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DRAWN BY AND RETURN TO:
<br />STATE OF NORTH CAROLINA
<br />INSTALLMENT PURCHASE DEED OF TRUST
<br />COUNTY OF ORANGE
<br />THIS INSTALLMENT PURCHASE DEED OF TRUST (the "Deed of
<br />Trust ") made this day of , 1991, by and between
<br />ORANGE COUNTY, NORTH CAROLINA, whose address is
<br />North
<br />Carolina (hereinafter referred to as the "Grantor ");
<br />whose address is
<br />North Carolina
<br />(hereinafter referred to as the "Trustee "); and VINTON A.
<br />HOYLE, JR. and wife, MARTHA G. HOYLE, whose address is
<br />North Carolina
<br />(hereinafter referred to as the "Beneficiary "). The designation
<br />Grantor, Trustee, and Beneficiary as used herein shall include
<br />said parties, their heirs, successors, and assigns, and shall
<br />include singular, plural, masculine, feminine or neuter as
<br />required by context.
<br />W I T N E S S E T H:
<br />WHEREAS, under the authority of North Carolina General.
<br />Statutes Section 160A -20, the Grantor has delivered to the
<br />Beneficiary its Installment Purchase Promissory Note of even date
<br />(the "Note ") in the principal sum of $302,500, the terms of which
<br />are incorporated herein by reference, as a part of the payment of
<br />the purchase price for real property purchased from the
<br />Beneficiary. The final due date for payment of the Note, if not
<br />sooner paid, is , 1996.
<br />NOW, THEREFORE, as security for the Grantor's obligation
<br />under the Note and other valuable consideration, the receipt of
<br />which is hereby acknowledged, the Grantor has bargained, sold,
<br />given, granted and conveyed and does by these presents bargain,
<br />sell, give, grant and convey to said Trustee, his heirs, or
<br />successors, and assigns, the parcel(s) of land situated in the
<br />City of , Township, Orange County, North
<br />Carolina, (the "Premises ") and more particularly described as
<br />follows:
<br />SEE EXHIBIT A ATTACHED HERETO AND
<br />INCORPORATED HEREIN BY REFERENCE
<br />AND MADE A PART HEREOF
<br />TO HAVE AND TO HOLD said Premises with all privileges and
<br />appurtenances thereunto belonging to said Trustee, his heirs,
<br />successors, and assigns forever, upon the trusts, terms and
<br />conditions, and for the uses hereinafter set forth.
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