Orange County NC Website
Browse       Search
2 . 5 Security Interest in Fixtures. This Deed of Trust is <br /> intended to be a security agreement pursuant to the North Carolina <br /> Uniform Commercial Code for that portion of the Mortgaged Property <br /> constituting fixtures under North Carolina law (the "Fixtures") . <br /> The Grantor hereby grants to the Beneficiary and the Deed of Trust <br /> Trustee a security interest in the Fixtures securing the <br /> Obligations . The Grantor agrees to execute, deliver and file, or <br /> cause to be filed, in such place or places as may be required by <br /> law, financing statements (including any continuation statements <br /> required by the North Carolina Uniform Commercial Code) in such <br /> form as the Beneficiary may require to perfect the security <br /> interest hereunder. Upon the occurrence of an Event of Default <br /> under this Deed of Trust, the Beneficiary or Deed of Trust Trustee <br /> shall be entitled to exercise all rights and remedies of a secured <br /> party under the North Carolina Uniform Commercial Code and may <br /> proceed as to the Fixtures in the same manner as provided herein <br /> for the real property. <br /> 2 . 6 Grantor and Lien Not Released. The Grantor agrees that <br /> its obligations to the Beneficiary will not be diminished, and the <br /> responsibility and liability of the Grantor (or any successor <br /> thereto) to the Beneficiary for the complete performance of each of <br /> the Grantor's obligations hereunder or under the Bonds, the <br /> Additional Bonds, the Trust Indenture, or any other documents <br /> submitted by the Grantor to the Beneficiary in connection with the <br /> obligations secured hereby shall not be released, regardless of any <br /> (a) release by the Beneficiary of any of the Grantor' s successors <br /> in title to all or any part of the Mortgaged Property from <br /> liability on the Bonds, the Additional Bonds, or any other <br /> liability of the Grantor to the Beneficiary, (b) extension of time <br /> for payment of all or any part of the obligations hereby secured, <br /> (c) release by the Beneficiary of any portion of the Mortgaged <br /> Property from the lien and security title hereof, (d) subordination <br /> of lien, (e) any forbearance to collect on the Bonds or other <br /> liability of the Grantor to the Beneficiary, (f) waiver of any <br /> right granted or remedy available to the Beneficiary or (g) action <br /> or omission by the Beneficiary. <br /> 2 . 7 Payment of Costs, Attorneys' Fees and Exioenses. To the <br /> extent permitted by law, the Grantor shall pay, or cause to be <br /> paid, from funds available to the Grantor pursuant to this Deed of <br /> Trust, and the Trust Indenture, any and all costs, reasonable <br /> attorneys' fees and other expenses of whatever kind incurred by the <br /> Beneficiary in connection with (a) obtaining possession of the <br /> Mortgaged Property, (b) the protection and preservation of the <br /> Mortgaged Property, (c) the collection of any sum or sums secured <br /> hereby, (d) any litigation involving the Mortgaged Property, this <br /> Deed of Trust, any benefit accruing by virtue of the provisions <br /> hereof, or the rights of the Beneficiary, (e) the presentation of <br /> any claim to be filed under any administrative law, (f) any <br /> additional examination of the title to the Mortgaged Property that <br /> may reasonably be required by the Beneficiary, or (g) taking any <br /> steps whatsoever in enforcing this Deed of Trust, claiming any <br /> 4 <br />