Orange County NC Website
Browse       Search
3. That the Regulatory Agreement, executed by the Grantor and <br /> the Beneficiary, which is being recorded simultaneously herewith, is <br /> incorporated in and made a part of this Deed of Trust. Upon default <br /> under the Regulatory Agreement, the Beneficiary, at his/her option, <br /> may declare the whole indebtedness secured to be due and payable; <br /> 4. That all rents, profits and income from the property <br /> covered by the Deed of Trust are hereby assigned to the Beneficiary <br /> for the purpose of discharging the debt hereby secured. Permission is <br /> hereby given to Grantor so long as no default exists hereunder, to <br /> collect such rents, profits and income for use in accordance with the <br /> provisions of the Regulatory Agreement; <br /> 5. That upon default hereunder Beneficiary shall be entitled <br /> to the appointment of a receiver by any court having jurisdiction <br /> without notice, to take possession and protect the property described <br /> herein and operate same and collect the rents, profits and income <br /> therefrom; <br /> 6. That at the option of the Grantor the principal balance <br /> secured hereby may be adjusted on terms acceptable to the Beneficiary, <br /> if partial prepayment results from an award in condemnation in <br /> accordance with provisions of Paragraph 8 herein, or from an insurance <br /> payment made in accordance with provisions of Paragraph 7 herein, <br /> where there is a resulting loss of project income; <br /> 7. That the Grantor will keep the improvements now existing or <br /> hereafter erected on the deeded property insured against loss by fire <br /> and such other hazards, casualties, and contingencies, as may be <br /> stipulated by the Beneficiary, and all such insurance shall be <br /> evidenced by standard Fire and Extended Coverage Insurance Policy or <br /> Policies, in amounts not less than necessary to comply with the <br /> applicable Coinsurance Clause percentage, but in no event shall the <br /> amounts of coverage be less than eighty (80a) percent of the Insurable <br /> Values or not less than the principal sum of the Deed of Trust, <br /> whichever is the lesser, and in default thereof the Beneficiary shall <br /> have the right to effect insurance. Such policies shall be endorsed <br /> with standard Mortgagee Clause with loss payable to the Beneficiary, <br /> and shall be deposited with the Beneficiary; <br /> 1/00 <br /> 4 <br />