HomeMy WebLinkAbout2001 S Purchasing - Public Hearing on Installment Contract to Purchase Land Seven Mile Creek Preserve (Mayes' Hill, Ltd.)Prepared by: Geoffrey E. Gledhill
Return to: Geoffrey E. Gledhill, P.O. Drawer 1529,
Hillsborough, NC 27278
STATE OF NORTH CAROLINA
COUNTY OF ORANGE
OFFER TO PURCHASE AND CONTRACT
THIS OFFER TO PURCHASE AND CONTRACT ( "Agreement "), made and
entered into this the day of , 2001 by and between
MAYES' HILL LTD.,' a North Carolina limited partnership, having an
address of 300 C. C. Hayes Road, Purlear, North Carolina 28665,
hereafter called "Seller ", and the COUNTY OF ORANGE, NORTH
CAROLINA, a body politic and corporate, a political subdivision
of the State of North Carolina, having an address of P.O. Box
8181, Hillsborough, North Carolina 27278, hereafter called
"Buyer ";
WITNESSETH:
Buyer hereby offers to purchase and Seller, upon acceptance
of said offer, agrees to sell and convey, all of that plot, piece
or parcel of real property located in Orange County, North
Carolina, which said real property is more particularly described
as follows:
The 109.4 -acre tract of land identified as
on the plat of property titled
prepared by , R.L.S., which plat is
recorded at Plat Book _, Page Orange County
Registry. The Property is further identified as Orange
County P.I.N. 9854 -30 -5558 and has an Orange County tax
map reference of 3.50..7; and
The 22 -acre+ portion of the 64.31 -acre tract of
land identified as on the plat of property
titled prepared by , R.L.S.,
which plat is recorded at Plat Book _, Page Orange
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Prepared by: Geoffrey E. Gledhill
Return to: Geoffrey E. Gledhill, P.O. Drawer 1529,
Hillsborough, NC 27278
STATE OF NORTH CAROLINA
COUNTY OF ORANGE
OFFER TO PURCHASE AND CONTRACT
THIS OFFER TO PURCHASE AND CONTRACT ( "Agreement "), made and
entered into this the day of , 2001 by and between
MAYES' HILL LTD., a North Carolina limiter
address of 300 C. C. Hayes Road, Purlear,
hereafter called "Seller ", and the COUNTY
CAROLINA, a body politic and corporate, a
of the State of North Carolina, having an
8181, Hillsborough, North Carolina 27278,
"Buyer ";
WITNESSETH:
3 partnership, having an
North Carolina 28665,
OF ORANGE, NORTH
political subdivision
address of P.O. Box
hereafter called
Buyer hereby offers to purchase and Seller, upon acceptance
of said offer, agrees to sell and convey, all of that plot, piece
or parcel of real property located in Orange County, North
Carolina, which said real property is more particularly described
as follows:
The 109.4 -acre tract of land identified as
on the plat of property titled "
prepared by , R.L.S., which plat is
recorded at Plat Book _, Page _, Orange County
Registry. The Property is further identified as Orange
County P.I.N. 9854 -30 -5558 and has an Orange County tax
map reference of 3.50..7; and
The 22 -acre+ portion of the 64.31 -acre tract of
land identified as on the plat of property
titled prepared by , R.L.S.,
which plat is recorded at Plat Book Page _, Orange
1
County Registry. The Property is further identified as
Orange County P.I.N. 9844 -91 -1497 and has an Orange
County tax map reference of 3.45..14.
THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE AS FOLLOWS:
1. PURCHASE PRICE: The purchase price for the Property
shall be FIVE HUNDRED THIRTY -EIGHT THOUSAND SEVEN HUNDRED FORTY
AND 00/100 DOLLARS ($538,740). The purchase price shall be paid
by payment in cash at the closing of $107,748 and the execution
of a promissory note secured by a first lien deed of trust on the
Property which promissory note will provide for the payment of
the balance of the purchase price in 20 quarterly installments.
