LAND USE Initial Application Date: Application # /✓ j 25 Z74
COUNTY OF HARNETT RESIDENTIAL LAND USE APPLICATION CUP
Central Permitting 108 E. Front Street, Lillington, NC 27546 Phone: (910) 893-7525 Fax: ( 893-2793 www.harnettorg/permits
LANDOWNER: fkinSrDa (t)...,1 a d, ( W4 areMe Mailing Address: i �-( /'r / 0(/�P /ton C-
City r /l I 1� State: NC- Zip. 0-VI(( Home #:a\ f�` Contact #: (l 3P� =L-A
APPLICANT': 45n nZ�r < ( O(4s n On299 Mailing Address: O`/ m A &-Acr e
City: t€v -4. State: AJC Zip:oc Home #: ( tit 0 46- a Contact #:9 /cD- 8/2d. -'!G
'Please b I out licant information if different than landowner !�
CONTACT NAME APPLYING IN OFFICE: A Ne/1( Atn Phone #: Rl 0- R�}- L ib' D❑ / 91 308 - an.+,
PROPERTY LOCATION: Subdivision w /phase or section: 01/C.6 \(J (rcgk--- &tt 'n . 7 Lot #: Lot Acreage: • a
State Road #: 1 State Road Name: c 14CiAl\ Map Book&Page: Dl / LoCecf
Parcel: 0 10s( 1 -( 1 3 3 1 1. A PIN: 0.51 `( S11 // / ,on
% �ry •Z o e ,
Zoning: �:) Flood Zone: Watershed: 4 .�l 1 Deed Book &Page: /J / Devi Power Company': JY >V`✓
New homes with Progress Energy as service provider need to supply premise number nn '' from Progress on Energy.
SPECIFIC DIRECTIONS TO THE PROPERTY FROM LILLINGTON: 01/C tt n1/4)-0.1 1 4. &te s tZ&C - F f , r —
. r .
PROP SED USE: Circle:
SFD (Size x 37 ) # Bedrooms # Baths n2•5
Basement (w /wo bath) — Garage nnif Deck Crawl Sp / Slab
(Is the bonus room finished ? w/ a closet if so add in with # bedrooms)
❑ Mod (Size x ) # Bedrooms # Baths Basement (w/wo bath) Garage Site Buid Deck ON Frame / OFF
(Is the second floor finished? Any other site built additions? )
O Manufactured Home: _ SW DW ` TW (Size x 1 # Bedrooms Garage (site built? ) Deck (site built?)
O Duplex (Size x ) No. Buildings No. Bedrooms/Unit
❑ Home Occupation # Rooms Use Hours of Operation: #Employees
O Addition/Accessory/Other (Size x ) Use Closets in addition(_)yes (__)no
Water Supply: L 5 ( ) Well (No. dwellings ) MUST have operable water before final
Sewage Supply: LJ New Septic Tank (Complete Checklist) (_) Existing Septic Tank (Complete Checklist) ( y 'x,ountyS
Property owner of this tract of land own land that contains a manufactured home w /in five hundred feet (500') of tract listed above? ( )YES (ivO
Structures (existing 8 proposed): Stick Built/Modular Manufactured Homes Other (specify)
Required Residential Properly Line Setbacks: Comments:
3-x
Front Minimum 3 I Actual v D
Rear 24 sstt
Closest Side a/s
Sidestreet/corner lot
Nearest Building
on same lot
If permits are granted I agree to conform to all ordinances and laws or the State of North Carolina regulating such work and the specifications of plans submitted.
I hereby state that foregoing statements are accurate and correct to the best of my knowledge. Permit subject to revocation if false information is provided.
o
. ' fu ^ • ner or Owner's Agent Date
"This application expires 6 months from the initial date 11 no permits have been Issued"
A RECORDED SURVEY MAP, RECORDED GEED (OR OFFER TO PURCHASE) AND PLAT ARE REQUIRED WHEN APPLYING FOR LAND USE APPLICATION
Please use Blue or Black Ink ONLY
LAND USE 5/08
George L. Lott ndSu or
126 Val Pa l Cueh. 43ogetlenDPe. A.O. 28901 (91 0) 4942178 lay 48&1423 gSSH @nr.M.eom it
a I N 82 •52'49" W 80 \0'
506 505 504
g ( 12.00' A
( 1 e patio 5.00'
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U. 25.79' 6.21'
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' — 'Z.Q 17.42' garage
10.33'U 19. 58' 21.50'
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SWAN STREET 50' R/W PUBLIC
Plot Plan For
Ashbrook Building Group
Overhills Creek, Section Seven
map # 2007 -664
Harnett County North Carolina
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AR NETT COUNTY T'AXID# Ytr, "�G or Damn
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NORTH C ' ail RPORATE GENERAL WARRANTY DEED
. 4
Excise Tax $ 3J). at) Mail after recording to: Ashbrook Building Group, Inc.
O 232 Saint Thomas Road
Fayetteville, NC 28311
This instrument was preparedby North , pe • es
C - •es ' tiopf6s the Index
r Lots 504, 505, 511, 4 . Overhills Creek Section Seven 1
THIS DEE e A ril 20 , by d between
GRAN1 OR GRANTEE
NORTH SOUTH PROPERTIES LLC, a Ash o . Building Group, Inc.
North Carolina limited liability company
P.O. Box 766 2 $ • t • ∎ omas Road
Spring Lake, NC 28390 Fayett • 28311
The designation Grantor and Grantee as used herein shall include said parties, their he 4.s. • . • 0.: ssigns, and shall include
singular, plural, masculine, feminine or neuter as required by context.
WITNESSETH, that the Grantor, for a valuable consideration paid by the Grantee, the roan. o ' ich ' . ere • acknowledged, has
and by these presents does grant, bargain, sell and convey unto the Grantee in fee simple. all =t c -- • • • or • • I of land situated
near the City of Spring Lake, Anderson Creek Township, HametlCounty, North Carolina and m. • • icu des• bodes follows:
DESCRIPTION: All of Lots 504, 505, 511, 514, 515, and 516 Ove i , Cr.
Section Seven, as shown on map entitled Overhills Creek Subdivisl =,, ;- ot{_--.,
Seven and recorded in Harnett County Registry, Map book # 2007 • , . • • \J
ii
PIN: 0514 -54- 2428.000,0514 -54- 1439.000,051 - 44- 9353 -54- 2301
0514 -54- 3301.000, 0514 -54- 3393.000
ille
e cony • ante '. made subject to restrictive covenants recorded in Book 2439 at Pages 882-891.
ope • e in above described was acquired by Grantor by instrument recorded in Book 2345, Page 569.
• • o s. above described property is recorded in Plat Book 02007 -664 -667.
TO• • ' A • 'l• • • OLD the aforesaid lot or parcel of land and all privileges and appurtenances thereto belonging to the Grantee in
fees. p1
And the • an •r • I Is • ith the Grantee, that Grantor is seized of the premises in fee simple, has the right m convey the same in
fee simple, ti : t. • • • • • ee and clear of al/ encumbrances, and that Grantor will warrant and defend the title against the
lawful claims • f a pen • s hams. ;ve. •xcept for the exceptions hereinafter stated.
Title to the pro • above •1•s ' • is subject to easements, restrictions and rights of wayof record and utility lines and rights
of way in existence • r, u -• r •• : • • • • \ebbed property,
IN WITNESS WHERE • • r • • , use this instrument to be signed in its corporate name by. its duly authorized officers
and its seal to be hereunto • ' x • • • : • ori of its Board of Directors, the day and year first above written.
