Orange County NC Website
Browse       Search
DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> appointment may be made at any time without notice, without specifying any reason therefore, <br /> and without any court approval.Any such appointee shall become vested with title to the Premises <br /> and with all rights, powers and duties conferred upon the Trustee herein in the same manner and <br /> to the same effect as though he were named herein as the original Trustee. <br /> 9. Anti-Marshalling Provision. The right is hereby given by Borrower to Trustee and <br /> Lender to make partial release or releases of security hereunder (whether or not such releases are <br /> required by agreement among the parties)agreeable to Trustee and Lender without notice to or the <br /> consent,approval or agreement of other names and interest,including junior lienors and purchasers <br /> subject to this which partial release or releases shall not impair in any manner the validity of or <br /> priority of this Deed of Trust on the Premises remaining hereunder, nor release Borrower from <br /> liability for the indebtedness hereby secured. Notwithstanding the existence of any other security <br /> interests in the Premises held by Lender or by any other party, Lender shall have the right to <br /> determine the order in which any or all of the Premises shall be subjected to the remedies provided <br /> herein. Lender shall have the right to determine the order in which any or all portions of the <br /> indebtedness secured hereby are satisfied from the proceeds realized upon the exercise of the <br /> remedies provided herein. Borrower and any party who consents to this who has actual or <br /> constructive notice hereof hereby waives any and all right to require the marshaling of assets in <br /> connection with the exercise of any of the remedies permitted by applicable law or provided herein. <br /> 10. Additional Financing Prohibited. Borrower may not pledge or encumber the Premises <br /> herein conveyed without first obtaining 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 security <br /> interest in said items. Borrower agrees that Lender may file this Deed of Trust as a financing <br /> statement, and at Lender's request agrees to execute such financing statements, extensions or <br /> amendments as Lender may require to perfect a security interest with respect to said items. In the <br /> event of default, Lender shall have, in addition to its other remedies, all rights and remedies <br /> 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 or 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 payment, <br /> 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 given; <br /> the transfer of all or part of the Premises (including a beneficial interest) without <br /> Lender's prior written consent; <br /> 30 <br />