2001 S Purchasing - Public Hearing on Installment Contract to Purchase Land Seven Mile Creek Preserve (Mayes' Hill, Ltd.)

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6. ADVANCEMENTS. If Grantor shall fail to perform any of the covenants or obligations contained herein or in any other instrument given as additional security for the Note secured hereby, the Beneficiary may, but without obligation, make advances to perform such covenants or obligations, and all such sums so advanced shall be added to the principal sum, shall bear interest at the rate provided in the Note secured hereby for sums due after default and shall be due from Grantor on demand of the Beneficiary. No advancement or anything contained in this paragraph shall constitute a waiver by Beneficiary or prevent such failure to perform from constituting an event of default. 7. WAIVERS. Grantor waives all rights to require marshalling of assets by the Trustee or Beneficiary. No delay or omission of the Trustee or Beneficiary in the exercise of any right, power or remedy arising under the Note or this Deed of Trust shall be deemed a waiver of any default or acquiescence therein or shall impair or waive the exercise of such right, power or remedy by Trustee or Beneficiary at any other time. 8. TAX COMPLIANCE. The Grantor shall not take, permit or omit to take any action the taking, permitting or omission of which would cause its payment obligations under the Note to be "arbitrage bonds" or "private activity bonds" within the meaning of the Code, or otherwise adversely affect the exclusion from gross income for federal income tax purposes of interest on the Note to which such interest would otherwise be entitled. If the Grantor should take, permit or omit any such action, then the Grantor shall take all lawful actions within its power necessary to rescind or correct such actions or omissions promptly upon the Grantor's having knowledge thereof. For the purposes of this paragraph, "Code" means the United States Internal Revenue Code of 1986, as amended through the delivery date of the Note, and includes applicable Treasury regulations. 9. NO DEFICIENCY. AS SET FORTH ABOVE, THIS DEED OF TRUST SECURES AN OBLIGATION OF THE GRANTOR FOR THE UNPAID PURCHASE PRICE FOR REAL PROPERTY ACQUIRED UNDER THE AUTHORITY OF NORTH CAROLINA GENERAL STATUTE SECTION 160A -20, WHICH OBLIGATION IS EVIDENCED BY THE NOTE. AS PROVIDED IN THE NOTE, NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE GRANTOR IN ANY ACTION TO ENFORCE THE RIGHTS OF THE HOLDER OF THE NOTE, THE TRUSTEE OR THE BENEFICIARY HEREUNDER OR, UNDER THE NOTE OR PURSUANT TO. THE OBLIGATION OF THE GRANTOR TO PURCHASE THE PREMISES, AND THE TAXING POWER OF THE GRANTOR IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS DUE UNDER THE NOTE, THIS DEED OF TRUST OR THE GRANTOR'S OBLIGATION TO PURCHASE REAL PROPERTY IN CONNECTION WITH THIS TRANSACTION. IN WITNESS WHEREOF, the Grantor has caused this instrument to be executed by its elected Chair and attested by its Clerk by authority of its Board of Commissioners, the day and year first above written.