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heTrO einafte HAVE r set AND fort TO h. HOLD said Premises with all privileges and appurtenances thereunto belonging,to said Trustee,his heirs,successors,and assigns forever,upon th e ,terms and con bons,and for the uses
<br /> lithe Grantor shall pay the Note secured hereby in accordance with its terms,together with interest thereon,and any renewals or extensions thereof in whole or in part,all other sums secured hereby and shall comply with
<br /> all of the covenants,terms and conditions of this Deed of Trust,then this conveyance shall be null and vold and may be cancelled of record at the request and the expense of the Grantor.If,however,there shall be any
<br /> default lal in the payment of any some due under the Note,this Deed of Trust or any other instrument securing the Note and such default is not cured within ten(10)days from the due date,or(b)if there shall be default in
<br /> any of the other covenants,terms or conditions of the Note secured hereby,or any failure or neglect to comply with the covenants,terms or conditions contained in this Deed of Trust or any other instrument securing the
<br /> Note and such default is not cured within fifteen(15)days after written notice,then and in any or such events,without further notice,it shall be lawful for and the duty of the Trustee,upon request of the Beneficiary,to sell
<br /> the land herein conveyed at public auction for cash,after having first giving such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law
<br /> and giving such notice and advertising the time and place of such sale in such manner as may then be provided by law,and upon such and any resales and upon compliance with the law then relating to foreclosure
<br /> • proceedings under power of sale to convey title to the purchaser in as full and ample manner as the Trustee is empowered.The Trustee shall be authorized to retain an attorney to represent him in such proceedings.
<br /> The proceeds of the Sale shall after the Trustee retains his commission,together with reasonable attorneys fees Incurred by the Trustee in such proceeding,be applied to the costs of s ale,including,but not limited to,costs
<br /> of collection,taxes,assessments,costs of recording,service fees and incidental expenditures,the amount due on the Note hereby secured and advancements and other sums expended by the Beneficiary accurding to he
<br /> provisions hereof and otherwise as required by the then existing law relating to foreclosures.The Trustee's commission shall be five percent(5%)of the gross proceeds of the sale or the minimum sum of S
<br /> whichever is greater,for a completed foreclosure.in the event foreclosure is commenced,but not completed,the Grantor shall pay all expenses incurred by Trustee,including reasonable attomeys fees,and a partial
<br /> commission computed on five per cent(5%)of the outstanding indebtedness or the above stated minimum sum,whichever is greater,in accordance with the followings schedule,to-wit:one.fourth P/,)thereof before the Trustee
<br /> _ issues notice of hearing on the right to foreclosure;one.halrlAl thereof after Issuance of said notice;three-fourths N/I[hereof after such hearing;and the greater of the full commission or minimum sum after the initial sale.
<br /> And the said Grantor does hereby covenant and agree with the Trustee as follows:
<br /> 1,INSURANCE.Grantor shall keep all improvements on said land,now or hereafter erected,constantly Insured for the benefit of the Beneficiary against loss by f ire,windstorm and such other casualties and contingent--c c,
<br /> in such manner and in such companies and for such amounts,not less than that amount necessary a pay the sum secured by this Deed of Trust,and as may be satisfactory to the Beneficiary.Grantor shall purchase such
<br /> insurance,pay all premiums therefor,and shall deliver to Beneficiary such policies along with evidence of premium payment as long as the Note secured hereby remains unpaid.If Grantor fails to purchase such insurance,the
<br /> principal of het Noessecoured by this Deed of Trust,along and thall bed a payment fe demand of Beneficiary.All proceeds from any insurance sosmaf toned shall at he amounts tion of paid
<br /> eneciar bBeneficiary shall be added to the debt secured
<br /> hereby and if payable in Installments,applied in the inverse order of and of such installments or to the repair or reconstruction of any option Beneficiary applied
<br /> hereby p ya pp maturity y'mprovemenls located upon the Property.