NORTH ' • TH PROPERTIES L
By �
—� ,. (
Member/Mana
0
NORTH CAROL' m la • nty,
1, a Notary Public of the County • d Sa
•'•resa ., certify thatWilltam S. Welton, Jr. personally
appeared before me this da d • ed ' at he is a Member /Manager of NORTH SOUTH
PROPERTIES, LLC, a No • it e • lability company, and that he, being authorized to do
so, executed the foregoing on •- 1 :If o . • .
e ;,
• Ann! 200 0 00 11111 1rr1r� '
`� �.• ,
01E q• /Yy� ' +,W �., ffi 1.
itness my hand and official stamp o se �
: of e
Ko rq
9y
1 ? 2 h4 commission expires: M 2 2012 . n. I,' 4' . Notary Public •
;... gl 1 4 ..
S!.D � / •
CoU ,.
i
The foregoing Certlticate(s) of Jackie B. Hairr a
is /are certified to be correct; This instrument and this certificate are duly registered at the date and time : W. • nd Page
shown on the first page hereof.
REGISTER OF DEEDS FOR 40,0
BY Deputy/Assistant- Register of Deeds
101-Orn I / - _.. -- tit Cow
4 e 0e7t 7, 11l Y .
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0 BERLY S. HARGROVE
t - 44y. F DEEDS, HARNETT
e s • - NELIIJS HARNETT BLVD
UITE 200C C 27546
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Flied For Reglstratton: NMI - ., : PM
Book: RE . - age: 8464
Document No.: 2008008838
DEED 3 PG = $1 . ' 0
NC REAL ESTATE EXCISE TAX: $330.00
Roomier: ANGELA J BYRD
0
State of North Carolina, County of Harnett
KIMBERLY 8. HARGROVE , REGISTER OF DEEDS IC
DO NOT DISCARD
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*2008005835*
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2008005835
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1600-40,,, F ra illt anYr 1 111 OF MEDI
2NrllaBO iGr I 'hj:, i RI
KIM P6:171-113 F EE,f63.00
1E RGIEM t alt „ ii ,
DE 0 • • TRUST SECURING FUTURE ADVANCES
RECORDATIO • E • ""
FIRST BANK , • , 3210 RAY ROAD. SPRING LAKE, NC 28390
WHEN RECORDED
FIRST BANK . A i • •* • • - 3210 RAY ROAD. SPRING LAKE, NC 28380
SEND TAX NOTICES TO: a il
FIRST BANK . ANDER • E �. ROAD. SPRING LAKE, NC 28390
This Deed of Trust prepared by
X Anderson 6 6 RS H�r,d MIL
KEVIN FISH, = T A • ER, VICE PRES/DENT
1111 i 1 ` #A # #' AA #AAXAA r. T•'•92010'
THIS DEED OF TRUST Is dated Septem•- 9. 2010, - ong • HBROOK BUILDING GROUP, INC., whose
address Is 8004 MIDDLEHAM COURT, FAYETTEVIL C 1 ( "Grantor"); FIRST BANK , whose address
Is ANDERSON CREEL. 3210 RAY ROAD. SPRING
i (referred to below somsdmes es "Lender
and sometimes as 'Beneficiary"); and Teresa C �so. e e• • resa is 341 North Maln Shast, Troy, NC
27371 (referred to below as "Trustee')
CONVEYANCE AND GRANT. NOW. THEREFORE. occur . •. he Indebtedness, aad [Including aand d other
e•
Sums expended by the Beneficiary pursuam to this • - -• • of which ti hereby s a orn eys '
G as to has prowlded g i td Note) and ° ranted end conveyed 'n e, by eipt
ese presents bargain, sell. give, grant
endr convey has to Trustee. sold. Trustee's te 9 . ns for the benefit of Lender es Beneficiary,
end f Gr ant r T ti end nre in and to thfolio 9
er subsequently nu rag re t rid fixed bt il and to the folio g - • . ,,res. °eae together
a Urtenances, erected or all water, water affixed buildings,
it ch rights (non
epputtanencea, t rights and it ngh[s (including • oc ...ht . < watt ditch or vngation rights).
and ell other rights, royalties, and profits relating to the real pro art , 1 in di, a without l^tytio all �nerrall
oil, gas, geothermal and similar matters, (the "Real Property "I oo."^
Carolina:
Sea ATTACHED EXHIBIT A, which Is attached to this Deed of Trust . 1 e • rt of this Deed of Trust
as If fully set forth herein. . , • OVEfIHILI$ CHEEK
The Real Property or Its address is commonly known as 61 SWAIN
SUBDIVISION. SPRING LAKE. NC 28390.
To have and to hold said Reel Property with ell privileges and appurte . th m• belonging, to the
Trustee, his heirs, successors and assigns forever, upon the trusts, terms end • 1°n and for the uses
hereinafter set forth.
Grantor presently assigns to Lender lelso known as Beneficiary in this Deed
Rents fre t• o e of is right,
and interest in end to all present and future leases of the Property r . - :n od
Grantor grants to Lender a Uniform Commercial Code security interest in the Person-. - rop=
THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE BE -'I r Pi-US IN THE
RENTS AND PERSONAL PROPERTY, I8 GIVEN TO SECURE IA) PAYMENT OF THE IN • B • .'t48S ' ND TI16)
PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED D • U : ,
DEED OF TRUST. THIS DEED OF TRUST 18 GIVEN AND ACCEPTED ON THE FOLLOWINr TE.
FUTURE ADVANCES. The Indebtedness secured by this Deed of Trust is for present an• t re Tnc
and/or present and future obligations that may from time to time be made or incurred under t s D..;
and this Deed of Trust is given to secure all present and future advances end /or obligations ma• ;. o • mw
— DEED OF TRUST
(Continued) Page 2
. n • . The period in which future advances may be made and/or future obligations may be incurred and
r- . by this Deed of Trust is the penod between the date hereof and that date which is thirty (301 years
fro . the • .. hereof. The amount of present obligations secured by this Deed of Trust is Thirty Thousand &
• 0/1 • • • • ler. (530,000.00) and the maximum principal amount, including present and future advances and/or
obl Al. ., t• et may be secured by this Deed of Trust at any one time is One Hundred Fifty -four Thousand
•ur ndr . & 00/100 Dollars (6164,400.00.1 Any additional amounts advanced by Beneficiary pursuant to
the prov - • - of s Deed of Trust shall be deemed necessary expenditures for the protection of the security.
All •. •r• :dv�� • :a •nd /or obligations shall be considered to be made or incurred pursuant to the requirements
"""
of Non Ca G. anal Statutes Sections 46 -67, et sec , or any amendments thereto.
PAYM • T 2 P - • 1 E. Except as otherwise provided in this Deed of Trust, Grantor shall pay to
Lender • emou• .. -cure• • his Deed of Trust as they become due, and shell strictly and in a timely manner
perform a • r. ors oig • • -- under the Note, this Deed of Trust, and the Related Documents.
P088E$Sl • • ND ' AI TEetANC• OF THE PROPERTY. Grantor agrees that Grantor's possession and use of
the Property : - .13 • • em: • t, following provisions
ii
Possession , • se 1 • urrence of an Event of Default, Grantor may 11) remain in possession
and control o the • op • ) use, operate or manage the Property; and 13) collect the Rents from the
Property.
