1996 NS Deed of Trust and Security Agreement

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Drawn By and Return To: Stephen D. Poe, Esq. Bell, Davis & Pitt, P.A. P.O. Box 21029 Winston-Salem, North Carolina 27120-1029 STATE OF NORTH CAROLINA ) DEED OF TRUST AND COUNTY OF ORANGE ) SECURITY AGREEMENT COLLATERAL IS OR INCLUDES FIXTURES THIS DEED OF TRUST AND SECURITY AGREEMENT (this "Deed of Trust") is made and entered into as of the _th day of January, 1996, by and among THE COUNTY OF ORANGE, a political subdivision and body politic (the "Grantor") ; STEPHEN D. POE, a resident of Forsyth County, North Carolina (the "Trustee") ; and NATIONSBANK, N.A. , -a national banking association organized and existing under the laws of the United States, having an office in Chapel Hill, North Carolina (the "Beneficiary") . W I T N E S S E T H• WHEREAS, the Grantor is the owner of fee simple title to certain real property, situated in Orange County, North Carolina, and described on Exhibit A attached hereto and made a part hereof (the "Site") ; and WHEREAS, the Beneficiary has advanced or will advance to the Grantor a principal sum of TWO MILLION AND N01100 DOLLARS ($2, 000, 000.00) , pursuant to and in accordance with the terms and conditions of an Installment Purchase Contract of even date herewith (the "Contract") ; unless otherwise extended, the entire unpaid balance of the principal and interest payable by Grantor under the Contract shall be due and payable in full on or before January _, 2006. NOW, THEREFORE, to secure the payment of all sums due or to become due from the Grantor pursuant to the Contract and this Deed of Trust, and to secure the performance by the Grantor of all of its other obligations and covenants contained in the Contract and this Deed of Trust, the Grantor hereby gives, grants, sells, bargains and conveys to the Trustee, its successors and assigns, the Site, together with all structures, fixtures and other