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'I'll )tenon no material change in management,' ership, membership or control of Borrower or any-.4c, transfer or conveyance, whether volr,ntery of .
<br />involuntary. of the property or any portion thereof.
<br />'F. fn enmply with and Perfonn each and every provision and condition of the construction loan commitment from the Bank as evidenced by the commitment
<br />letter 116 the Borrower dated . Any provision of the commitment lever to the contrary notwithstanding, the provisions of this Con-
<br />sln11:uun Iman Agreement shall in all respects be deemed controlling.
<br />In caw tit the happening of any of the following events (hereinaBer celled "Events of Default"):
<br />a. Any representation or warranty made herein shall prove to be false or misleading in any material respect.
<br />Is. .Any report, certificate, financial statement or other instnunenl furnished In con necdon with this Constrocdon Loan Agreement or rho borrowing hereunder
<br />shall prove to be false or misleading in any material respect;
<br />e Delimit In the payment of the principal or Interest on the Note, as and when due and payable;
<br />d Default shall he made with respect to any indebtedness (other than the Note) of the Borrower when due or the performance of any other obligation
<br />incunvd ill conucclion with any indebtedness for borrowed money of ate Borrower, if the effect of such default is to aecderale die maturity of such indebtedness;
<br />c. Iehah in die due observance or performance of any covenant, condition, or agreement on the part of the Borrower to be observed or performed pursuant
<br />116 the terms of this Construction Loan Agreement or the Deed of Trust;
<br />1 Borrower %hall voluntarily file a petition under the Federal Bankruptcy Act, as such Act may from time to time be amended, or under any almilar or
<br />.u%re.otr Pederal Statute relating to bankruptcy. Insolvency, arrangements or reorganizations, or under any state bankruptcy or Insolvency act, or file an
<br />am%%er in an involuntary proceeding admitting Insolvency or inability to pay debts, or if Borrower shall fail to obtain a vacation or gray of involuntary pro -
<br />vvedul9s brought for the reorganization, dissolution or liquidation of Borrower, or If Borrower shall be adjudged a bankrupt, or If a I.ta a In receiver shag
<br />Its- apl•tinled fur Borrower or Borrower's property, or If the property shall become subject to the jurisdiction of a Federal bankruptcy court or $toiler state
<br />ru11n. or if Burrower shall nuke an assignment for the benefit of Borrower's creditors, or If there Is an attachment, execution, or other judicial seizure
<br />of am purtiun or Borrower's assets and such seizure is not discharged within ten days;
<br />f. Final iudgemenl fur the payment of nroncy shall be rendered against the Borrower or a Guarantor, and the same shall remain undischarged for a period
<br />111 .111 .lays during which execution s�all not be effectively stayed;
<br />l I>,•anh of the Borrower If Borrower, is an Individual,
<br />1. 1 he Hunk should otherwise, deem itself, its security interest, or any debt hereunder unsafe or insecure or should the Bank believe In good faith that
<br />III-' prospect of paynhenl "or other performance is impaired.
<br />then. to any time dipreafter during the continuance of any such event, the Bank may, at its option, take any or all of the following actions, at the same
<br />ill dillcrctil lilacs: ,
<br />tit th•chvc the Note hi be forthwith due and payable, whereupon the Note shell become forthwith due and payable, both as to principal and Interest, without
<br />presrnutrenl. demand, protest, or other notice of any kind, all of which are hereby expressly wailed, anything contained herein or In the Note to the contrary
<br />nut%uhstanding, and/or
<br />bit rake immediate possession of the real property and personal property encumbered by the Deed of Trust and/or
<br />1 un ivr1ofm tiny work necessary to complete said improvements substantially In accordance with the pliers and specifications, and Borrower nitres and
<br />cun,uttmes the flank its true and lawful attorney -in -fact with fug power In the Property to complete the improvements In the name of Borrower, pay all
<br />trill, and expenses incurred thereby, (but In such event the Bank does not assume responsibility to pay bills owed by Borrower me the dme the Bank elects
<br />116 inks puyaession of the Property), and do all other acts on behalf of and In Borrower's name necessary or desirable for the project's completion, this power
<br />Iw1n9 a power coupled with an interest which cannot be revoked, and/or
<br />lien have a receiver appointed as a matter of right without regard to the solvency of the Borrower, for the purpose of preserving the property securing
<br />this hi.m, preventing waste, to protect the rights accruing to the Bank by virtue of this Concoction Loan Agreement, the Note, the Deed of Trust, and
<br />Io I -Dorn such activities referred to in subparagraph iii above and /or
<br />1% t • to'sue any and all remedies provided for hereunder and as provided in the Note and Deed of Trust.