Duty to Manta c . n • r shat amain the Property in tenantable condition and promptly perform all
repairs, replecem: • • • - • en .nce n to preserve its value
Compliance With Env •n ent L. s. (Gr>trttor represents and warrants to Lender that: 111 During the
period of Grantor's o ne • o t rty, there has been no use, generation, manufacture, storage,
treatment, disposal, re an •, t -ate •d release of any Hazardous Substance by any person an, under,
about or from the Proper y, G tor has no knowledge of, or reason to believe Mat there has been,
except as previously dieclo. -d to - nd •.ck •wledged by Lander in writing, (a) any breach or violation of
any Environmental Laws, 1.1 . - - - • ., - ration, manufacture, storage, treatment, disposal, release or
threatened release of any Ha ar ous S •s . •a on, nder, about or from the Property by any pnor owners
or occupants of the Property, of I "ct,�r�-,T,y act al • • h ::tened litigation or claims of any kind by any person
relating to such matters, and 3)`�£xce• . pr. • usly disclosed to and acknowledged by Lender on
wnting, (el neither Grantor nor a • to .i t ••ntr tor, agent or other authorized user of the Property shall
use, generate, manufacture, store, , -t. • repo of or release any Hazardous Substance on, under, about
or from the Property; and (b) any :uch •ctivity shall •. conducted in compliance with all applicable
federal, state, and local laws, regula o and ordina ••••, eluding without limitation all Environmental
Laws. Grantor authorizes Lender and is agents to - er upo the Property to make such inspections and
tests, et Grantor's expense, as Lender may deem prop '- e to determine compliance of the Property with
this section of the Deed of Trust Any inspect • s or :sts ma•e by Lender shall be for Lender's purposes
only and shall not be construed to create an reap • - ibilit or I - : ihty an the pert of Lender to Grantor or to
any other person The representations en. wa -a s c• tamed herein are based on Grantor's due
diligence in investigating the Property for Ha -. •ous Subst- bee. Grantor hereby (11 releases and waives
any future claims against Lender for indemnity •r c• . • n • e n the event Grantor becomes liable for
cleanup or other coats under any such laws, an. 121 agrees t. indemnify, defend, and hold harmless
Lender against any and ell claims, losses, liabilities, d •m :e :(ties, and expenses which Lender may
directly or indirectly sustain or suffer resulting from • br it 1 is section of the Deed of Trust or as a
consequence of any use, generation, manufacture, et• -lie, •i...•sel, release or threatened release
occumng poor to Grantor's ownership or interest in the - ro•.= • , whe ; or not the same was or should
have been known to Grantor The provisions of this section • th. • -ed .1 Trust, including the obligation
to indemnity and defend, shall survive the payment of he n. -.t• • ness and the satisfaction and
reconveyence of the hen of this Deed of Trust and shall :t • . affe• : • • Lender's acquisition of any
interest in the Property, whether by foreclosure or otherwise
r
Nuisance, Waste. Grantor shall not cause, conduct or permit - • :an . no commit, permit, it, or s t
any stripping of or waste on or to the Property or any portion •f t - • • • • ‘
generality of the foregoing, Grantor will not remove, or grant to a y o h- part the right to remove, any
gr. minerals (including oil and gas), coal, clay, scoria, sod, g : or ro is without Lender's
prior written consent
Rammed of Improvements. Grantor shah not demolish or remove any I • • • - : fro the Real Property
without Lender's prior written consent As a condition to the removal • a 1 • •rove • : ts, Lender may
require Grantor to make arrangements satisfactory to Lender to r • . - suc asp •vements with
Improvements of at least equal value
Lender's Right to Enter. Lender and Lender's agents and representatwee may :nt= upo. he Real Property
at all reasonable times to attend to Lender's interests and to inspect the R- - Pr' • - r • tor • - rposes of
Grantor's compliance with the terms and conditions of this Deed of Trust
Compliance with Governmental Requirements. Grantor shall promptly comply wit all -w , o •finances,
and regulations, now or hereafter in effect, of all governmental authorities app ca- - o • - • - or
y
occupancy of the Property, including without limitation, the Americans With Disabiliti A• -.. du rag -ay
contest in good faith any ouch law, ordinance, or regulation and withhold comp •
proceeding, including appropnate appeals, so long as Grantor has notified Lander in writ.. pn• t• doi •
80 and so long as, in Lender's sole opinion, Lender's interests in the Property are not leo•:r• e• Len - -e
DEED TRUST
(Conti nu Page 3
• :y >'utre Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to
pr• act ender's interest
Du to - • _ct Grantor agrees neither to abandon or leave unattended the Property Grantor shall do all
• - er -cta in addition to those acts set forth above in this section, which from the character and use of the
• • •rty , re reasonably necessary to protect and preserve the Property
on .Ion • an. If some or all of the proceeds of the loan creating the Indebtedness are to be used to
e• et • c.- pieta construction of any Improvements an the Property, the Improvements shell be
a • I. than the maturity date of the Note (or such earlier date as Lender may reasonably
• eat bli d •r .. s .11 pay in full all costs and expenses in connection with the work Lender will
die. ree oen • o eeds u •er such terms and conditions as Lender may deem reasonably necessary to
main- r: : ntere- • eated by this Deed of Trust shall have priority over all possible liens, including
those of m anal : i. - -s a workmen Lender may require, among other things, that disbursement
requests su• • • • by racei;ted bills, expense affidavits, waivers of hens, construction progress reports,
and such .t•:r do •ment. 1. a t Lender may reasonably request
DUE ON SALE • = SE, VP. Lender may, at Lender's option, declare immediately due and payable
all sums secured or s s • • o rust upon the sale or transfer, without Lender's prior wntten consent, of all
or any part of th Re: Pro•-rty, or any interest in the Real Property. A "sale or transfer' means the
conveyance of Real • op. • en• right, title or interest in the Real Property, whether legal, beneficial or
equitable, whether v• a or invo - ntary, whether by outright sale, deed, installment sale contract, land
contract, contract for •ee•, le = • - h. • i terest ith a term greater than three 13) years, lease- option contract, or
by sale, assignment, or la .far • y n cis' interest in or to any lend trust holding title to the Real
Property, or by any olhe m -. •d • •• tie of an interest in the Real Property If any Grantor is a
corporation, partnerehlp 0 mite^ b: • sty •mpany, transfer also Includes any change in ownership of more
than twenty -five percent (25 o 0 • inc stock, partnership interests or limited liability company interests,
es the case may be, of such Grp tor o 'eve thls option shall not be exercised by Lender if such exercise is
prohibited by federal law or by • - - . i • le
TAXES AND LIENS. The followinc erpv o r atm. : the taxes and bens on the Property are part of this
Deed of Trust•
Payment. Grantor shall pay whe• du ••• in events prior to delinquency) ell taxes, special taxes,
assessments, charges (Including w:) : • se er), fines and rmposmons leveed against or on account of
the Property, and shell pay when • - all • -lms for war done on or for services rendered or material
furnished to the Property Grantor sh: I • amtain the - • •er free of all liens having priority over or equal
to the interest of Lender under this Dee. of Trust, ex : •t for t : lien of taxes end assessments not due end
except as otherwise provided in this Deed of Trus
Right to Contest. Grantor may withhold pa ant • any ex, :ssesement, or claim in connection with a
good faith dispute over the obligation to pay, , • I. g as ende s Interest in the Property is not jeopardized.
If a Ilan anses or Is filed es a result of nonp: me , Gran •r shall within fifteen 115) days after the lien
arises or, if a lien is filed, within fifteen (15) de after G • '5 notice of the filing, secure the discharge
of the lien, or if requested by Lender, deposit w -- •.r cash • a sufficient corporate surety bond or
other security satisfactory to Lender in an amount : •tfic to discharge the lien plus any costs and
reasonable attorneys' fees, or other charges that cool• s a result of a foreclosure or sale under the
ken In any contest, Grantor shell defend itself and •n• • nd : all satisfy any adverse judgment before
enforcement against the Property Grantor shall na - Lender • - *clitoral obligee under any surety
bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish 1 L. der , 1 factory evidence of p Lander at
the taxes or assessments and shell authorize the appropriat - g• n u
any time a written statement of the taxes and assessments sc "inet ,e Pr. •er .