The first installment of principal and interest will be due on
September 1, 2001. The subsequent installments of principal and
interest will be due on a quarterly basis as shown on the
amortization schedule attached hereto as Exhibit C. Installment
payments shall include interest on the unpaid balance at the rate
of 5.0% per annum, per Exhibit C. Neither the promissory note nor
the deed of trust will prohibit or provide a penalty for
prepayment of any amount of the unpaid principal balance. The
promissory note and deed of trust will be in substantially the
form of Exhibits A and B hereto respectively.
2. TITLE: Title will be delivered to Buyer at closing by a
General Warranty Deed made to the County of Orange, North
Carolina, which shall be fee simple marketable title, free of
liens, encumbrances, easements, restrictions, rights and
conditions, including, but not limited to, any promissory note,
mortgage, deed of trust, real estate contract, right of first
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refusal, or option to buy, other than current property taxes and
rights, reservations, covenants, easements, conditions, and
restrictions of record as of the effective date of this Agreement
that do not materially affect the value of the Property or unduly
interfere with Buyer's intended use of the Property, and those
exceptions approved in writing by Buyer ( "Permitted Exceptions ").
3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER:
Seller makes the following representations and warranties to
Buyer as of the effective date of this Agreement and again as of
the Closing Date:
(a) Title. At the Closing Date, Seller shall have good,
marketable, and indefeasible fee simple title to the Property
subject only to the Permitted Exceptions, and Seller is aware of
no other matters that adversely affect title to the Property.
(b) Leases. There are no leases, licenses, or other
agreements granting any person or persons the right to use or
occupy the Property or any portion thereof.
(c) Options. Seller has not granted any options nor
committed nor obligated themselves in any manner whatsoever to
sell the Property or any portion thereof to any party other than
Buyer.
(d) Construction Liens. To the extent any improvements
have been made or will be made to the Property prior to the
Closing Date that might form the basis of mechanics' or
materialmen's liens, Seller agrees to keep the Property free from
such liens that might result and to indemnify, defend, and hold
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Buyer harmless from any and all such liens and all attorneys'
fees and other costs incurred by reason thereof.
(e) Reports. All Reports, certificates, and other
documents containing factual information delivered by Seller, or
by Seller's agents in connection with this Agreement, are and
shall be, to the best of Seller's knowledge, true and complete
and shall not contain any untrue statement of material fact or
omit to state any material fact, the disclosure of which is
necessary to make the statements contained therein and in this
Agreement, in light of the circumstances under which they are
made, not misleading.
(f) Inspections and Environmental.
(1) Seller has no knowledge of any underground storage
tanks being located on the Property. Buyer agrees to perform a
Phase I Environmental Assessment of the Property (hereafter "the
Phase I "), at Buyer's expense. Should the Phase I disclose that
one or more underground storage tanks are located on the
property, a condition precedent to Buyer's obligation to close on
the sale of the Property is that the following be done at
Seller's expense: (1) any underground storage tanks located on
the Property be removed, (2) all discharged fuel oil or other
contaminants be removed from the Property, (3) a copy of a
certificate demonstrating removal and clean -up be provided to
Orange County, c/o Pamela Jones, Director of Purchasing and
Central Services, 132 E. King Street, Hillsborough, North
Carolina 27278, as soon as the certificate is available and (4)
N
the original of the certificate be provided to Buyer at the
closing.
follows:
(2) Seller warrants and represents to Buyer as
(i) Seller has no knowledge of, and no reason to
believe: (A) that any industrial use has been made of the
Property, (B) that the Property has been used for the storage,
treatment or disposal of chemicals or any wastes or materials
that are classified by federal, State or local laws as hazardous
or toxic substances, or (C) that any manufacturing, landfilling
or chemical production has occurred on the Property.
(ii) The Property is in compliance with all
federal, State and local environmental laws and regulations,
including, but not limited to, the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 ( "CERCLA "),
Public Law No. 96 -510, 94 Stat. 2767, 42 USC 9601 et seq., and
the Superfund Amendments and Reauthorization Act of 1986
( "SARA "), Public Law No. 99 -499, 100 Stat. 1613.