<br />�u. :unls expended by the Bank pursuant to the provisions of this Paragraph 27 shall become pan of the Indebtedness secured by the Deed of Trust,
<br />.h.d! 1xm interest front date of dishursement at the rate provided in the Note, shall be payable upon demand and shall be secured by the Deed of Trust
<br />c%ro 1111611911 such sums. when added to previous advances to Borrower, shall exceed the face amount of the Note. The remedies provided in this paragraph
<br />shall tr in atkliii(m ur udter remedies provided by law and provided in this Conviction Loan Agreement, tie Noe, the Deed of Trust, or other ban doarmcmdon.
<br />'x- Iris- terms, provisions, conditions and requirements made and set forth herein are for the benefit of the parties hereto and to better define the terms of the
<br />1!6an, and in no event shall the Bank be construed to be BnrrOWer'a agent, and in no event Is the Bank assuming Borrower's responsibility for proper payments
<br />I'6 t 111rncror alul utters. It is specifically further intended that no party shall be a third party beneficiary hereunder eicept and unless h is specifically provided
<br />hvleln that tiny provision $hull uperate ur inure to die use and benefit of a third party; Le., no sub - contractor, no sub-subcontraclor or material supplier
<br />"Uh have am. rights hereunder against the Bank, or be entitled to protection of any of the covenants herein contained, although such parties may have recourse
<br />I's dw Itulrnwcr.
<br />" ul I,ulies w Ibis agreement hereby waive any requirement of written notation of any and all present or future advances of funds.
<br />^••!: ,01LA perch) ackou"Iedges receipt of a copy of this agreement and agrees to the ternu and conditions set out herein.
<br />n 1;5I ",ION1 WIIEREOF. each u tillers ignod individual party has hereunto set his hand and adopted as his seal rte word "SEAL" appearing beside or near
<br />:1. •1 :a1.r „uc, this. sealed instrument be executed and delivered on the day and year first above written.
<br />(SEAL)
<br />(SEAL)
<br />(SEAL)
<br />(SEAL)
<br />IP :iIINIONY WHEREOF. the undersigned corporate party has caused this Construction Loan Agreement to be pigned in its corporate name by its
<br />President :nod its curpmrale Seal to be hereto affixed and attested by its Secretary, all by authority of its Board of Directors
<br />d:. ci,%n: and iunsed this sealed instrument to be executed and delivered on the day and year first above written.
<br />t hk l'1 hL q'f l? ATTEST:
<br />By:
<br />NAME OF CORPORATION
<br />SECRETARY PRESIDENT
<br />-S l INIONY WHEREOF, the undersigned partnership has caused this Construction Loan Agreement to be signed in its partnership name and has adopted
<br />11 n, "';'1 lu• 1%10111 • •SEAL ' appearing beside or near its partnership name, this Mated instrument being executed and delivered on dre day and year first above wriaat.
<br />MX
<br />N:wK ul 113nnurship or Joint Venture
<br />General Partner
<br />bur htanagin9 General Partner)
<br />(SEAL) By;
<br />General Partner (SEAL)
<br />(SEAL) BY; (SEAL)
<br />General Partner
<br />Accepted as of the dale first herelnabove written
<br />CENTRAL CAROLINA BANK AND TRUST COMPANY, NATIONAL ASSOCIATION
<br />By
<br />Tide
<br />
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