Notice of Construction. Grantor shall ratify Lender at lea' i .en •) •ays before any work is
commenced, any services are furnished, or any materiels are sup. ed • t - - r. .arty, if any mechanic's
lien, materlalmen's lien, or other lien could be asserted on acco nt o • •• w• , services, or materials.
Grantor will upon request of Lender furnish to Lender advance - -- ante tory to Lender that
Grantor can and will pay the cost of such improvements
PROPERTY DAMAGE INSURANCE. The following provisions relating to maim • the ' • per are a pen of this
Deed of Trust.
Maintenance of Insurance. Grantor shell procure and maintain policies of re 1 - - nce with standard
extended coverage endorsements on a fair value basis for the full insurable v: ue •v- ng Improvements
on the Real Property in an amount sufficient to avoid application of any col ••u tie - :u:.: and with a
standard mortgagee clause in favor of Lender Grantor shell also procure a .; m -• , co • reheneive
general liability insurance in such coverage amounts as Lender may request with :: a en•er being
named as additional insureds in such lability insurance policies Additionally, Grant r 5 .I in .in such
other insurance, including but not limited to hazard, business interruption, and bode 1 • - e, -s ander
may reasonably require Policies shall be written in form, amounts, coverages nil • 1 r -- •ably
acceptable to Lender and issued by a company or companies reasonably acceptable • - •. . O• - •r,
upon request at Lender, will deliver to Lender from time to time the policies or certificates • in co n
form satisfactory to Lender, including stipulations that coverages will not be cancell: • o di • nth -d
without at least ten (10) days prior written notice to Lander Each insurance policy also - all clod •
DEED OF TRUST
(Continued) Peg, 4
d• ement providing that coverage in favor of Lender will not be impaired In any way by any set,
o 8ei• - or default of Grantor or any other person Should the Real Property be located in an area
• -: le : - • by the Director of the Federal Emergency Management Agency as a spacial flood hazard area,
Gr. ' •• : •rees to obtain and mamtan Federal Flood Insurance, if available, for the full unpaid pnnclpal
•al: - .. •. the loan and any prior liens on the property securing the loan. up to the maximum policy limns
un• the National Flood Insurance Program, or es otherwise required by Lender, and to maintain such
Inau . • , or • - term of the ban
,p Ai 1 • aceeds. Grantor shall promptly notify Lender of any loss or damage to the Property.
Lan •er a�j a - pro• loss if Grantor tats to do so within fifteen 115) days of the casualty. Whether or
not Le Rt �e s. - i Is 1 • aired, Lender may. at Lender's election, receive and retain the proceeds of any
rnsu -nee : • ::ply t•= • 'needs to the reduction of the Indebtedness, payment of any lien affecting the
Prope •, or • e restor b • • - . d repair of the Property. If Lender elects to apply the proceeds to restoration
and repair ran .r -ll repair •r replace the damaged or destroyed Improvements In a manner satisfactory
to L. , der all, etlsfactory proof of such expenditure, pay or reimburse Grantor from the
proceeds . the cuisine e. • of repair or restoration d Grantor is not in default under this Deed of
Trust. Any p • end• w • not bean disbursed within 180 days after their receipt and which Lender
has not com rth. to • e r- • :u or restoration of the Property shall be used brat to pay any amount owing
to Lender und- thi-. re -. •f Trust, then to pay accrued Interest, and the remainder, if any, shell be applied
to the principal • : an-- o • e • • • • tedness If Lender holds any proceeds after payment in full of the
Indebtedness, au • o•:: •a shell •e paid to Grantor as Grantor's interests may appear
Grantor's Report on I -,ur- - . Up•n re st of Lender, however not more than once a year, Grantor shall
furnish to Lender a re•o o e.. r e g Gluey of Insurance showing (11 the name of the Insurer; (2)
the risks Insured, (3) the a- nun of policy, (4) the property insured, the then current replacement
value of such property, • : me - of determining that value, and (5) the expiration date of the
policy. Grantor shall, upo req ::1 : ender, have an Independent appraiser satisfactory to Lender
determine the cash value re•lec: ant • •st • the Property
LENDER'S EXPENDITURES. If any action •r •r• eedl • is commenced that would materially effect Lender's
Interest In the Property or 0 Grants f lG�+ to co ply • it any provramn of this Deed of Trust or any Related
Documents, Including but not limit: to a • s :lure • discharge or pay when due any amounts Grantor Is
required to discharge or pay under thi De: • • ru or any Related Documents, Lender on Grantor's behalf
may 'but shall not be obligated to) tek- y . ti• et Lender deems appropriate, Including but not limited to
discharging or paying all taxes, hens, : • Ity I,• erests, encu • 'woes and other claims, at any time levied or
placed on the Property and paying all co- : or Insuring, . .in - -ring and preserving the Property All such
expenditures incurred or pad by Lender for such purees. _. will the bear interest M the rate charged under the
Note from the date Incurred or paid by Lender to the data • rep: ment by Grantor. All such expenses will
become a part of the Indebtedness and, at Lender' • opu• •, writ (A be payable on demand, (81 be added to
the balance of the Note and be apportioned am: ng be yabl- with any installment payments to become
due during either (11 the term of any applicable nsu • - poll or (21 the remaining term of the Note; or
(C) be treated es a balloon payment which will be •ue end p. de at the Note's maturity The Deed of Trust
also will secure payment of these amounts Such r ; t : • : • : in -edition to all other rights and remedies to
which Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following prowslo r s rt to ownership of the Property are a part of
this Deed of Trust
Title. Grantor warrants that (a) Grantor holds good - • • e tire of record to the Property in fee
ample, free and clear of all Ilene and encumbrances other h: ••05- set forth In the Real Property
deacnption or in any title insurance policy, title report, or fin:, tit - op Ion Issued in favor of, and accepted
by, Lender in connection with this Deed of Trust, and (bl tran or ha: Ce 11 right, power, end authority
to execute and deliver this Deed of Trust to Lender
Defense of Tltb Subject to the exception in the paragraph : • • ., Gr. - or warrants and will forever
defend the title to the Property against the lawful claims of all •are• s • eeeve event action or
proceeding is commenced that questions Grantor's title or the Interest o
of Trust, Grantor shall defend the action at Grantor's expense Gr. • •r may •e : nominal party in such
proceeding but Lender shall be
of Lender's own and Grantor will deliver rat • - Se to be a Metered, Lender
such instruments as Lender may request from time to time to permit such •ertt •at •n.
