or about July 17, 2009. The security interest evidenced hereby and by the Original Documents is a "construction mortgage" within the meaning of N.C. Gen. Stat. § 25-9-313. This Modification Agreement affects the same property as is encumbered by the Deed of Trust. Now, therefore, for and in consideration of the premises, the County covenants and agrees with the Deed of Trust Trustee and Beneficiary (and their respective heirs, successors and assigns), as follows: 1. The interest rate payable by the County on its financing obligations to the Beneficiary under the Original Documents is hereby reduced from 5.71% to 4.59%, effective as of the date of the execution and delivery of this Modification Agreement. 2. The second paragraph of Section 2.1 of the Contract is hereby amended to read as follows: 2.1 Advances by Lender. ... . The Financing Proceeds shall be used solely for the purpose of constructing the Improvements. Interest shall accrue on the total amount of the advanced Financing Proceeds outstanding from time to time at a fixed rate of 4.59%, based upon a year having 365 days (or 366 days, as the case may be), for the actual number of days in any interest calculation period, and shall be paid in accordance with the provisions of Section 3 below. 3. Exhibit A to this Modification Agreement sets forth the County's regularly-scheduled Installment Payments payable under the Original Documents, as modified by this Modification Agreement. Exhibit A to this Modification Agreement replaces Exhibit A to the Contract. 4. Beneficiary shall attach a copy of this Modification Agreement to the original copy of the Contract, and shall provide for the following legend to be inscribed at the top of the first page of the Contract: "This Contract has been modified pursuant to a Modification Agreement dated as of May 1, 1999." The County shall cause afully- executed original copy of this Modification Agreement to be recorded in the real estate records in the office of the Register of Deeds of Orange County, North Carolina. 5. Except as modified by this Modification Agreement, the terms and provisions of the Original Documents are in all respects ratified and confirmed. 6. Notwithstanding any other provision of this Modification Agreement or the Original Documents, the County, the Deed of Trust Trustee and Beneficiary intend that this transaction comply with North Carolina General Statutes Section 160A-20. No deficiency judgment may be entered against the County in violation of such Section 160A-20. 7. This document may be executed in counterparts, including separate counterparts, all of which shall constitute but a single agreement. [The remainder of this page has been left blank intentionally.) IN WITNESS WHEREOF, the County, the Trustee and the Beneficiary have caused this instrument to be duly executed as of the day and year first above written. ATTEST: (SEAL) B erly B1 e Clerk, Board of Commissioners ORANGE COUNTY, NORTH CAROLINA ~i Alice M. Gordon Chair ATTEST: (SEAL) e Assistant Secre ary NATIONSBANK, N.A. .~', By: ,~,~~ ice Pre ent Stephen D. Poe, as trustee Stephen D. Poe This contract has been approved under the provisions of Article 8, Chapter 159 of the General Statutes of North Carolina. Robert M. High Secretary, North Carolina Local Government Commission [R rt M. High or Designated Assistant] [Modification Agreement dated as of May 1, 1999] Exhibit A -- Revised Payment Schedule STATE OF NORTH CAROLINA; ORANGE COUNTY I, a Notary Public of such County and State, certify that Alice M. Gordon and Beverly Blythe personally came before me this day and acknowledged that they are the Chair and Clerk, respectively, of the Board of Commissioners of Orange County, North Carolina, and that by authority duly given and as the act of the Orange County, North Carolina, the foregoing instrument was signed in the County's name by such Chair, sealed with its corporate seal and attested by such Clerk. WITNESS my hand and official stamp or seal, this ~ day of May, 199. N ry Public My commission expires: /a ' l,3-Ir ~ ,,,ri.