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!. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined)
<br />secured by this Deed of Trust at any one time shall not exceed $ .L9A,.ODQ.OQ ................................
<br />This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, Jvn
<br />attorneys' fees and other charges validly made pursuant to this Deed of Trust and does not apply to advances
<br />(or interest accrued on such advances) made under the terms of this Deed of Trust to protect Lender's
<br />security and to perform any of the covenants contained in this Deed of Trust. Future advances are
<br />contemplated and, along with other future obligations, are secured by this Deed of Trust even though all or
<br />part may not yet be advanced. Nothing in this Deed of Trust, however, shall constitute a commitment to
<br />snake additional or future loans or advances in any amount. Any such commitment would need to be agreed to
<br />in a separate writing.
<br />~. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all
<br />extensions, renewals, modifications or substitutions (Evidence of Debt) :......................................
<br />.................................................................................................................... . .............
<br />.The . fatal . amount..of..present . indebtedness..secured.heseby..is..$190.> QOA..OA.............
<br />..................................................................................................................................
<br />..................................................................................................................................
<br />(e.g., borrower's name, note amount, note date, interest rate, maturity date)
<br />B. All future advances from Lender to Grantor or other future obligations of Grantor to Lender under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or executed within fifteen
<br />years after the date of this Deed of Trust whether or not this Deed of Trust is specifically referred to in
<br />the evidence of debt. This Deed of Trust is intended to comply with the provisions of Article 7,
<br />Chapter 45 NCGS.
<br />C. All obligations Grantor owes to Lender, which now exist or may later azise, to the extent not
<br />prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account
<br />agreement between Grantor and Lender.
<br />D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Lender
<br />under the terms of this Deed of Trust, plus interest at the highest rate in effect, from time to time, as
<br />provided in the Evidence of Debt.
<br />E. Grantor's performance under the terms of any instrument evidencing a debt by Grantor to Lender and
<br />any Deed of Trust securing, guarantying, or otherwise relating to the debt.
<br />If more than one person signs this Deed of Trust as Grantor, each Grantor agrees that this Deed of Trust will
<br />secure all future advances and future obligations described above that are given to or incurred by any one or
<br />more Grantor, or any one or more Grantor and others. This Deed of Trust will not secure any other debt if
<br />Lender fails, with respect to such other debt, to make any required disclosure about this Deed of Trust or if
<br />Lender fails to give any required notice of the right of rescission.
<br />5. PAYMENTS. Grantor agrees to make all payments on the Secured Debt when due and in accordance with
<br />the terms of the Evidence of Debt or this Deed of Trust.
<br />6. WARRANTY OF TITLE. Grantor covenants that Grantor is lawfully seized of the estate conveyed by this
<br />Deed of Trust and has the right to irrevocably grant, wnvey and sell to Trustee, in trust, with power of sale,
<br />the Property and warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. CLAIMS AGAINST TITLE. Grantor will pay ail taxes, assessments, liens, encumbrances, lease payments,
<br />ground rents, utilities, and other charges relating to the Property when due. Lender may require Grantor to
<br />provide to Lender copies of all notices that such amounts are due and the receipts evtdenctng Grantor's
<br />payment. Grantor will defend title to the Property against any claims that would impart the lien of this Deed
<br />of Trust. Grantor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses which
<br />Grantor may have against parties who supply labor or materials to improve or maintain the Property.
<br />8. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, or security agreement
<br />or other lien document that created a prior security interest or encumbrance on the Property and that may
<br />have priority over this Deed of Trust, Grantor agrees:
<br />A. To make all payments when due and to perform or comply with all covenants.
<br />B. To promptly deliver to Lender any notices that Grantor receives from the holder.
<br />C. Not to make or permit any modification or extension of, and not to request or accept any future
<br />advances under any note or agreement secured by, the other mortgage, deed of trust or security
<br />agreement unless Lender consents in writing.
<br />9. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured
<br />Debt to be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or
<br />contract for any of these on the Property. However, if the Property includes Grantor's residence, this section
<br />shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of
<br />this section, the term "Property" also includes any interest to all or any part of the Property. This covenant
<br />shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Deed of
<br />Trust is released.
<br />10. TRANSFER OF AN INTEREST IN THE GRANTOR. If Grantor is an entity other than a natural person
<br />(such as a corporation or other organization), Lender may demand irntnediate payment if (I) a beneficial
<br />interest in Grantor is sold or transferred; (2) there is a change in either the identity or number of members of
<br />a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting
<br />stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if
<br />it is prohibited by law as of the date of this Deed of Trust.
<br />11. ENTITY WARRANTIES AND REPRESENTATIONS. If Grantor is an entity other than a natural person
<br />(such as a corporation or other organization), Grantor makes to Lender the following wazranties and
<br />representations which shall be continuing as long as the Secuted Debt remains outstanding:
<br />A. Grantor is an entity which is duly organized and validly existing in the Grantor's state of incorporation
<br />(or organization). Grantor is in good standing in all states in which Grantor transacts business. Grantor
<br />has the power and authority to own the Property and to carry on its business as now being conducted
<br />and, as applicable, is qualified to do so in each state in which Grantor operates.
<br />page 2 oI7
<br />r--~I-~'~ ®7993 Br,kan Sy>tam>, IrK.. SL CI"W, MN Form AO/CO-DT-NC 9/22/2001
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