<br /> 2.TAXES,ASSESSMENTS.CI IARGLS..Grantor shall pay all taxes assessments and rharges,wmay be lawfully levied against said Pnnnhec wihin,hiay HIP days after the.,um'sirul1 tier time due'In he,•,rn I1.et(,1.1111,,,
<br /> fails to so pay all taxes,assessments and charges as herein required,thensBeneilcwry,at his option,may pay the same and the amounts so paid shall be added to the principal of the Note ses teed by the Decd of I iuv,and
<br /> shall be due and payable upon demand of Beneficiary,
<br /> 3,ASSIGNMENTS OF RENTS AND PROFITS.Grantor assigns to Beneficiary,in the event of default,all rents and profits from the land and any improvements thereon,and authorizes Beneficiary to enter upon and take possession
<br /> of such land and improvements,to rent same,at any reasonable rate of rent determined by Beneficiary,and after deducting from any such rents the cost of reletting and collection,to apply the remainder to the debt secured hereby.
<br /> 4.PARTIAL RELEASE.Grantor shall not be entitled to the partial release of any of the above described property unless a specific provision providing therefor is included in this Deed of Trust.In the event a partial release
<br /> provision is included in this Deed of Trust,Grantor must strictly comply with the terms thereof.Notwithstanding anything herein contained,Grantor shall not be entitled to any release of property unless Grantor is not in
<br /> -- default and is in full compliance with all of the terms and previsions of the Note,this Deed of Trust,and any other instrument that may be securing said Note.
<br /> 5.WASTE.The Grantor covenants that he will keep the Premises herein conveyed In as good order,repair and condition as they are now,reasonable wear and tear excepted,and will comply with all pv,omn,ental
<br /> requirements respecting the Premises or their use,and that he will not commit or permit any waste.
<br /> 6.CONDEMNATION.In the event that any or all of the Premises shall be condemned and taken under the powerof eminent domain,Grantee shall give immediate written notice to Beneficiary and Beneficiary shall have
<br /> the right to receive and collect all damages awarded by reason of such taking,and the right to such damages hereby is assigned to Beneficiary who shall have the discretion to apply the amount so received,or any part
<br /> thereof,to the indebtedness due hereunder and if payable in installments,applied in the inverse order of maturity of such installments,or to any alteration,repair or restoration of the Premises by Grantor.
<br /> 7,WARRANTIES.Grantor covenants with Trustee and Beneficiary that he is seized of the Premises in fee simple,has the right to convey the same in fee simple,that title is marketable and free and clear of all encumbrances,
<br /> and that he will warrant and defend the title against the lawful claims of all persons whomsoever,except for the exceptions hereinaftersrated.Title to the property hereinabove described is subject to the following exceptions:
<br /> Easements and restrictions of record.
<br /> 8.SUBSTITUTION OF TRUSTEE.Grantor and Trustee covenant and agree to and with Beneficiary that in case the said Trustee,or any successor trustee,shall die,become incapable of act ing.renounce his trust,or for any
<br /> reason the ed to all l rights,powers and duties of the Trustee.
<br /> © THE FOLLOWING PARAGRAPH,9.SALE OF PREMISES,SHALL NOT APPLY UNLESS THE BLOCK TO THE LEFT MARGIN OF THIS SENTENCE IS
<br /> MARKED AND/OR INITIALED.
<br /> 9.SALE OF PREMISES.Grantor agrees that if the Premises or any part thereof or interest therein is sold,assigned,transferred,conveyed or otherwise alienated by Grantor,whether voluntarily or involuntarily or by
<br /> operation of law[other than:(if the creation of a lien or other encumbrance subordinate to this Deed of Trust which does not relate to a transfer of rights of occupancy in the Premises;(ii)the creation of a purchase money
<br /> security interest for household appliances;(kit a transfer by devise,descent,or operation of law on the death of a joint tenant or tenant by the entirety;Ire)the grant of a leasehold Interest of three(3)years or less not contain-
<br /> ing an option to purchase;(via transfer to a relative resulting from the death of a Grantor;lvi)a transferwhere the spouse orchildren of the Grantor become the owner of the Premises;lviil a transfer resulting from a decree of
<br /> a dissolution of marriage,legal separation agreement,or from an incidental property settlement agreement,by which the spouse of the Grantor becomes an owner of the Premises;(veil)a transfer into an inter vivos trust in
<br /> •
<br /> • which the Grantor is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the Premises],without the prior written consent of Beneficiary,Beneficiary,at its own option,may declare the
<br /> Note secured hereby and all other obligations hereunder to be forthwith due and payable.Any change in the legal or equitable title of the Premises or In the beneficial ownership of the Premises,including the sale,
<br /> conveyance or disposition of a majority interest in the Grantor if corporation or partnership,whether or not of record and whether or not forconsideration,shall be deemed to be the transfer of an interest in the Premises.
