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WHEREAS, as required by NCGS Section 160A-20, and permitted by the terms of the <br />2011A Deed of Trust, the County desires to pledge the WE Site and all improvements thereon as <br />additional collateral subject to the lien of the 2011A Deed of Trust; <br />WHEREAS, after the addition of the WE Site as substitute collateral subject to the lien of <br />the 2011A Deed of Trust, the County desires to implement the process provided in the 2011A <br />Deed of Trust to effect the release of the MPMS Site from the lien of the 2011A Deed of Trust; <br />WHEREAS, the Board of Commissioners desires to approve the <br />substitution/modification of the collateral subject to the lien of the 2011A Deed of Trust that <br />secures the 2011A LOBS and to authorize various other actions in connection therewith; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br />Section 1. All actions taken by or on behalf of the County to date to effectuate the <br />proposed substitution/modification of the collateral subject to the lien of the 2011A Deed of <br />Trust are hereby ratified, approved and authorized. <br />Section 2. The Board of Commissioners hereby finds and confirms for purposes of <br />Section 1.14 of the 2011A Deed of Trust that (i) the insured value of the WE Site ($22,456,462) <br />that will remain subject to the lien of the 2011A Deed of Trust after the release of the MPMS <br />Site is not less than fifty percent (50%) of the aggregate principal component of the Installment <br />Payments relating to the Outstanding 2011A LOBS ($7,317,500.00); (ii) the assessed tax <br />valuation of the WE Site ($13,247,710) that will remain subject to the lien of the 2011A Deed of <br />Trust after the release of the MPMS Site is not less than fifty percent (509/6) of the aggregate <br />principal component of the Installment Payments relating to the Outstanding 2011A LOBS <br />($7,317,500.00); (iii) the release of the MPMS Site from the lien of the 2011A Deed of Trust will <br />not prohibit the County's ingress, egress and regress to the WE Site, or materially interfere with <br />the use of the WE Site and (iv) the County will be responsible and pay for all expenses in <br />connection with the addition of the WE Site to, and release of the MPMS Site from, the lien of <br />the 2011A Deed of Trust and all related matters. <br />Section 3. The addition of the WE Site to the collateral securing the 2011A Deed of <br />Trust and the lien thereof, and thereafter the release of the MPMS Site from the collateral <br />securing the 2011A Deed of Trust and the lien thereof, are hereby approved. The Trustee of the <br />3 Attachment number 1 \n <br />F-11 Page 134 <br />