~= ~~~.~,,~~.--.v-.o......r.,......... r OFFICIAL SEAL Natery Public- North Corolin• OlaANGE COUNTY * * * * * * * * ~ EVELYN M. CECIL Pa~y+ Cc?~missltan Expires STATE OF NORTH CAROLINA; ORANGE COUNTY I, ~ f ~ ~0 /"~ a Notary Public of such County and State, certify that ~AV,~ ~3v~.cz~.Fy personally came before me this day and acknowledged that she/he is an assistant secretary of NationsBank, N.A., a national banking association, and that by authority duly given and as the act of such association, the foregoing instrument was signed in its name by its vice president, sealed with its corporate seal and attested by herself/himself, as assistant secretary. .WITNESS my hand and official stamp or seal, this ~ 7` day of May, 1999. r_ [SEAL] //,'~ ?,GNU ~ Q-G~ -~ °~ Notary Public My commission expires: ~ ~de-d ,~ STATE OF NORTH CAROLINA; ORANGE COUNTY I, , a Notary Public of such County and State, certify that Stephen D. Poe personally came before me this day and acknowledged his signature of the foregoing instrument. WITNESS my hand and official stamp or seal, this day of May, 1999. [SEAL] Notary Public My commission expires: IN WITNESS WHEREOF, the County, the Trustee and the Beneficiary have caused this instrument to be duly executed as of the day and year first above written. ATTEST: (SEAL) Beverly Blythe Clerk, Board of Commissioners ORANGE COUNTY, NORTH CAROLINA Alice M. Gordon Chair ATTEST: (SEAL) NATIONSBANK, N.A. By: ~~.~~-~ ~.Q r ~.-~. ~ By: 1 Lam' ~_ Assistant Secretary ~` ce Pres' nt Stephen D. Poe, as trustee ~. ~ o Stephen oe This contract has been approved under the provisions of Article 8, Chapter 159 of the General Statutes of North Carolina. Robert M. High Secretary, North Carolina Local Government Commission By [Robert M. High or Designated Assistant] [Modification Agreement dated as of May 1, 1999] Exhibit A -- Revised Payment Schedule STATE OF NORTH CAROLINA; ORANGE COUNTY I, a Notary Public of such County and State, certify that Alice M. Gordon and Beverly Blythe personally came before me this day and acknowledged that they are the Chair and Clerk, respectively, of the Board of Commissioners of Orange County, North Carolina, and that by authority duly given and as the act of the Orange County, North Carolina, the foregoing instrument was signed in the County's name by such Chair, sealed with its corporate seal and attested by such Clerk. WITNESS my hand and official stamp or seal, this day of May, 1999. Notary Public My commission expires: STATE OF NORTH CAROLINA; ORANGE COUNTY I, y~ (r11 ~~ ~~- ~ }~:~ ~ ~ ~ , a Notary Public of such County and State, certify that l~r-1y ~ c~ I ~. ~ ~ I L' ~-- personally came before me this day and acknowledged that she/he is an assistant secretary of NationsBank, N.A., a national banking association, and that by authority duly given and as the act of such association, the foregoing instrument was signed in its name by its vice president, sealed with its corporate seal and attested by herself/himself, as assistant secretary. WITNESS my hand and official stamp or seal, this ~ day of May, 1999. [SEAL] j ' Notary Public My commission expires: °`'~ ~~~~~' * * * ~ ~ FORSYTH STATE OF NORTH CAROLINA;~~2~~ COUNTY I, Diane C. Craven , a Notary Public of such County and State, certify that Stephen D. Poe personally came before me this day and acknowledged his signature of the foregoing instrument. [SEAL] My commission expires: WITNESS my hand an ~Y,~,;Fj~ <, OFFICIAL SEAL ~ p1ANE C. CRA~N ' NE11Y1RY PUBLIC-NORTH CAROLINA COUNiY OF FORSYTtI Niy (brrtmtsstnn Expires August ~. 