Orange County NC Website
Rev August 8, 2018 <br />insolvency proceeding admitting insolvency or inability to pay debts, or if Grantor shall fail to <br />obtain a vacation or stay of involuntary proceedings brought for the reorganization, dissolution <br />or liquidation of Grantor, or if the Grantor shall be adjudged a bankrupt, or if a trustee or receiver <br />shall be appointed for Grantor or Grantor's property, or if the property shall. become subject to <br />the jurisdiction of a Federal bankruptcy court or similar State court or if Grantor shall make an <br />assignment for the benefit of Grantor's creditors, or if there is an attachment, execution of other <br />judicial seizure of any portion of Grantor's assets and such seizure is not discharged within ten <br />days, the Beneficiary may, at Beneficiary's option, declare all of the sums secured by this <br />instrument to be immediately due and payable without prior notice to Grantor. Any attorney's <br />fees and other expenses incurred by Beneficiary in connection with Grantor's bankruptcy or any <br />of the other aforesaid events shall be additional indebtedness of Grantor secured by this Deed of <br />Trust pursuant to paragraph 13 hereof. <br /> <br />22. Events of Default. Any of the following shall constitute an "Event of Default" <br />hereunder: <br /> <br />(a) the failure to make when due any payment described herein, whether of principal or <br />interest under the Note and any Change Order Note, or otherwise; <br /> <br />(b) the failure of Grantor to perform any of the terms and conditions of the Note and any <br />Change Order Note, Deed of Trust, Loan Agreement or any other document evidencing <br />or securing the Loan; <br /> <br />(c) the death, dissolution, merger, consolidation or termination of existence of Grantor or <br />any guarantor hereof; <br /> <br />(d) the application for the appointment of a receiver for any party hereto or the filing of a <br />petition under any provisions of the Bankruptcy Code or Act by or against any party <br />hereto, or any assignment for the benefit of creditors by or against any party hereto; <br /> <br />(e) the failure of any party to furnish from time to time, at Beneficiary's request, financial <br />information with respect to such party; or <br /> <br />(f) the failure of any party hereto to perform any other obligation to Lender provided <br />herein, in the Note or any other document or instrument evidencing or securing the Loan. <br /> <br />Upon any default in the payment of any installment of interest, principal, or any other sum when <br />due under the Note and any Change Order Note, the entire principal sum evidenced by the Note <br />and any Change Order Note and accrued but unpaid interest hereon may, at the sole option of <br />Beneficiary, be declared at once due and payable, time being of the essence of this obligation. <br />Failure of Beneficiary to exercise this option in the event of any such default or Event of Default <br />shall not constitute a waiver of the right of the Beneficiary to exercise the same in the event of a <br />subsequent default or Event of Default. <br /> <br />23. Use of Premises. Unless required by applicable law or unless Beneficiary has otherwise <br />agreed in writing, Grantor shall not allow changes in the use for which all or any part of the <br />DocuSign Envelope ID: 62EC95C2-2AA8-49D7-B576-F94193C9DB65