Agenda - 11-16-1993 - VIII-A (2)

Browse Search

S 2_ Mortgaged Property in violation of any applicable environmental laws, rules, regulations or orders, whether or not the same originates or emanates from the Mortgaged Property, the Grantor will comply with all of the requirements of all laws, rules, regulations and others relating to the remediation thereof. If the Grantor fails to do so, then the Beneficiary may at its election, but without the obligation to do so, (i) give notices, (ii) cause such work to be performed at the Mortgaged Property, or (iii) take any and all other actions as the Beneficiary shall deem necessary or advisable in order to abate, remove and clean up the Hazardous Materials or otherwise cure the Grantor' s non-compliance. Any amounts disbursed by the Beneficiary pursuant to provisions of this paragraph 4 .2 shall be payable by the Grantor on demand and shall be secured by this Deed of Trust . 4 .3 Construction of Deed of Trust . This Deed of Trust shall be construed to impose and confer upon the Grantor, the Deed of Trust Trustee and the Beneficiary all duties, rights and obligations prescribed in Article 2A of Chapter 45 of the North Carolina General Statutes as in effect on the date hereof . SECTION 5 Release of Mortgaged Property The Deed of Trust Trustee may release all or any part of the Mortgaged Property from the lien and security interest of this Deed of Trust only as provided in the Indenture. SECTION 6 The Deed of Trust Trustee 6 . 1 The Deed of Trust Trustee shall be under no duty to take any action hereunder except as expressly required, or to perform any act that would involve him in expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to his satisfaction. All reasonable expenses, charges, counsel fees and other disbursements incurred by the Deed of Trust Trustee in and about the administration and execution of the trusts hereby created and the performance of his duties and powers hereunder shall be paid, or caused to be paid, by the Grantor on demand, shall be secured by this Deed of Trust, and shall bear interest at the rate of 10% per annum. The Beneficiary shall have the right to remove the Deed of Trust Trustee herein named at any time without notice or cause and to appoint his successor by an instrument in writing, by duly recording such written instrument in the Office of the Register of Deeds of Orange County, North Carolina, and in the event of the death or resignation of the Deed of Trust Trustee herein named, the Beneficiary shall have the right to appoint his successor by recordation of such written instrument, 7