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N.C.G. S . § 45-67, et seq. , and shall secure any and all present and <br /> future obligations which Grantor now or may hereafter owe to the <br /> Beneficiary (but in no event incurred more than fifteen (15) years <br /> after the date hereof) , including without limitation, any future <br /> loans and advances made by the Beneficiary pursuant to the Contract <br /> to or for the benefit of Grantor, up to a maximum aggregate amount <br /> of principal indebtedness outstanding at any one time of NINE <br /> MILLION, SIX HUNDRED THOUSAND DOLLARS ($9 , 600, 000 . 00) . The amount <br /> of present obligations of Grantor to the Beneficiary secured hereby <br /> is $ as of the date hereof, and the amount of all <br /> present and future principal obligations of Grantor to the <br /> Beneficiary secured hereby is in the sum of $9 , 600, 000 . 00, plus <br /> interest, costs and advances made by the Beneficiary to protect or <br /> preserve the Property or the lien hereof thereon, or for taxes, <br /> assessments or insurance premiums as herein provided. Pursuant to <br /> N.C.G.S . § 45-68 (2) , Grantor and the Beneficiary agree that at the <br /> time each obligation is incurred, it shall not be necessary for <br /> each such obligation to be evidenced by any written instrument or <br /> notation signed by Grantor and stipulating that such obligation is <br /> secured by this Deed of Trust. <br /> 1 .2 Performance of Contract Documents . The Grantor shall <br /> pay all sums, including all principal and interest, which become <br /> due under the Contract, and the Grantor shall observe and perform <br /> all covenants, conditions and agreements contained in the Contract <br /> and this Deed of Trust and any amendments and supplements thereto <br /> or hereto. <br /> 1.3 Title. The Grantor represents that it is seized of the <br /> entire interests in the Land in fee simple, that it has the right <br /> to convey the same in fee simple, that title is marketable and free <br /> and clear of all encumbrances except for that certain Lease, dated <br /> as of January _, 1995 (the "Lease" ) of the Property by the Grantor <br /> to The Chapel Hill-Carrboro City Board of Education (the "Board of <br /> Education" ) , and the Permitted Encumbrances (as hereinafter <br /> defined) , and that it will warrant and defend the title against the <br /> claims of all persons whomsoever. <br /> 1 .4 Maintenance and Modification of Property by Grantor. <br /> Neither the Beneficiary nor the Trustee shall be under any <br /> obligation to operate, maintain or repair the Property. The <br /> Grantor agrees that until payment of the Contract, and full <br /> compliance with the provisions of this Deed of Trust it will (a) <br /> keep, or cause to be kept, the Property in as reasonably safe <br /> condition as its operations will permit and (b) keep, or cause to <br /> be kept, the Property in good repair and in good operating <br /> condition and make, or cause to be made, from time to time all <br /> necessary repairs thereto and renewals and replacements thereof. <br /> The Grantor will not permit or suffer others to commit a nuisance <br /> in connection with the use or occupancy of the Property. The <br /> Beneficiary may, at any time, during normal business hours, cause <br /> an inspection to be made of the Property by its representatives, <br /> and such representatives shall be permitted reasonable access to <br /> the Property and every part thereof. If any such inspection shows <br /> the need of restoration, repairs or maintenance and the Beneficiary <br /> 3 <br />