HomeMy WebLinkAboutC.054.93011_0435 (2)Second. All taxes and assessments then constituting a lien against the Trust
Estate other than those advertised and sold subject to;
Third. Any indebtedness secured by this Deed of Trust at the time due and
payable (whether by acceleration or otherwise), including all amounts of
principal and interest at the time due and payable with respect to the
Installment Payments; and
Fourth. The balance, if any, to the persons then entitled thereto.
3.5 Payment of Expenses. The County agrees to pay the costs and disbursements provided
by statute, and reasonable attorneys' fees and legal expenses which may be incurred by the
Beneficiary and the Trustee in enforcing Beneficiary's rights and remedies provided herein. In
the event of a consummated sale under the power of sale contained herein, the Trustee's
commission shall be equal to its actual costs and expenses, including compensation for its
services, not to exceed two percent (2%) of the highest bid at the sale.
3.6 Trustee's Fees. If a foreclosure proceeding is commenced by the Trustee but terminated
prior to its completion, the Trustee's fees will be reasonable but not more than one percent (I%)
of the outstanding Advance if the termination occurs prior to the first public auction sale and not
more than two percent (2%) of the outstanding Advance if the termination occurs after the first
public auction sale.
3.7 Waivers. No waiver of any Event of Default shall at any time thereafter be held to be a
waiver of any rights of the Beneficiary stated anywhere in this Deed of Trust or the Agreement,
nor shall any waiver of a prior Event of Default operate to waive any subsequent Event(s) of
Default.
3.8 Notice. Any required notice by the Beneficiary or the Trustee of sale or other disposition
or default, when mailed to the County at its address set forth herein, shall constitute reasonable
notice to the County.
3.9 No Deficiency Judgment. NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, PURSUANT TO SECTION 16OA-20 OF THE GENERAL STATUTES OF
NORTH CAROLINA, NO DEFICIENCY JUDGMENT SHALL BE RENDERED AGAINST
THE COUNTY IN ANY ACTION FOR BREACH BY THE COUNTY OF ITS
OBLIGATIONS UNDER THE AGREEMENT; THE REMEDIES PROVIDED UNDER THIS
DEED OF TRUST, INCLUDING FORECLOSURE UNDER THIS DEED OF TRUST, BEING
THE SOLE REMEDY GRANTED HEREBY. THE TAXING POWER OF THE COUNTY IS
NOT AND MAY NOT BE PLEDGED IN ANY WAY, DIRECTLY OR INDIRECTLY, TO
SECURE THE PAYMENT OF ANY MONEYS DUE UNDER THE AGREEMENT,
INCLUDING THE INSTALLMENT PAYMENTS OR ADDITIONAL PAYMENTS UNDER
THE AGREEMENT, OR ANY OTHER INSTRUMENT CONTEMPLATED HEREBY OR
THEREBY.
ARTICLE IV
GENERAL CONDITIONS
4.1 No Assignment of Trust Estate. The County will make no assignment, by operation of
law or otherwise, nor convey or otherwise transfer, the Land or any interest therein or part
thereof or any other part of the Trust Estate (except as provided in Section 2.7 hereof) without
the prior written consent of the Trustee and the Beneficiary as hereinafter provided. Any
assignment, conveyance or transfer of the Land or any part thereof or any other part of the Trust
Estate without such prior written consent shall constitu.e a default hereunder, giving rise to all of
the remedies herein provided for an Event of Default.
4.2 The Deed of Trust Trustee. The Deed of Trust Trustee shall be under no duty to take any
action hereunder except as expressly required, or to perform any act which would involve him in
expense or liability or to institute or defend any suit in respect hereof, unless properly
indemnified to its satisfaction by the County or the Beneficiary. All reasonable expenses,
charges, counsel fees and other disbursements incurred by the Trustee in and about the
administration and execution of the trusts hereby created, and the performance of its duties and
powers hereunder, shall be secured by this Deed of Trust prior to the indebtedness represented by
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