2018-368-E Housing - Rebuilding Together development agreement

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Rev August 8, 2018 "Loan Agreement") the provisions of which are incorporated herein by reference as fully and to the same extent as if recited herein in full; and WHEREAS, Grantor has executed and delivered to the Beneficiary a Promissory Note of even date herewith in the principal sum of ___________________(_______) the "Note"); and WHEREAS, the Grantor authorizes up to $2,500 in change orders over and above the principal amount of the Note without an amendment to the Deed of Trust; any such change order must be in writing and signed by the Grantor (Owner), an Orange County Housing, Human Rights and Community Development Department Representative, and the Contractor; any such change order shall be further evidenced by a promissory note or promissory notes (referred to in the Deed of Trust as "Change Order Note"), in substantially the same form as the Note, reciting that its repayment is secured by this Deed of Trust; and WHEREAS, this Deed of Trust is given wholly secure future obligations which may be incurred hereunder pursuant to the provision of Section 45-67 et seq. of the North Carolina General Statues; the amount of present hereunder is _______________ ($_________); the maximum amount (including present as well as future advances) to be advanced hereunder shall not exceed the face amount of the Note and any Change Order Note provided such future obligations are incurred not later than _____________ ; and no execution of a written instrument or notation shall be necessary to evidence or secure any future advances made hereunder; and WHEREAS, to induce the making of the loan secured hereby (the "Loan"), Grantor has agreed to secure the Note and interest thereon together with any future advances and the undertakings described in the Note and any change order note, Loan Agreement, and this Deed of Trust by the conveyance of the premises hereinafter described. NOW, THEREFORE, in consideration of the loan evidenced by the Note and any change order note, Grantor hereby grants and conveys to Trustee, his successors and assigns, the following described premises located in ___________Township, Orange County, North Carolina more particularly described on Exhibit A, attached hereto and made a part hereof, together with all improvements, fixtures, equipment and all other real and personal property of every kind and nature now or hereafter attached to or used in connection with the premises (hereafter collectively referred to as "Premises") TO HAVE AND TO HOLD the same with all privileges and appurtenances thereunto belonging to the Trustee, his successors and assigns, upon the trusts and for the purposes hereinafter set out. Grantor covenants with the Trustee that the Grantor is seized of; and has the right to convey, the Premises, in fee simple; that the Premises are free and clear of all encumbrances, except as described on Exhibit B, attached hereto and made a part hereof; and that Grantor will warrant and defend title to the Premises against the lawful claims of all persons whomsoever. GRANTOR COVENANTS with Trustee and Beneficiary (and their respective heirs, successors and assigns) as follows: DocuSign Envelope ID: 62EC95C2-2AA8-49D7-B576-F94193C9DB65