2018-368-E Housing - Rebuilding Together development agreement

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Rev August 8, 2018 Premises held by Beneficiary or by any other party, Beneficiary shall have the right to determine the order in which any or all portions of the indebtedness secured hereby are satisfied from the proceeds realized upon the exercise of the remedies provided herein, Grantor and any party who consents to this who has actual or constructive notice hereof hereby waives any and all right to require the marshalling of assets in connection with the exercise of any of the remedies permitted by applicable law or provided herein. 15. Sale by Parcels. Pursuant to the provisions of North Carolina General Statue 45-21.8, the Trustee or Trustees are hereby empowered to sell any parcel of the real property described herein whether or not, in the judgment of the Trustee or Trustees, the proceeds of the parcel sold will be sufficient to satisfy the proceeds of the parcel sold will be sufficient to satisfy the indebtedness secured hereby, and this provision shall govern the sale or sales of the parcels of real property herein described. 16. Notice to Grantor. All notices required to be given to Grantor including the notice required to be served by North Carolina General Statue 45-21.16 shall be mailed to Grantor at the following address: Orange County Housing, Human Relations and Community Development Department, 300 W. Tryon St., Hillsborough, N.C. 27278. 17. Notice to Beneficiary. All notices required to be given to Beneficiary by Grantor or by an intervening lienor or encumbrancer pursuant to North Carolina General Statute 45-70 (b) shall be mailed to: Orange County Housing and Community Development Department, 300 W. Tryon St., Hillsborough, N.C. 27278. 18. Secondary Financing Prohibited. Grantor may not pledge or encumber the Premises herein conveyed without first obtaining Beneficiary's written consent. 19. Transfer of Premises. If all or any part of the Premises or an interest therein is sold or transferred by Grantor without Beneficiary's prior written consent, Beneficiary may, at Beneficiary's option, declare all sums secured by this Deed of Trust to be immediately due and payable. 20. Uniform Commercial Code Security Agreement. This Deed of Trust is intended to be a security agreement with respect to items referred to herein which may be subject to a security interest pursuant to the Uniform Commercial Code, and Grantor hereby grants Beneficiary a security interest in said items. Grantor agrees that Beneficiary may file this Deed of Trust as a financing statement, or at Grantor's request agrees to execute such financing statements, extensions or amendments as Beneficiary may require to perfect a security interest with respect to said items. In the event of default, the Beneficiary shall have, in addition to its other remedies, all rights and remedies provided for in the Uniform Commercial Code as enacted in North Carolina. 21. Acceleration in Case of Grantor's Insolvency. If Grantor shall voluntarily file a petition under the Federal Bankruptcy Act, as such Act may from time to time be amended, or under any similar or successor Federal statute relating to bankruptcy, insolvency, arrangements or reorganizations, or under any state bankruptcy or insolvency act, or file an answer in an DocuSign Envelope ID: 62EC95C2-2AA8-49D7-B576-F94193C9DB65