(iii) Seller has fully disclosed to Buyer the
existence, extent and nature of any hazardous materials,
substances, wastes or other environmentally regulated substances
(including without limitation, any materials containing
asbestos), in or under the Property or use in connection
therewith.
(3) Seller shall indemnify and hold Buyer and the Deed
of Trust Trustee harmless from and against (i) any and all
damages, penalties, fines, claims, liens, suits, liabilities,
5
costs (including clean -up costs), judgments and expenses
(including attorneys', consultants' or experts' fees and
expenses) of every kind and nature suffered by or asserted
against Buyer and /or the Deed of Trust Trustee as a direct or
indirect result of any warranty or representation made by Seller
in subsection (f) herein being false or untrue in any material
respect, or (ii) any requirement under any law, regulation or
ordinance, local, State or federal, which requires the
elimination or removal of any hazardous materials, substances,
wastes or other environmentally regulated substances by Buyer or
Seller or any transferee or assignee of Buyer, the Deed of Trust
Trustee or Seller.
(4) Should the Phase I disclose the existence on the
Property of any hazardous materials, substances, wastes or other
environmentally regulated substances (including without
limitation, any materials containing asbestos), a condition
precedent to Buyer's obligation to close on the sale of the
Property is that the following be done at Seller's expense: (i)
any such material or substance located on the Property be
removed, (ii) other found contaminants be removed from the
Property, (iii) that a copy of a certificate demonstrating
removal and clean -up be provided to Orange County, c/o Pamela
Jones, Director of Purchasing and Central Services, 132 E. King
Street, Hillsborough, North Carolina 27278, as soon as the
certificate is available and (iv) that the original of the
certificate be provided to Buyer at the closing.
R,
(5) Seller's obligations under this subsection (f)
shall continue in full effect notwithstanding receipt of the
Required Payments or foreclosure under the deed of trust or
delivery of a deed in lieu of foreclosure.
(g) Representations /Warranties. All representations and
warranties contained in this Agreement are true and correct as of
the date of execution of this Agreement and will be true as of
the Closing Date and shall survive Closing and execution of the
Deed and shall not be merged therein.
4. SETTLEMENT CHARGES:
(a) Seller shall pay for the preparation of a deed, for the
preparation and recording of all documents necessary to convey
marketable fee simple title free of liens and encumbrances, and
for the excise tax required by law.
(b) Buyer shall pay for recording the deed.
(c) Ad valorem taxes on the Property, if any, shall be
prorated on a calendar year basis to the date of closing. Seller
shall pay any Orange County ad valorem taxes on personal property
of Sellers for the entire year of the closing. Seller shall pay
all deferred taxes and any tax penalties including late listing
penalties.
(d) Buyer shall pay for the entire cost of the survey of
the Property and all other closing costs other than those
associated with environmental cleanup, if necessary, as provided
in paragraph 3(f).
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5. CONDITIONS:
(a) Buyer's obligation to purchase the Property as provided
in this Offer to Purchase and Contract is at all times and in all
respects subject to approval by the Orange County Board of
Commissioners as to the installment payment terms and is not a
final offer until the Orange County Board of Commissioners
approves the installment payment terms following a public hearing
as by law provided.
(b) Seller agrees to allow Buyer access to the Property for
the purpose of inspecting, testing and analyzing the Property at
any time prior to the closing of the purchase of the Property.
(c) On request of Buyer, Seller agrees to exercise Seller's
best efforts to deliver to Buyer, as soon as reasonably possible
following the signing of this agreement, copies of any title
information in possession of or available to Seller, including,
but not limited to, title insurance policies, attorneys opinions
on title, surveys, covenants, deeds, notes, and deeds of trust
and easements relating to the Property.
(d) Any and all deeds of trust, liens or other charges
against the Property not assumed by Buyer must be paid and
cancelled by Seller prior to or at closing.
(e) Buyer agrees to restrict the use of any part of this
land from any type of landfill or solid waste disposal facility.