<br /> 10.ADVANCEMENTS.If Grantor shall fail to perform any of the covenants or obligations contained herein or in any other instrument given as addhlonel security for the Note secured hereby,the Beneficiary may,but without
<br /> 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
<br /> 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.
<br /> 11.INDEMNITY.If any suit or proceeding he brought against he Trustee:or Beneficiary or if any suit or proceeding be brought which may afhet the value or title of the Premis,•s,Grantor shall defend,i,demmfy amt hold
<br /> h rml n s d u d v,,d reimburse Trustee or Beneficiary from any loss,cost,damage or expense and any ruins expended by Trustee or genoticiury shall bear interest,ss provided in the Note soured hereby for sums dues
<br /> after default and shall he due and payable on demand.
<br /> 12.WAIVERS.Grantor waives all rights to require marshalling of assets by the Trustee or Beneficiary.No delay or omission of he Truster or Beneficiary in he exercise of any right,power co remedy arising under he Note
<br /> or this Deed of Trust shall be deemed a waiver of any default or acquiescence therein or shall impair a the exercise of such right,power or remedy by Trustee or Beneficiary at any other fine.
<br /> 13.CIVIL ACTION.In the event that the Trustee is named as a party to any civil action as Trustee i in ohisaDeed of Trust,the Trustee shall he entitled to employ an attorney at law,including himself if he is a licensed
<br /> agency,to represent him in said action and the reasonable attorney's fee of the Trustee in such action shall be paid by the Beneficiary and added to the principal of the Note secured by this Deed of Trust and bear interest at
<br /> the rate provided in the Note for trims due after default.
<br /> 14.PRIOR LIENS.Default under the terms of any instiumvnt secured bye hen to which this(]vest of Trust is subordinate shall constitute default hereunder.
<br /> 15.OTHER TERMS.
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<br /> IN WITNESS WHEREOF,the Grantor has hereunto set his hand and seal,or i£corporate,has caused this instrument to be signed in its corporate name by its duly authorized officers and its seal to be hereunto affixed by
<br /> authority of its Board of Directors,the day and year first above written.
<br /> (Corporate Name) a.
<br /> ORANGE COUNTY, NORTH CAROLINA O (SEAL)
<br /> •
<br /> By' = (SEAL)
<br /> President
<br /> ATTEST: m (SEAL)
<br /> Secretary(Corporate Seal) (SEAL)
<br /> •
<br /> SEAL-STAMP NORTH CAROLINA, County,
<br /> Y
<br /> _= I,a Notary Public of the County and state aforesaid,certify that
<br /> A
<br /> Grantor,
<br /> personally appeared before me this day and acknowledged the execution of the foregoing instrument.Witness my hand and
<br /> • official stamp or seal,this day of ,19
<br /> •
<br /> t y - My Commission expires: • _ _ Notary Public
<br /> • SEAL-STAMP NORTH CAROLINA, County.
<br /> I,a Notary Public of the County and state aforesaid,certify that
<br /> •
<br /> personally appeared before me this day and acknowledged that_he is Secretary of
<br /> a North Carolina corporation,and that by authority duly
<br /> El given and as an act of the corporation,the foregoing instrument was signed in its name by its
<br /> President,sealed with its corporate seal and attested by as its Secretary,
<br /> Witness my hand and official stamp or seal,this day of ,19
<br /> My Commission expires: Notary Public
<br /> •
<br /> - The foregoing Certificate(s)of •
<br /> is certified to be correct.This instrument and this certificate are duly registered at the date and time and in the Book and Page shown on the first page hereof,
<br /> REGISTER OF DEEDS FOR COUNTY
<br /> gy Deputy/Assistant-Register of Deeds.
<br /> N.C.Bar Assoc,Form No.5©1976,Revised©September 1985•Printed by Agreement with the N.C.Bar Assoc.—1981•James Williams&Co.,Inc.•Box 127•Yadkinyille,NC 27055
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