HomeMy WebLinkAboutC.054.93011_0436the Advance, and shall bear interest equal to the prime interest rate of Beneficiary, as announced
from time to time.
4.3 Substitution of Trustee. If, for any reason, the Beneficiary shall elect to substitute for the
trustee herein named (or for any successor to said trustee), the Beneficiary shall have the right to
appoint such successor trustee(s) by duly acknowledged written instruments, and each successor
trustee immediately upon recordation of the instrument so appointing him shall become
successor in title to the Trust Estate for the uses and purposes of this Deed of Trust, with all the
powers, duties and obligations conferred on the Trustee in the same manner and to the same
effect as though he were named herein as the Trustee.
4.4 Terms. The singular used herein shall be deemed to include the plural; the masculine
deemed to include the feminine and neuter; and the named parties deemed to include their heirs,
successors and assigns. The term "Beneficiary" shall include any payee of the indebtedness
hereby secured or any transferee thereof whether by operation of law or otherwise.
4.5 Notices. Unless otherwise provided herein, all demands, notices, approvals, consents,
requests, opinions and other communications hereunder shall be in writing and shall be deemed
to have been given when delivered in person or mailed by first class registered or certified mail,
postage prepaid, addressed as follows:
If to the County:
County of Iredell
200 South Center Street
Statesville, North Carolina 28687
Attn: Director of Finance and Administration
If to the Beneficiary:
Bank of America, N.A.
Middle Market Banking
NC7-166-09-03
If to the Trustee:
3100 Tower Boulevard, Suite 910
Durham, North Carolina 27707
PRLAP, Inc.
Portfolio Admin.
1400 Best Plaza Drive
P. O. Box 26865
Richmond, Virginia 23227
The County, Beneficiary and the Trustee may, by notice given hereunder, designate any further
or different addresses to which subsequent demands, notices, approvals, consents, requests,
opinions or other communications shall be sent or persons to whose attention the same shall be
directed.
4.6 Severability of Provisions. Invalidation of any one or more of the provisions of
this Deed of Trust shall in no way affect any of the other provisions hereof, which shall remain
in full force and effect.
4.7 Headings. The captions and headings herein are inserted only as a matter of
convenience and for reference and in no way define, limit, or describe the scope of this Deed of
Trust nor the intent of any provision hereof.
IN WITNESS WHEREOF, the County has executed this Deed of Trust under seal as of
the above written date.
COUNTY OF IREDELL, NORTH CAROLINA
By:
Stephen D. Johnson
Attest: Chairman of the Board of Commissioners