6. MISCELLANEOUS PROVISIONS:
(a) This Agreement embodies and constitutes the entire
understanding between the parties with respect to the transaction
contemplated herein and all prior agreements, understandings,
M.
representations and statements, oral or written, are merged into
this Agreement. Neither this Agreement nor any provision hereof
may be waived, modified, amended, discharged or terminated except
by an instrument signed by the party against whom the enforcement
of such waiver, modification, amendment or discharge or
termination is sought, and then only to the extent set forth in
such instrument.
(b) This Agreement shall be governed by and construed in
accordance with the laws of the State of North Carolina, without,
however, giving effect to any principle of conflicts of law.
(c) The captions in this Agreement are inserted for
convenience of reference only and in no way define, describe or
limit the scope or intent of this Agreement or any of the
provisions hereof.
(d) Any provision contained in this Agreement which by its
nature and effect is required to be observed, kept or performed
after the Closing Date, shall survive the closing and remain
binding upon and for the benefit of the parties hereto, their
heirs, personal representatives, successors or assigns, until
fully observed, kept or performed.
(e) This Agreement shall be binding and shall inure
to the benefit of the parties hereto and their respective
beneficiaries, heirs, personal representatives, successors and
permitted assigns.
(f) As used in this Agreement, the masculine shall include
the feminine and neuter, and vice versa; the singular shall
9
include the plural and the plural shall include the singular, as
the context may require.
7. CLOSING: All parties agree to execute any and all
documents and papers necessary in connection with the closing and
transfer of title to the Property on or before June 29, 2001 in
Hillsborough, North Carolina ( "Closing Date ,,).
8. POSSESSION: Possession of the Property shall be
delivered at closing.
IN WITNESS WHEREOF, the Seller has hereunto set his hand and
seal, the day and year written above, and Orange County has
caused this instrument to be signed by the chair of the Board of
County Commissioners and attested by the Clerk to its Board of
County Commissioners, all the day and year written above.
SELLER:
MAYES' HILL LTD.
By:
Eli 54 beth C. Mayes,
Individually and as
General Partner of
MAYES' HILL LTD.
By: �r�
Dewey —S. Mayes, Attorney
in Fact for Elizabeth C.
Mayes
BUYER:
ORANGE C UNTY, �THCAROLINA
By:
Stephen H. Halkiotis, Chair
Orange County Board of
Commissioners
10
ATT
Beverly A. Blyth Clerk
to the Board of Commissioners
NORTH CAROLINA
0 COUNTY ��"""'����
I, C1 C 1 a Notary Pub], c\o ab e C��oau�tys »�
and the aforesaid Sta certify that ��- na
personally came before me this day and duly sw rn acknoCqledged
that they executed the foregoing instrument for the purposes
contained within.
Wit ss my hand
e
day of G ,
and official stamp or seal, this the 300%
200.
Notaa.Zy Public
My commission expires:
Ac,,.S+
NO TH CAROLINA
COUNTY
a Notary Public for said County and
State, do hereby certify that Dewey S. Mayes, attorney in fact
for Elizabeth C. Mayes, personally appeared before me this day,
and being by me duly sworn, says that he executed the foregoing
and annexed instrument for and in behalf of the said Elizabeth C.
Mayes, and that his authority to execute and acknowledge said
instrument is contained in an instrument duly executed,
acknowledged, ana recorded in the office of in
the County of State of n, -f,4 e rD ihu- , on
the (?)t4 day of 19_ and that this instrument was
executed under and by virtue of the authority given by said
instrument granting him power of attorney.
I do further certify that the said Dewey S. Mayes
acknowledged the due execution of the foregoing and annexed
instrument for the purposes therein expressed for and in behalf
of the said Elizabeth C. Mayes.
Witijqss my hand and official stamp or seal, this the o�
day of n ay 2 0 0_J_ .
Notary Public
My commission expires:
11
NORTH CAROLINA
COUNTY OF ORANGE
I, a Notary Public of the County and State aforesaid,
certify that Beverly A. Blythe personally came before me this day
and acknowledged that she is Clerk to the Board of Commissioners
for Orange County, North Carolina and that by authority duly
given and as the act of said County, the foregoing instrument was
signed in its name by the Chair of said Board of Commissioners
and attested by her as Clerk to said Board of Commissioners.
