Orange County NC Website
Browse       Search
15 <br />provided in the Note secured hereby for sums due after default and <br />shall be due from Grantor on demand of the Beneficiary. No <br />advancement or anything contained in this paragraph shall constitute <br />a waiver by Beneficiary or prevent such failure to perform from <br />constituting an event of default. <br />8. TNDENIl~iITY. If any suit or proceeding be brought against <br />the Trustee or Beneficiary, except one provided for in paragraph <br />number 5 of this Deed of Trust, or if any suit or proceeding be <br />brought which may affect the value or title of the Premises, Grantor <br />shall, to the extent permitted by law, defend, indemnify and hold <br />harmless and on demand reimburse Trustee or Beneficiary from any <br />loss, cost, damage or expense and any sums expended by Trustee or <br />Beneficiary shall bear interest as provided in the Note secured <br />hereby for sums due after default and shall be due and payable on <br />demand. <br />9. WAIVERS. Grantor waives all rights to require marshalling <br />of assets by the Trustee or Beneficiary. No delay or omission of the <br />Trustee or Beneficiary in the exercise of any right, power or remedy <br />arising under the Note or this Deed of Trust shall be deemed a <br />waiver of any default or acquiescence therein or shall impair or <br />waive the exercise of such right, power or remedy by Trustee or <br />Beneficiary at any other time. <br />10. CIVIL ACTION. In the event that the Trustee is named as <br />a party to any civil action as Trustee in this Deed of Trust, the <br />Trustee shall be entitled to employ an attorney at law, including <br />himself if he is a licensed attorney, to represent him in said <br />action and the reasonable attorneys' fees of the Trustee in such <br />action shall be paid by the Beneficiary and added to the principal <br />of the Note secured by this Deed of Trust and bear interest at the <br />rate provided in the Note for sums due after default. <br />11. NO DEFICIENCY. AS SET FORTH ABOVE, THIS DEED OF TRUST. <br />SECURES AN OBLIGATION OF THE GRANTOR FOR THE UNPAID PURCHASE PRICE <br />FOR REAL PROPERTY ACQUIRED UNDER THE AUTHORITY OF NORTH CAROLINA <br />GENERAL STATUTE SECTION 160A-20, WHICH OBLIGATION IS EVIDENCED BY <br />THE NOTE. AS PROVIDED IN THE NOTE, NO DEFICIENCY JUDGMENT MAY BE <br />RENDERED AGAINST THE GRANTOR IN ANY ACTION TO ENFORCE THE RIGHTS OF <br />THE HOLDER OF THE NOTE, THE TRUSTEE OR THE BENEFICIARY HEREUNDER OR, <br />UNDER THE NOTE OR PURSUANT TO THE OBLIGATION OF THE GRANTOR TO <br />PURCHASE THE PREMISES, AND THE TAXING POWER OF THE GRANTOR IS NOT <br />AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS <br />DUE UNDER THE NOTE, THIS DEED OF TRUST OR THE GRANTOR'S OBLIGATION <br />TO PURCHASE REAL PROPERTY IN CONNECTSON WITH THIS TRANSACTION. <br />