Orange County NC Website
Browse       Search
RBBW4U4UIUI�gI1 lU������u���������u������ <br />RB6506 068 R/N <br />under the Loan Documents. <br />NOW, THEREFORE, in consideration of the Loan, and other valuable consideration, the <br />receipt of which is hereby acknowledged. Borrower hereby grants and conveys to Trustee his <br />successors and assigns all buildings, improvements, the equipment and all other real and <br />personal property, of every kind and nature now or hereafter attached to or used in connection <br />with the premises situated on real property located in Orange County, North Carolina, said real <br />property being more particularly described in Exhibit "A ", attached hereto and made a part <br />hereof by this reference, including by way of example and not limitation, all plumbing, heating, <br />lighting and air conditioning fixtures, refrigerators, ranges, hot water heaters, draperies and <br />carpets (hereinafter collectively referred to as the "Premises "). <br />TO HAVE AND TO HOLD said Premises with all privileges and appurtenances <br />thereunto belonging to Trustee, his successors and assigns, upon the trusts, terms and conditions <br />and for the purposes hereinafter set out. Borrower covenants with Trustee that Borrower is seized <br />of and has the right to convey the Premises, in fee simple; that the Premises are free and clear of <br />all encumbrances, except as described on Exhibit "B" attached hereto and made a part hereof by <br />this reference; and that Borrower will warrant and defend title to the Premises against the lawful <br />claims of all persons whomsoever. <br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall cancel this <br />Deed of Trust, of record at the request and cost of Borrower. <br />If, however, there shall be a default in any of the terms, covenants or conditions of the <br />Loan Documents or any advance secured hereby, and such default is not made good within any <br />cure period specifically granted in the Loan Documents, if any, all sums owing to Lender under <br />the Loan Documents shall immediately become due and payable, without notice, at the option of <br />Lender; and, on request of Lender, Trustee shall foreclose this Deed of Trust by judicial <br />proceedings or, at Lender's election, Trustee shall sell (and is hereby empowered to sell) the <br />Premises at public sale to the last and highest bidder for cash (free of any equity of redemption, <br />homestead, dower, curtesy or other exemption, all of which are expressly waived by Borrower) <br />after compliance with applicable North Carolina laws relating to foreclosure sales under power <br />of sale and shall execute a conveyance in fee simple to the successful purchaser at said sale. The <br />proceeds of any such sale shall be applied in the manner and in the order prescribed by <br />applicable North Carolina laws. The Trustee's commission shall be five percent (5 %) of the gross <br />sales price for completed sale for all services performed by him hereunder. Lender may bid and <br />become the purchaser at any sale under this Deed of Trust. At any such sale, Trustee may at its <br />election require the successful bidder to immediately deposit with Trustee cash or certified check <br />in an amount equal to all or any part of the successful bid and notice of such requirement need <br />not be included in the advertisement of the notice of such sale. <br />Borrower covenants with Trustee and Lender (and their respective heirs, successors and <br />assigns) as follows: <br />1. Taxes. Borrower shall pay all taxes, charges and assessments, which may become a <br />lien upon the Premises before any penalty or interest accrues thereon and shall promptly deliver <br />