2000 seal, this 5th day of May, 1999. Notary Public EXHIBIT A MAY 03 1999 10:33 FR CREDIT SERVICES UNIT ?~a 388 0:45 TO 919199673881 P.02~03 05/03/1999 Page 1 ORANGE COUNTY Compound Period ......: Exact Days Nominal Annual Rate ..: 4.590 Effective Annual Rate .: Undefined Periodic Rate ................: 0.0126 Daily Rate .....................: 0.01258% CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan 07/15/1999 7,064,230.25 1 2 Payment 01!15/2000 444,547.88 19 Semiannual 01/15/2009 3 Payment 07/15/2009 444.547.90 1 AMORTIZATION SCHEDULE -Normal AmoRizatian _ Date Payment Interest Pnnci 81 Balance ,;uTy 15, 1999 480,650 194,373.57 286,276.43 7,064,230.25 1 01/15/2000 444,547.88 163,456.61 281,091.27 6,783,138.98 2 07115/2000 444,547.88 155,246.54 289,301.34 6,493,837.64 2000 Totals 889,095.76 318,703.15 570,382.61 3 01115/2001 444,547.88 150,258.51 294,289.37 6,199,548.27 4 07!15/2001 444,547.88 141,110.21 303,437.67 5,896,110.60 2001 Totals 889,095.76 291,368.72 597,727.04 5 01/15/2002 444,547.88 136,427.92 308,119.96 5,587,990.64 6 07/15/2002 444,547.88 127,190.32 317,357.56 5,270,633.08 2002 Totals 889,095.76 263,618.24 625,477.52 7 Oi/15/2003 444,547.88 121,955.23 322,592.65 4,948,040.43 8 07/1512003 44x,547.88 112,624.18 331,923.70 4,616,116.73 2003 Totals 889,095.76 234,579.41 654,516.35 9 01/15/2004 444,547.88 106,810.62 337,737.26 4,278,379.47 10 07/15/2004 444,547.88 97,919.80 346,628.08 3,931,751.39 2004 Totals 889,095.76 204,730.42 684,365.34 11 01/15/2005 444,547.88 90,975.34 353.572.54 3,578,178.85 12 07/15/2005 444,547.88 81,444.25 363,103.63 3.215,075.22 2005 Totals 889,095.76 172,419.59 716,676.17 13 01/15/2006 444,547.88 74,392.44 370,155.44 2,844,919.78 14 07/15/2006 444,547.88 64,754.27 379,793.61 2,465,126.47 2006 Totals 889,095.76 139,146.71 749,949.05 ~QiZO ' d ~~6568b Dl 21d 8S : b i 666 T 50 .lt1W ** E0'3Jtid ~ti101 ** t'1A7' 03 1999 10 33 FR CREDIT SERVICES UNIT 704 389 A1a5 TO 919199673881 P.03i03 _ .,, 05/03/1999 Page 2 ORANGE COUNTY Date Payment Interest Principal Balance 15 01/15!2007 444,547.88 57.039.64 387,508.24 2,077,617.93 16 07/15/2007 444,541.88 47,289.x3 397,258.45 1,680,359.48 2007 Totals 889,095.76 104,329.07 784,766.69 17 01/15/2008 444,547.88 38,881.22 405,666.66 1,274,692.82 18 07115/2008 444,547.88 29,174.05 415,373.83 859,318.99 2008 Totals 889,095.76 68,055.27 821,040.49 19 01/15/2009 444,547.88 19,883.46 424,664.42 434,654.57 20 07/15/2009 444,547.90 8,893.33 434,654.57 0.00 2009 Totals 889,095.78 29,776.79 859,318.99 Grand Totals 8,890,957.62 1,826,727.37 7,064,230.25 p~ipr~'~'IZAT-GN SCHEi~ULE DtSCLAtN1!`R The enc!oscd amor!ization schedule wasrprep~o d,onrhe ba~ish~V~ assumed thapayments wal d` f rr;oun wi!i aot'~"• ~CCUr3t3 if 2'ly Of t~~Z: G.: .B va.i_., -- -°~nt', rncsived on a different day ne 3 rccciv•:~ a ~ the same day ez_h ~r:o:,i;n: ii ~~1 r~a~:~,- the a.'`~Or:i'l~tion ',~• -t:c,c~ ~d ;o interest `nd Vrir:c'P='t cn t'r.- Icyn'r•~i;l very, tnerEby making r,~~~~;.; , .• mortization sGhsd~-:'e as 2n exarn- sc;;:';~'. i~,;;pp{icable. Accordingly. Pd~tiohsR~. ~: f,~r!ti.,~.5 :~ti3 a p;~ c;,l~•.:-d makes no repres~~ntati~n5liabititdio ,cite rEfo~ence on•this schedu soot! ~roageshe lo~r~ t•;atian56.:nk vxpress;y disc{c. Y resulting iresTl your reliance on this Schedule. ** TOTAt_ PAGE. e3 ** £0i~0'd ~~6S68b Ol 21d 85:bi 6661 50 ~IHW