Witness my hand and official stamp or seal, this the
30i
day of a 200.
t P lic
My ommission expires:
UQ�aS� �I � 2vo 5
12
Permitted Exceptions
1. Easements /Road Maintenance Agreement Recorded at Book
626, Page 48, Orange County Registry.
2. Plat of survey entitled "Lot and Private Access
Easement" Recorded at Plat Book 46, Page 139, Orange
County Registry.
Exhibit A
SATISFACTION: The debt evidenced by
this note has been satisfied in full
this day of , 20
Signed:
INSTALLMENT PURCHASE PROMISSORY NOTE
Hillsborough, N.C.
2000
FOR VALUE RECEIVED the undersigned, Orange County, North
Carolina (the "County "), promises to pay to MAYES' HILL,
LIMITED, or assigns of which the County has been notified, the
principal sum of $430,992, with interest from at
the rate of five per cent (5.0%) per annum on the unpaid balance
until paid, both principal and interest payable in lawful money
of the United States of America, by mailing said moneys to
MAYES' HILL, LIMITED, 300 C. C. Hayes Road, Purlear, North
Carolina 28665 or at such place as the legal holder hereof may
designate in writing. The principal and interest shall be due
and payable in monthly installments pursuant to the attached
Amortization Schedule.
This instrument has been preaudited in the manner required
by The Local Government Budget and Fiscal Control Act.
Dated: , 20
Finance Director, Orange County
In the event of (a) default in payment of any installment
of principal or interest hereof as the same becomes due and such
default is not cured within 10 days after written notice to the
undersigned, or (b) default under the terms of any instrument
securing this Note, and such default is not cured within 20 days
after written notice to the undersigned, or (c) a
Nonappropriation as described below then in any such event the
holder may without further notice, declare the remainder of the
principal sum, together with all interest accrued thereon at
once due and payable. Failure to exercise this option shall not
constitute a waiver of the right to exercise the same at any
other time.
This Note is to be governed and construed in accordance
with the laws of the State of North Carolina.
This Note
Carolina General
of the purchase
Deed of Trust
property therein
is delivered under the authority of North
Statute Section 160A -20 as part of the payment
price for real property, and is secured by a
of even date (the "Deed of Trust ") to
Trustee, which is a lien upon the
described.
The obligation of the County to make payments hereunder
shall not constitute a mandatory payment obligation of the
County in any ensuing fiscal year beyond the then current fiscal
year. This Note does not directly or indirectly or contingently
obligate the County to make any payments beyond those
appropriated in the sole discretion of the County for any fiscal
year. In the event the governing board of the County determines
not to appropriate in its budget any amount to pay the sums due
hereunder in the fiscal year for which such budget applies, said
board shall adopt a resolution specifically deleting such
appropriation and stating the reasons therefor (any such
decision not to appropriate being herein called a
"Nonappropriation ") . The County shall have the right, at any
time, to terminate its obligation to make payments hereunder by
permitting the occurrence of a Nonappropriation. In the event of
a Nonappropriation, the holder(s) of this Note shall have and
may exercise, to the extent permitted by law, any of the
remedies following a default hereunder or under the related Deed
of Trust.
NOTWITHSTANDING ANYTHING HEREIN OR IN THE DEED OF TRUST TO
THE CONTRARY, NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE
COUNTY IN ANY ACTION FOR BREACH OF ANY OBLIGATION UNDER THIS
NOTE OR THE DEED OF TRUST OR UPON A NONAPPROPRIATION, AND THE
TAXING POWER OF THE COUNTY IS NOT AND MAY NOT BE PLEDGED
DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS DUE UNDER THIS NOTE,
THE DEED OF TRUST OR THE COUNTY'S OBLIGATION TO PURCHASE REAL
PROPERTY IN CONNECTION WITH THIS TRANSACTION.
IN WITNESS WHEREOF, Orange County has duly caused this
instrument to be executed the day and year first above written.
