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t n% permit no material change in ma 16
<br />membership or control of Borrower or anyr4e, transfer or conveyance, whether voluntary or �6
<br />mr lu ran'. of the property or any portion thereof.
<br />76 rn comply with and perform each and every provision and condition of the construction loam commitment from the Bank as evidenced by the commitment
<br />Ie11cr i l l the Loan dated . Any provision of the eOmntitment letter to the contrary notwithstanding, the provisions of this Con -
<br />trtx ritm I ran Agreement shall in all respects be deemed controlling,
<br />III cane of the happening of any of the following events (hereinafter called "Events of Default "):
<br />a .any representation or warranty made herein shall prove to be false or misleading in any material respect.
<br />h Ally report, certificate, financial statement or other instrument furnished in connoWoe with this Consuvalon Loan Agreement or the borrowing hereunder
<br />.hi ill prove to be false or misleading in any material respect;
<br />I)cIatlh in the payment of the principal or interest on the Note, as and when due and payable;
<br />! Dehlilt 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 />rnt erred in connection with any indebtedness for borrowed money of the Borrower, if the effect of such default is to accelerate the maturity of such indebtedness;
<br />c. Oc Iau It in the due Observance or performance of any covenant, condition, or agreement on the pan of the Borrower to be observed or performed pursuant
<br />its 'he rcrms of this Construction Loan Agreement or the Deed of Trust;
<br />I Harrower shall voluntarily rile a petition under the Federal Bankruptcy Act, as such Act may from time to time be amended, or under any similar or
<br />,w,c•,,i Federal Statute relating to bankruptcy, insolvency, arrangements or reorganizations, or under any state bankruptcy of insolvency act, or rile an
<br />m—t:r in an involuntary proceeding admitting insolvency or inability to pay debts, or if Borrower shall fad to obtain a vacation or stay of involuntary pro-
<br />vedingN brought for the reorganization, dissolution or liquidation of Borrower, or if Borrower shad be adjudged a bankrupt, or if is trustee or receiver shag
<br />be :1111 rimed liar Harrower or Borrower's property, or if the property shall become subject to the jurisdiction of a Federal bankruptcy court or similar state
<br />cr,nrr, � 1 it borrower shall make an assignment for the benefit of Borrower's creditors, or if there is an attachment, execution, tc other judicial seizure
<br />4 ,Im rortrrtn of Borrower's assets and such seizure is not discharged within ten days;
<br />I ncd 1tldgcment for the payment of money shad be rendered against the Borrower or a Guarantor, and the same shall remain undischarged for a pe riod
<br />I.1 it' .Ia during which execution shall not be effectively stayed;
<br />I I,:nh ,tf the borrower if Borrower is an individual.
<br />I be liank should otherwise deem itself, its security interest, or any debt hereunder unsafe or insecure or should the Bank believe in good faith that
<br />Ihr I-I —Nd of payment•or other performance is impaired,
<br />rltcn. al any timn�lhereafter 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 />„r dillerem times:
<br />I ii ,b,clarc the Note to be forthwith due and payable, whereupon the Note shall become forthwith due and payable, both as to principal and interest, without
<br />prr.cnl meet, demand, protest, or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Note to the contrary
<br />ma,xmutanding, and/or
<br />r1 .rkC munediate possession of the real property and personal property encumbered by the Deed of Trust and/or
<br />v'rhtnO any work necessary to complete said improvements substantially in accordance with the plans and specifications, and Borrower names and
<br />,I11I•nmien the hack its true and lawful attorney -in -fact with find power in the Property to complete the improvements in the name of Borrower, pay all
<br />I ^11. ,rid expenses incurred thereby, (hut in such event the Bank does not assume responsibility to pay bills owed by Borrower at the time the Bank elects
<br />It, 1,11. r possession 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 />h,•n!r .I 1-wer coupled with an interest which cannot be revoked, and/or
<br />11, , hnvc ;I receiver appointed as a matter of right without regard to the solvency of the Borrower, for the purpose of preserving the property securing
<br />Ib — h o•m, preventing waste, to protect the rights accruing to the Bank by virtue of this Construction Loan Agreement, the Note, the Deed of Trust, and
<br />11, pcoornt such activities referred to in sub - paragraph iii above and/or
<br />nmr uc anv and all remedies provided for hereunder and as provided in the Note and Deed of Trust,
<br />-t, sums e>,pended by the Bank pursuant to the provisions of this Paragraph 27 shall become part of the indebtedness secured by the Deed of Trust,
<br />',t•ar mtcrest from date of disbursement at the rate provided in the Note, shall be payable upon demand and shad be secured by the Deed of Trust
<br />rrI Ihtltreh such sums, when added in previous advances to Borrower, shall exceed the face amount of the Note, The remedies provided in this paragraph
<br />.h:rti lk m addition ro other remedies provided by law and provided in this Construction Loan Agreement. the Note, the Decd of Trust, or other loan documentation.
<br />< I he rains, 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 />I.I Inn. ;md in no event shall the Bank be construed to be Borrower's agent, and in no event is the Bank assuming Borrower's responsibility for proper payments
<br />I -I ,,wvacmr and others. h is specifically further intended that no party shall be a third party beneficiary hereunder except and unless it is specifically provided
<br />hr•era that arty provision shall operate or inure to the use and benefit of a third party; i.e., no sub - contractor, no sub- subcontractor or material supplier
<br />IIIAI h:n•e any rights hereunder against the Bank, or be entitled to protection orally of the covenants herein contained, although such parties may have recourse
<br />Io III, N'trower.
<br />inns II• Ihn ;,grcemcnl hereby waive any requirement of written notation of any and all present or future advances of funds.
<br />•.. :.1�111cd hvreh,s „knowledges receipt of a copy of this agreement and agrees to the terms and conditions set out herein.
<br />H )N 1 WIA L -OF. each undersigned individual party has hereunto set his hand and adopted as his seal the word "SEAL" e
<br />Ili. scaled instrument being executed and delivered on the day and year first above written. appearing beside or scar
<br />(SEAL)
<br />(SEAL)
<br />(SEAL.)
<br />(SEAL)
<br />IAI()N1' WHEREOF. the undersigned corporate party has caused this Construction Loan Agreement to be Aigned in its corporate name by its
<br />_. President and its corporate seal to be hereto affixed and attested by its Secretary, all by authority of its Board of Directors
<br />'iN,!•. acrd caused this sealed instrument to be executed and delivered on the day and year first above written.
<br />le o, .p .� I'I•: ATTEST:
<br />SECRETARY
<br />By:
<br />NAME OF CORPORATION
<br />PRESIDENT
<br />l I NIt )NY WHEREOF, the undersigned partnership has caused this Construction Loan Agreement to be signed in its partnership name and has adopted
<br />rr the •.t m d SEA[. appearing beside or near its partnership name, this sealed irstrumetu being executed and delivered on the day and year first above written.
<br />Nattc nl Partnership or Joint Venture
<br />General Partner
<br />for Managing General Partner)
<br />(SEAL) By;
<br />(SEAL) By;
<br />General Partner
<br />General Partner
<br />(SEAL)
<br />(SEAL)
<br />Accepted as of the date first hereinabove written
<br />CENTRAL CAROLINA BANK AND. TRUST COMPANY, NATIONAL ASSOCIATION
<br />By
<br />Title
<br />
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