Agenda - 12-20-94 - DOTrust - Laserfiche WebLink

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DRAFT#. for Discussion Purposes Drawn By and Return To: Cirlly 22//YI t — 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 (the "Deed of Trust") is made and entered into as of the _th day of January, 1994, 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 OF NORTH CAROLINA, 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, together with all rights, appurtenances, easements, privileges, remainders and reversions appertaining thereto, and being more particularly described on Exhibit A attached hereto and made a part hereof (the "Land" ) ; and WHEREAS, the Bank has advanced or will advance to the Grantor the outstanding principal sum of up to NINE MILLION, SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($9 , 600, 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 July 15, 2009 . 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,