Compliance Wlth Laws. Grantor warrants that the Property and Granto ': u -: of •- P •party complies
with ell extsung applicable laws, ordinances. and regulations of governmenta :uth• It -
Survival al Represent:Mons and Warranties. All representations, warrant:.:, a• • a• . -ments made by
Grantor In this Deed of Trust shall survive the execution and delivery of th -- D. - • • Tru- shell be
continuing in nature, end shall remain in hill force and effect until such time es G : • or .. In ed ' ass shall
be paid In full
CONDEMNATION. The following provisions relating to condemnation proceedings are : p: •t t • of
Trust
Proceedings If any proceeding in condemnation is filed, Grantor shall prompdy notify Le• •er t rrtln•,
and Grantor shell promptly take such steps as may be necessary to defend the acne 8n• •• t a
award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled „ pa••cipa
C 416 DEED OF TRUST
(Continued) Page 6
•seeding and to be represented in the proceeding by counsel of its own choice, and Grantor will
er : r cause to be delivered to Lender such instruments and documentation as may be requested by
end:; •. time to time to permit such participation
'4 . • of Net Proceeds. If all or any part of the Property is condemned by eminent domain
pr• • gs Of by any proceeding or purchase in lieu of condemnation, Lender may at its election require
at - • •ortion of the net proceeds of the award be applied to the Indebtedness or the repair or
•r
an of • e Propeny The not proceeds of the award shall mean the award after payment of all
a• at:, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the
cone
IMPOSI I* OF ES, S - ND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions
relating t • • • • :ntal t- - , ::s and charges are a part of that Dead of Trusi
Current T,• es, -. • Che • Upon request by Lender, Grantor shall execute such documents in
addition • t• : De • of or
take whatever other action as requested by Lender to perfect and
continue L- der' ren o h; . 1 Property Grantor shall reimburse Lender for all taxes, as described
below, toga) vn ., es incurred in recording, perfecting or continuing this Deed of Trust,
Including wit ou imi - eon .11 taxes, tees, documentary stamps, and other charges for recording or
registenng this roe. •f T - t
Texas. The folio inr - - coned to taxes to which this season applies (1) e specific tax upon this type
of Deed of Trust o p• al • •ny :art of the Indebtedness secured by this Dead of Trust, (2) a specific
tax on Grantor whi Grantor is -uth "y ,•���d or required to deduct from payments on the Indebtedness
secured by this type •f n _,:,• o ru; ;\ ( a tax on this type of Deed of Trust chargeable against the
Lender or the holder o the • e; • 3f a specific tax on all or any portion of the Indebtedness or on
payments of principal an• • - by Grantor
Subeequatt Taxes. If any •hoc thi section applies w enacted subsequent to the date of this Deed
of Trust, this event shall h: • , • e ac as an Event of Default, and Lender may exercise any or all of
its available remedies for an v t of ult as provided below unless Grantor either (1) pays the tax
before at becomes delinquent, r S•• me s - as provided above in the Taxes and Liens section
and deposits with Lender cash or au i•• ••rate surety bond or other seaurity satisfactory to
Lender.
SECURITY AGREEMENT: FINANCING S - The following provisions relating to this Deed of Trust as
a security agreement we a pan of this De- • • rust
Security Agreement. This instrument shall coney e a Se•unty Agreement to the extent any of the
Property constitutes fixtures, and Lender shall he all • e r •hts of a secured party under the Uniform
Commercial Cade as amended from time to tam;
Security Interest. Upon request by Lender, ran : tak: whatever action is requested by Lender to
perfect and continue Lender's security interest n th- :nts • d Personal Property In addition to recording
this Deed of Trust in the real property records, ender • s - :ny time and without further authorization
from Grantor, file executed counterpane, copies - e, •duebo - of this Deed of Trust as a financing
statement. Grantor shall reimburse Lender for all ax• _ -es • . • in perfecting or continuing this security
interest Upon default, Grantor shall not remove, sev: r o h : Personal Property from the Property.
Upon default, Grantor shall assemble any Personal Pr. •er 1 a -xed to the Property in a manner end at a
plata after receipt of written demand from n Lender to the extent • - ed by ..e within three (3) days
...linable law
Addressee. The mailing addressee of Grantor (debtor) end =nd- (s -, ur: • party) from which information
concerning the security interest granted by this Deed of Tr et a b. • .1: ned (each as required by the
Uniform Commercial Code) are as stated on the first page oft as • e - • o 5.
FURTHER ASSURANCES; ATTORNEY -IN -FACT The following pr. • : • , rel. • o further assurances and
attorney -in -fact are a part of this Deed of Trust
Further Assurances. At any time, and from time to time, upon eq :- of an - -r, Grantor will make,
execute and deliver, or will cause to be made, executed or delivered, :nd o o :nder's designee, and
when requested by Lender, cause to be filed, recorded, refried, or rer- or :d :s t = . : may be, at such
times and in such offices and places as Lender may deem appropriate, .n and :u mortgages, deeds
of trust, security deeds, security agreements, financing statements, oo nu- o :tote•' .nte, instruments
y
of further assurance, certificates, and other documents as may, in the sole • pi • of V • . b ne c e s w
or desirable in order to effectuate, complete, perfect, continue, Of eraser : (1 ant 9
under the Note, this Deed of Trust, and the Related Documents, and (2) t - an d ecurity interests
created by this Deed of Trust as first and prior liens an the Property, whether ow • • - • •r hereafter
acquired by Grantor. The lien of this Deed of Trust and the security inure. • anted h• eby will
automatically attach, without further act, to all after-acquired property attache t• and :d in the
operation of the Property or any pan thereof. Unless prohibited by law or Lender a• ee c -ntrary In
writing, Grantor shall reimburse Lender tor all costs and expenses incurred in corms loo• th e • - ters
referred to in this paragraph
Attorney -ton -Feet. II Grantor fade to do any of the things referred to in the preceding paragra• , Lai • r m y
do so for and in the name of Grantor and at Grantor's expanse For such purposes Gr.- or ere•y
irrevocably appoints Lender as Grantor's attomey-in -fact for the purpose of making, exec g. i , we •
AA — DEED OF TRUST
IContl T Page 0
f . ecording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to •
•m• ish the matters referred to in the preceding paragraph,
- L P • NCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the
•bb• : 'o . im •osed upon Grantor under this Deed of Trust, Lender shall execute and deliver to Trustee a
e or I reconveyance and shall execute and deliver to Grantor suitable statements of termination of any
hn - ng a - : it on file evidencing Lenders security interest in the Rents and the Personal Property Any
re •nv . ce r: •uved by law shall be paid by Grantor, it permitted by applicable law
DEF- U . pacry of he following, et Lender's option, shall constitute en Event of Default under this Deed of
Trust. f�//
P . nt De : I Gr. • .r :ifs to make any payment when due under the Indebtedness
I Debit& on • er - :Aura of Grantor within the time required by this Deed of Trust to make any
payment •r to :a o 'neuron or any other payment necessary to prevent filing of or to effect discharge
I of any li
Other Default . G . t•r : I comply with or to perform any other term, obligation, covenant or
condition co al • in is • : : d of Trust or in any of the Related Documents or to comply with or to
perform any to • . iga , covenant or condition contained in any other agreement between Lender and
Grantor.
Compliance Defau . F. lur- • • ply wrth any other term, obligation, covenant or condrtion contained in
this Deed of Trust, th• N• . or a q of Related Documents
Default In Favor of • i • ' - . 1 Grantor default under any loan, extension of credit, security
agreement, purchase o sales agr: - e, , or any other agreement, in favor of any other creditor or person
that may materially affec an of antor's property or Grantor's ability to repay the Indebtedness or
Grantor's ability to perfor• Gr to s o igetione under this Deed of Trust or any of the Related
Documems.
Mae Statements. Any warra y, _„_re:: to ion • : tatement made or furnished to Lender by Grantor or
on Grantor's behalf under this • . - •U7 rus • r • Rested Documents is false or misleading in any materiel
respect, either now or at the um. •• ade • u • sh. • • r becomes false or misleading at any time thereafter
Defeedve Collaturalization. This D::. o rus •r any of the Related Documents ceases to be in full force
and effect )including failure of any • ater •ocument to • sate a valid and perfected security interest or
lien) at any time and for any reason
Insolvency. The dissolution or termination of Gr. or's ist�. a as a going business, the insolvency of
Grantor, the appointmem of a receiver for any p: of y �s k •r's •roperty, any assignment for the benefit of
creditors, arty type of creditor workout, or t com ent .1 any proceeding under any bankruptcy or
insolvency laws by or against Grantor.
