Orange County NC Website
Browse       Search
20 <br />all encumbrances, except, as described on Exhibit "B" attached <br />hereto and made a part hereof by this reference; and that <br />Borrower will" warrant and defend title to the Premises against <br />the lawful claims of all persons whomsoever. <br />Upon payment in full of all sums secured by this Deed of <br />Trust and the Deed of Trust, Lender shall cancel this Deed of <br />Trust and the Deed of Trust, of record at the request and cost <br />of Borrower. <br />Tf, however, there shall be a default in any of the terms, <br />covenants or conditions of the Loan Documents or any advance <br />secured hereby, and such default is not made good within any <br />cure period specifically granted in the Loan Documents, if any, <br />all sums owing to Lender under the Loan Documents shall <br />immediately become due and payable, without notice, at the <br />option of Lender; and, on request of Lender, Trustee shall <br />foreclose this Deed of Trust by judicial proceedings or, at <br />Lender's election, Trustee shall sell (and is hereby empowered <br />to sell) the Premises at public sale to the last and highest <br />bidder for cash (free of any equity of redemption, homestead, <br />dower, curtesy or other exemption, all of which are expressly <br />waived by Borrower) after compliance with applicable North <br />Carolina laws relating to foreclosure sales under power of sale <br />and shall execute a conveyance in fee simple to the successful <br />purchaser at said sale. The proceeds of any such sale shall be <br />applied in the manner and in the order prescribed by applicable <br />North Carolina laws. 'The Trustee's commission shall be five <br />pErcent (5~) of the gross sales price for completed sale for all <br />services performed by him hereunder. Lender may bid and become <br />the purchaser at any sale under this Deed of Trust. At any such <br />sale, Trustee may at its election require the successful bidder <br />to immediately deposit with Trustee cash or certified check in <br />an amount equal to all or any part of the successful bid, and <br />notice of such requirement need not be included in the <br />advertisement of the notice of such sale. <br />Borrower covenants with Trustee and Lender (and their <br />respective heirs, successors and assigns) as follows: all of the <br />terms and conditions of the Deed of Trust are herein reaffirmed <br />and incorporated herein by reference and amended as follows: <br />1. Paragraph 12.d. of the Deed of Trust is amended to read as <br />follows: <br />12. Events of Default. Any of .the following shall <br />constitute an "Event of Default" hereunder: <br />2 <br />