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110110 IIIIIIIIIIIII1I IIIIIIIIIIIIIII <br />RB5504 461 Sill <br />validity of or priority of this Deed of Trust on the Premises remaining hereunder, nor release <br />Borrower from liability for the indebtedness hereby secured. Notwithstanding the existence of <br />any other security interests in the Premises held by Lender or by any other party, Lender shall <br />have the right to determine the order in which any or all of the Premises shall be subjected to the <br />remedies provided herein. Lender shall have the right to determine the order in which any or all <br />portions of the indebtedness secured hereby are satisfied from the proceeds realized upon the <br />exercise of the remedies provided herein. Borrower and any party who consents to this who has <br />actual or constructive notice hereof hereby waives any and all right to require the marshaling of <br />assets in connection with the exercise of any of the remedies permitted by applicable law or <br />provided herein <br />10. Additional Financing Prohibited. Borrower may not pledge or encumber the Premises <br />herein conveyed without first obtainimg Lender's written consent. <br />11. Uniform Commercial Code Security Agreement This Deed of Trust is intended to be <br />a security agreement with respect to items referred to herein which may be subject to a security, <br />interest pursuant to the Uniform Commercial Code, and Borrower hereby grants Lender a <br />security interest in said items. Borrower agrees that Lender may file this Deed of Trust as a <br />financing statement, and at Lender's request agrees to execute such financing statements, <br />extensions or amendments as Lender may require to perfect a security interest with respect to <br />said items. In the event of default, Lender shall have, in addition to its other remedies, all rights <br />and remedies provided for in the Uniform Commercial Code as enacted in North Carolina. <br />12. Events of Default. Any of the following shall constitute an "Event of Default" <br />hereunder: <br />a. The failure to make when due any payment, whether of principal in interest under the <br />Note; <br />b. The failure to make any other payment to Lender required by the Loan Documents <br />within ten (10) days after notice from Lender directing Borrower to make the <br />payment, but in any event before the same is past due; <br />c. Any covenant, representation, warranty made by Borrower or material Information <br />supplied to the Lender proves to be materially false or misleading when made or <br />given; the transfer of all or part of the Premises (including a beneficial interest) <br />without Lender's prior written consent; <br />d. The death, dissolution, merger, consolidation or termination of existence of Borrower <br />or any guarantor hereof or the transfer of any beneficial interest in Borrower without <br />Lender's prior written consent (if Borrower is a married couple, the death of Borrower <br />means the death of the survivor of the married couple); <br />e. The application for the appointment of a receiver for Borrower or any guarantor; or <br />the filing of a petition under any provisions of the Bankruptcy Code or Act by <br />Borrower or any guarantor; or the filing of a petition under any provisions of the <br />