Creditor or Forfeiture Proceedings. Common . ant of 1. .closure or forfeiture proceedings, whether by
judicial proceeding, self -help, repossession or o • . ••, by any creditor of Grantor or by any
governmental agency against any property securing the nde• -dn -ss This includes a garnishment of any
of Grantor's accounts, including deposit accounts, wi L r owaver, this Event of Default shell not
apply d there 1s a good faith dispute by Grantor as t• tit ity or reasonableness of the claim which is
the basis of the creditor or forfeiture proceeding and G .ntor : v r. , der written notice of the creditor
or forfeiture proceeding and deposits with Lender m• .. • _ surety •ond for the creditor or forfeiture
proceeding, in an amount determined by Lender. In its sole ilia • etic • , - • : ing en adequate reserve or bond
for the dispute
Breach of Other Agreement. Any breach by Grantor uncle the - rm o ides y other agreement ud ng without
Grantor anq Lender that is not remedied within any grace •erro• p •
limitation any agreement concerning any indebtedness or oth. • • n . ion , antor to Lender, whether
existing now or later
Events Affecting Guarantor Any of the preceding events occurs ith ::pea o - y Guarantor of any of
the Indebtedness or any Guarantor dies or becomes incompetent, or . oke •r •isp es the validity of. or
liability under, any Guaranty of the Indebtedness
Adverse Change. A material adverse change occurs in Grantors finance. co • o or ender believes the
prospect of payment or performance of the Indebtedness is impaired
Insecurity. Lender in good faith believes itself insecure
RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under the • of ust, at any time
thereafter, Trustee or Lender may exercise any one or more of the following rights a • re ' : • -a
Election of Remedies. Election by Lender to pursue any remedy shall not exc .de pur f : y other
remedy, and an election to make expenditures or to take action to perform an obllg -tlo .f ra or under
this Deed of Trust, after Grantor's failure to perform, shell not affect Lender's right t• d: . a +e : i 1 and
exercise its remedies
Accelerate Indebtedness. Lender shall have the right at de option w t notice to Grs ° Gr : -• re e
entire Indebtedness immediately due and payable, including any prepayment P ce Y t d
be required to pay
eir
DEED OF TRUST
(Continued) Page 7
• Power of Sele Previalon Upon the application or request of Lender, It shall be lawful for and the
d o : Trustee, and the Trustee is hereby authorized and empowered, to expose to sale and to sell the
ope ; public auction for cash, after having brat complied with all applicable requirements of North
C. • a I- with respect to the exercise of powers of sale contained in deeds of trust or such other sales
•
•prie : under the circumstances, and upon any such sale, the Trustee shall convey title to the
• r in fee simple In the event of any sale under this Deed of Trust by virtue of the exercise of the
pow:: ;rant' in this Deed of Trust, or pursuant to any order and any judicial proceeding or otherwise,
•v : P oper me be sold as an entirety or in separate parcels and in such manner or order es Lender in rte
Sol: dis re n• ay elect Trustee shall be authorized to hold a sale pursuant to North Carolina General
Eta ut. C •ter 4- • • ustee so elects, Trustee may sell the Property covered by this Deed of Trust at
one or more ...rate sale: in any manner permitted by applicable North Carolina law, and any exercise of
the - gr tad it is Deed of Trust shall not extinguish or exhaust such powers, until the entire
Property Is • • • or .1 r • :bt • • naes is paid in full. If such Indebtedness is now or hereafter further secured
by any • att : m•- tgagea : • .:s, contracts of guaranty, assignments of lease or other security
Instrumen : end: may .,eft'+ tan exercise the remedies granted under any of the security agreements
either concurre y or • TT•- y and in such order as Lender may determine
Foreclosure. WI • re: -•act • WI or any pert of the Real Property, the Trustee shall have the right to
foreclose by n. ice d s- and Lender shall have the right to foreclose by judicial foreclosure, in either
case in accordan . wit. a • "o • , full extent provided by applicable law.
UCC Remedies. r pa • al or any pmt of the Personal Property, Lender shall have all the rights and
remedies of e secured •a un• •r • e U rat Commercial Code.
Cclleat Rents. Lender h: : ye . • nhout notice to Grantor to take possession of and manage the
Property and collect th. Ren I, udi : amounts pant due and unpaid, and apply the net proceeds, over
and above Lender's costs, ag: st 1 • : Indebtedness In furtherance of this right, Lender may require any
tenant or other user of the • ape t. me • payments of rent or use fees directly to Lender If the Rents
are collected by Lender, the oc.bly designates Lender as Grantor's attorney-in -fact to endows
Instruments received in pay e ther 1 t nam: of Grantor and to negotiate the same and collect the
proceeds Payments by tenant ajqther u:: a t. a der in response to Lender's demand shall satisfy the
obligations for which the pay • •t5 a m: •e, het - or not any proper grounds for the demand existed.
Lender may exercise its rights und thi. : u• • er. it : ph either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall hav: righ o have a receiver appointed to take possession of all or any
part of the Property, with the po •r t. protect and • • the Property, to operate the Property
preceding foreclosure or sale, and to :et the Rent:_ rom t e Property end apply the proceeds, oven and
above the cost of the receivership, against the I ebt. • ess The receiver may serve without bond if
permitted by law. Lender's right to the appoin • ant • ace er shall exist whether or not the apparent
value of the Property exceeds the Indebtedn: • : byy:ntl: amount. Employment by Lender shall not
disqualify a person from serving as a receiver
Tenancy at Sufferance. If Grantor remains 1 possessto. of the Property f er the rope is sol as
provided above or Lender otherwise becomes :- till a l:• p of the Property upon
Grantor, Grantor shall become a tenant at sufferance of en• _i or a purchaser of the Property and shall,
at Lander's option, either (1) pay a reasonable ran I • u e of the Property, or 121 vacate the
Property Immediately upon the demand of Lender.
Other Remedies. Trustee or Lender shall have any of r nght - ; - provided in this Deed of Trust or
the Note or evadable at law or In equity
Notice of Sele. Lender shall give Grantor reasonable notice • : tim a d place of any public sale of the
Personal Property or of the time after which any pnvate sal. or other -n• -• disposition of the Personal
Property is to be made Reasonable notice shall mean notice . iven . lea: a (10) days before the time of
the sale or disposition Any sale of the Personal Property may • - ,• -d: n c•.• unction with any sale of the
Real Property.
Sale of the Properly. To the extent permitted by applicable law, trant.r eb awes any and all rights
to have the Property marshalled In exercising its rights and rem = • — the T•. - - -. •r Lender shall be free
to sell all or any part of the Property together or separately, in one s•-e or •y -par . - sales Lender shall
be entitled to bid at any public sale on all or any portion of the Property
Attorneys' Fees; Expanses. If Lender institutes any cult or action to enf. ce - y , the : ms of this Deed
of Trust, Lender shell be entitled to recover such sum as the court may := u. : e r- •na. the a
fees at trial and upon any appeal Whether or not any court action is in cave.,
prohibited by law, all reasonable expenses Lender incurs that in Lender's opi • • er act .:ary at any time
for the protection of its interest or the enforcement of its rights shall become , .art
payable on demand and shall bear interest at the Note rate from the date of t : • • . drture m I1 repaid. d.
