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13 <br />8. OTHER TERNS AND CONDITIONS: <br />A. The Borrowers shall submit, on an annual basis, a corporate fed- <br />eral tax return and financial statement. <br />B. The loan is to be evidenced by a Note and Deed of Trust drawn <br />on standard Central Carolina Bank forms, which shall be signed <br />by the Borrower and contain such provisions and conditions as <br />we deem necessary to carry out the terms and conditions of this <br />commitment. <br />C. Immediately after closing, the Banks shall be furnished with a <br />Title Opinion by their attorney, showing the security interest <br />and only such exceptions as the Banks' approve. <br />D. All taxes, assesments, ground rents, and charges of every charac- <br />ter due and payable at closing will be paid in full. <br />E. Each residence shall be constructed strictly in accordance with <br />the plans and specifications which shall be submitted to and ap- <br />proved by the Banks. Any deviation therefrom must be approved <br />by the Banks in writing prior to any disbursement of funds. Con- <br />struction must progress in such a fashion and within such limits <br />of time to assure the Banks in their sole opinion that the resi- <br />dences shall be completed on or before the maturity date. The <br />Banks reserve the right to conduct such periodic inspections as <br />deemed necessary. <br />F. All expenses involved with the title examination, preparation <br />of Note, Deed of Trust, and other documentation required, are <br />to be paid by the Borrower. <br />G. As specifically provided by the Deed of Trust, this loan ".... <br />shall become due and payable forthwith if the party of the first <br />part shall convey said premises or if title thereto shall become <br />vested in another, in any manner whatsoever... ". In addition, <br />this commitment shall terminate and all construction mortgages <br />hereunder shall become due at the option of the Banks in the event <br />of the filing by the Borrower or against the Borrower a petition <br />in Bankruptcy or insolvency or in reorganization or the making <br />by the Borrower of an assignment for the benefit of creditors <br />or the filing of a petition for an arrangement by the Borrower <br />which is not withdrawn or dismissed, cancelled, and /or terminat- <br />ed before the closing date of this loan, or in the event the terms <br />and conditions of this commitment are not met as herein provided. <br />A default under any loan including this loan from the Banks to <br />the Borrower shall constitute a default under every other such <br />loan, including this loan. <br />