Expenses covered by this paragraph Include, without limitation, however sub : to ate
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses, w :th:r • ��dl((ot te is t
lawsuit, including reasonable attorneys' fees and expenses fo ruptc sited o
i ar lud: i -•II: eon
moddy or vacate any automatic stay or Injunction), apps sl and any P p
services, the cost of searching records, obtaining file reports (including foreclosure r -••rr. , survecebe
reports, and appraisal fees, title insurance, and tees for the Trustee, to the extent permit -• by •p•
law Grantor also will pay any court costs, In addition to all other sums provided by law
DEED OF TRUST
IContlnuedl Page 8
' •h • of Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section
• :r. D OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of
T tee - e p. t of this Deed of Trust
• o Trustee In addition to all powers of Trustee arising es a matter of law, Trustee shall have the
p r er • take the following actions with respect to the Property upon the written request of Lender and
re •rr a) n in preparing and filing al map , mm of
or • er fights to the public, (b) loin in granting or plat of any the easement Reel Property or ereatmg clud any g rest nctton dedication on the
Pr. • sit , a (c) loin in any subordination or other agreement affecting this Deed of Trust or the
into es of -nd t• t is Deed of Trust
Trus e. Tr ehal all qualifications required for Trustee under applicable law In addition to the
rights re.- dies e.• • -bova, with respect to all or any pmt of the Property, the Trustee shell have
the nght t. or: • . • y not : and sale, and Lender shall have the right to foreclose by judicial foreclosure,
in either •:se etc. dan - • and to the full extent provided by applicable law
Trustee's ees. he ' , • mission shall be fwe percent (5 %) of the gross proceeds of the sale for
a completed • eel. ure n • . event foreclosure is commenced, but not completed, Grantor shall pay all
expenses me • by rue :: and partial commission computed on five percent (5 %) of the outstanding
Indebtedness, a • twig • •• - ollowing schedule. one-fourth of the commission before Trustee revues a
notice of hearing - •n t r - r r t to • eclosure, one -half of the commission after issuance of nonce of hearing,
three - fourths of th. • mis. • at r a hearing, and the full commission slier the initial sale
Express Power to Su. :tit. e a' ru , 8. der shall have the irrevocable right to remove at any time and
from time to time wit ou it e named in this Deed of Trust without notice or cause and to
appoint a successor • • an r i r ent n writing, duly acknowledged, in such a fain as to entitle such
written instrument to be rec. tad the State of North Caroline, and, in the event of the death or
resignation of the Trustee - ed t 1 - • of Trust, Lender shall have the right to appoint 0 successor
by such written instrument, •n' : • . se 0 appointed shall be vested with the title to the Property, and
shall possess all the powers, d ties a • •bii iation - herein conferred on the Trustee in the same manner
and to the same extent as tho ih tlfebuccee •.r t . .. were named in this Deed of Trust as Trustee
NOTICES Any notice required to b: • van , •e is r -ed of Trust, including without limitation any notice of
default and any notice of sale shall b_ gi - wit g, and shall be effective when actually delivered, when
actually received by telefacsrmde (un .- s .then - Ise required by law), when deposited with a nationally
recognized overnight courier, or, if made. wh• deposited t I . United States marl; as first class, certified or
registered mail postage prepaid, directed • he address - sho near the beginning of this Deed of Trust
Any party may change its address for notices under t : Dee. of ' rust by giving formal written notice to the
other parties, specifying that the purpose of the not is t. = g the party's address For notice purposes,
Grantor agrees to keep Lender informed at all tim. : of G - tor' - cur ent address Unless otherwise provided or
required by law, if there is more than one Grant. , an not •: gw: by Lender to any Grantor is deemed to be
notice given to all Grantors
MISCELLANEOUS PROVISIONS. The following mis . laneo . • • • , •its are a part of this Deed of Trust
Amendments. This Deed of Trust, together with an lard Documents, constitutes the entire
understanding and agreement of the parties as to the . at 1 f • rth in this Deed of Trust No alteration
of or amendment to this Deed of Trust shall be effect a •ipl'- s g an in writing and signed by the party or
parties sought to be charged or bound by the aiterato or amen•
Annual Reperts. If the Property is used for purposes other t -n 6 =•tor residence, Grantor shall furnish
to Lender, upon request, a certified statement of net opera g co - r;cedved from the Property during
Grantor's previous fiscal year in such form and detail ea Len. er hall r.• re 'Net operating income" shall
mean all cash receipts from the Property less all cash aspens tur:: a.: •nnection with the operation
of the Property
Caption Headings. Caption headings in this Deed of Trust we for c• van c . • u • • ses only and are not to
be used to interpret or define the provisions of this Deed of Trust
Merger, There shall be no merger of the interest or estate create. • this it.:, o Trust with any other
interest or estate in the Property at any time held by or for the bend o • •er 1 - -y capacity, without
the written consent of Lender
Governing Law. This Deed of Trust will be governed by federal law a• • • " t• end d, to the extent
not preempted by federal law, the lava of the State of North Carolina wr • agar Its ••nfllcts of law
provisions This Deed of Trust has been accepted by Lander m the State of • er • • .
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to : ub • : urisdiction
of the courts of HARNETT County, State of North Carolina {{��
No Waiver by Lender. Lender shall not be deemed to have waived any rights un• =r t•is\Oyed Trust
unless such waiver is given in writing and signed by Lender No delay or omission o t e .aY% of - de in
exe any nght shell operate as a waiver of such right or any other nght. A ei , • y
provision of this Deed of Trust shell not prejudice or constitute a waiver of Lander - n• . t • erw -: to
demand strict compliance with that provision or any other provision of this Deed of Trust i • pro - al -r
by Lender, nor any course of dealing between Lender and Grantor, shall constitute a taw of • y •f
Lender's rights or of any of Grantor's obligations as to any future transactions Wheneve 0 • a: •
DEED OF TRUST
(Continued) Page 9
• ie required under this Deed of Trust. the granting of such consent by Lender in any instance shall
n• co . -tinge continuing consent to subsequent instances where such consent is required and in all cases
ch • -em may be granted or withheld in the sole discretion of Lender
bah. 11 a court of competent junadiction finds any provision of this Deed of Trust to be Illegal,
in . Id, • unentorceable as 10 any circumstance, that finding shall not make the offending provision illegal,
vah. •; nforceable as to any other circumstance If feasible, the offending provision shall be
c0.:s-red mo• ied so that it becomes legal, valid and enforceable If the offending provision cannot be so
od ied a be considered deleted from this Deed of Trust Unless otherwise required by law, the
ill.!!. lit :lid y, o . nforceabhty of any provision of this Dead of Trust shall not affect the legality,
val •ity • nto .., • ity o any other provision of this Deed of Trust
Sue ., . • Aasi! Subject to any limitations stated in this Deed of Trust on transfer of Grantor's
interest, th r::. • • 1 all be binding upon and inure to the benefit of the parties, their successors
and asst• . a 1 •w ship of : Property becomes vested in a parson other than Grantor, Lender, without
notice to S :ntor - ay ... &,( h Grantor's successors with reference to this Deed of Trust and the
Indebtedness b we • ar ce or extension without releasing Grantor from the obligations of this
Deed of Trus or h.• ny and. Indebtedness
lime is of the - - a . T e is of the essence in the performance of this Deed of Trust
DEFINITIONS. The f.110 • :prtali :d words and terms shall have the following meanings when used in this
Deed of Trust. Unl ; ;p: fie. • :to : • to the contrary, all references to dollar amounts shall mean amounts
In lawful money of the U ed -tat -. o Am gpbp Words and terms used in the singular shall include the plural,
and the plural shall includ th:: no : e ntext may require. Words and terms not otherwise defined in
this Deed of Trust shall ha e the can - • ibuted to such terms m the Uniform Commercial Code
Benefefary. The word ": ne sans FIRST BANK , and Its successors and assigns
Borrower. The word "Bor • me: s A HBROOK BUILDING GROUP, INC. and includes all co- signers
and co- makers signing the N. . • a : r censors and assigns
Deed of Trust. The words "D: .dust" ea i. Deed of Trust among Grantor, Lender, and Trustee,
and includes without Innate all`ttsig • e and minty interest provisions relating to the Personal
Property and Rents
Default. The word "Default" me: s e D• ault set forth in this Deed of Trust in the section tilled
"Default"
Environmental Laws. The words "Envi onmental L: , :" mean any and all state, federal and local statutes,
regulations and ordinances relating to the protects of h an •alth or the environment, including without
[imitation the Comprehensive Environmental 'vapor -: • omtensation, and Liability Act of 1980, as
amended, 42 U S C Section 9801, et see CER• e • perfund Amendments and Reauthorization
Act of 1988, Pub L No 99-499 I "SARA , t . ard• s Materials Transportation Act, 49 U.S.C.
Section 1801, et see , the Resource Conserve •n and R. ••very Act, 42 U.S C Section 6901, et see , or
other applicable state or federal laws, rules, or r: , lati •' . •-. p - i pursuant thereto
Event of Default. The words "Event of Default' mean y gLtl1e e ents of default set forth in this Deed of
Trust in the default section of this Deed of Trust NO'G
Grantor. The word "Grantor" means ASHBROOK MP s1 As • P INC
Guarantor. The word "Guarantor" means any guaranto , • e , or acs• modation party of any or all of
the Indebtedness.
Guaranty. The word "Guaranty" means the guaranty from G ar:ntor 1' nd:r, including without limitation
a guaranty of all or part of the Note
Hazardous Substances. The words "Hazardous Substance - :: m : ria 5 that, because of their
quantity, concentration or physical, chemical or infectious charm :- abc. m: c.use or pose a present or
potential hazard to human health or the environment when impro'erly u: -., tr ; -- ed, stored, disposed of
generated, manufactured, transported or otherwise handled The , •rds Haz d. •r Substances" are used
in thee very broadest sense and include without limitation any an• all . :z• iou or toxic substances,
materials or waste es defined by or listed under the Enveonme • .wit Th' term "Hazardous
Substances" also includes, without limitation, petroleum and petroleum • -pr• • 'ct. or •ny fraction thereof
and asbestos
Improvements. The word "Improvements" means all existing and f -ire i• •r• em•nts, buildings,
structures, mobile homes affixed on the Real Property, facdnies, addit• r., ace ants and other
construction on the Real Property
Indebtedness. The ward "Indebtedness" means all principal, interest, and • •r . ou�uupppptttqqq... ••sts and
expenses payable under the Note or Related Documents, together with all renew le •1,\px :ions of,
modification af, consolidations of and substitutions for the Note or Related Documnnt t an a ounta
expanded or advanced by Lender to discharge Grantor's obligations or expenses i cur • b or
Lender to enforce Grantor's obligations under this Deed of Trust, together with inter: o : • nts
as provided in this Deed of Trust
Lender. The word "Lender" means FIRST BANK , rte successors and assigns
Or
DEED OF TRUST
(Continued) Page 10
The word "Note' means the promissory note dated September 9, 2010, In the original principal
of 6154,400 00 from Grantor to Lender, together with all renewals of, extensions of. modifications
r: _• ngs of, consolidations of, and substitutions for the promissory note or agreement NOTICE TO
G' ' ' THE NOTE CONTAINS A VARIABLE INTEREST RATE
onal 'roparty. The words 'Personal Property' mean all equipment, fixtures, and other articles of
• erao • , • • Y now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real
Pr..e , Inge.: with all accessions, parts, and additions to, all replacements of, and all substitutions for,
y f s • roierty, and together with all proceeds Including without limitation all insurance proceeds
and ref f p emw• from any sale or other disposition al the Property
Pro. my. T�h: ` •rd "Prop- " means collectively the Real Properly and the Personal Property
Real P • • 'f The w• d: - :el Property' mean the real property, interests and rights, as further deacnbed
in this r of T s
Related D• en :. The Related Documents" mean all promissory notes, credit agreements, loan
agreements, e iron. .• : �
• . ants, guaranties, security agreements, mortgages, deeds of trust.
security deed., co • er: mo •.ges, and all other instruments, agreements and documents, whether now
or hereafter e ; g, : ec in connection with the Indebtedness
Rants. The won Re • • .an all present and future rents, revenues, income, issues, royalties, profits,
end other benefits • iv :I fro•• the Property
Trustee. The word '1 us •e•' ea • s Te C Nixon, whose address is 341 North Man Street, Troy, NC
27371 and any subati ut: or su• . 8. b.
GRANTOR ACKNOWLErt S H VI. r ALL THE PROVISIONS OF THIS DEED OF TRUST, AND
GRANTOR AGREES TO rrs v r >
GRANTOR:
ASHBROOK BUILDING GROUP, INC. C>40,
By: • ! !..
,l y ; ` > . AW, P (DENT /SEC of A: :Rr r
<"%<)
0
0
c
1 I 00 r
e. DEED OF TRUST
(Continued) Page 11
• __
CORPORATE ACKNOWLEDGMENT
AT . 1 1 Y: . -Fa 1
1S8
CO I : ' : : r. 1
I, • . ...._... -- , a Notary Public for said County and State, do
hereby cart : . SHAW, PRESIDENT /SECRETARY of ASHBROOK BUILDING GROUP, INC.
personally c: or fine this •ay and acknowledged that he for she) is PRESIDENT/SECRETARY of
ASHBROOK . r GRO a corporation, and that he /she, as PRESIDENT /SECRETARY of
ASHBROOK BALD • G' . ' '� being authorized to do so executed the foregoing an behalf of the
corporation
Wlbiess my hand and . • ,. : : 'e the Och day .( - - .er - -• 20 0—
IC:T490 our/ Pu
My Commission Expires: ' * * * ` 'x
November 7, 204111$
(Affix Notarial Seal Here )
C: ::::
LASER PRO Lending, Ver. 6.52 10 001 Copr .da ne cial Solutions, Inc 1997, 2010. All Rights
Reserved - NC C•1 FRLP G01 C T -29981 PR -13
0
PO
0
i Oir
EXHIBIT "A"
EIkL -11 of Lot 505 in a subdivisiom known as OVERHILLS CREEK,
T s' : :VEN, according to a plat of thb same duly recorded in
a, Boy 007, Pages 664 -667 , Harnett County Registry, North
C -ro - .
0
o
6
110, 0
. 0 ....r-c- Ni,YT CO
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to 9
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3.
a
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R pR O` ifil
L r CAA `
BERLY S. HARGROVE
- E I: T W F DEEDS, HARNETT
3e ' • • I ELIUS HARNETT BLVD
. UITE 200
CTON, NC 27546
•M• •M•••••MMIM••M *NM•••M•M•M • •• S ••• •••••••••••M••NII
N•M M
•••IMMkM•M•M•M•
Flied For Registration: 0910 ^ 1 : I
Book: RE 2 4 oie , e: 171 -183
Document No.: 2010012880
DT 13 P68 3.
Recorder: TRUDI S WESTE
State of North Caroline, County of Harnett
KIMBERLY S. HARGROVE , REGISTER OF DEEDS
0
DO NOT DISCARD
_0
2010012880