ATTEST:
Clerk to the Board of
Commissioners of Orange
County
1sg:orangecounty \mayesnote.doc
ORANGE COUNTY, NORTH CAROLINA
By:
Stephen H. Halkiotis, Chair
Board of Commissioners
of Orange County
Exhibit B
DRAWN BY AND RETURN TO:
Geoffrey E. Gledhill
P.O. Drawer 1529
Hillsborough, North Carolina 27278
STATE OF NORTH CAROLINA INSTALLMENT PURCHASE DEED OF TRUST
COUNTY OF ORANGE
THIS INSTALLMENT PURCHASE DEED OF TRUST (the "Deed of Trust ")
made this day of 1 20_, by and between ORANGE
COUNTY, NORTH CAROLINA, whose address is Post Office Box 8181,
Hillsborough, North Carolina 27278 (hereinafter referred to as the
"Grantor "); whose address - is
(hereinafter
referred to as the "Trustee); and MAYES' HILL LTD., whose address is
300 C. C. Hayes Road, Purlear, North Carolina 28665 (hereinafter
referred to as the "Beneficiary "). The designation Grantor, Trustee
and Beneficiary as used herein shall include said parties, their
heirs, successors, and assigns, and shall include singular, plural,
masculine, feminine or neuter as required by context.
W I T N E S S E T H:
WHEREAS, under the authority of North Carolina General Statute
Section 160A -20, the Grantor has delivered to the Trustee its
Installment Purchase Promissory Note of even date (the "Note ") in the
principal sum of $430,992, the terms of which are incorporated herein
by reference, as a part of the payment of the purchase price for real
property purchased from the Trustee. The final due date for payment
of the Note, if not sooner paid, is June 1, 2006.
NOW, THEREFORE, as security for the Grantor's obligation under
the Note and other valuable consideration, the receipt of which is
hereby acknowledged, the Grantor has bargained, sold, given, granted
and conveyed and does by these presents bargain, sell, give, grant
and convey to said Trustee, his heirs, or successors, and assigns,
the parcel(s) of land situated in Orange County, North Carolina, (the
"Premises ") and more particularly described as follows:
The 109.4 -acre tract of land identified as
on the plat of property titled prepared by
R.L.S., which plat is recorded at Plat Book
Page Orange County Registry. The Property is
further identified as Orange County P.I.N. 9854 -30 -5558 and
has an Orange County tax map reference of 3.50..7; and
The 22 -acre portion of the 64.31 -acre tract of land
identified as on the plat of property titled
prepared by R.L.S., which plat
is recorded at Plat Book _, Page Orange County
Registry. The Property is further identified as Orange
County P.I.N. 9844 -91 -1497 and has an Orange County tax map
reference of 3.45..14.
TO HAVE AND TO HOLD said Premises with all privileges and
appurtenances thereunto belonging to said Trustee, his heirs,
successors, and assigns forever, upon the trusts, terms and
conditions, and for the uses hereinafter set forth.
If the Grantor shall pay the Note secured hereby in accordance
with its terms, together with interest thereon, and any renewals or
extensions.thereof in whole or in part, all other sums secured hereby
and shall comply with all of the covenants, terms and conditions of
this Deed of Trust, then this conveyance shall be null and void and
may be cancelled of record at the request and the expense of the
Grantor. If, however, there shall be (a) any default in the payment
of any sums due under the Note or this Deed of Trust and such default
is not cured within 10 days from the due date, or (b) any default in
any of the other covenants, terms or conditions of the Note secured
hereby, or any failure or neglect to comply with the covenants, terms
or conditions contained in this Deed of Trust or any other instrument
securing the Note and such default is not cured within 20 days after
written notice, or (c) the occurrence of a Nonappropriation as
described in the Note, then and in any of such events, without
further notice, it shall be lawful for and the duty of the Trustee,
upon request of the Beneficiary, to sell the land herein conveyed at
public auction for cash, after having first given such notice of
hearing as to commencement of foreclosure proceedings and obtained
such findings or leave of court as may then be required by law and
after having first given such notice and having first advertised the
time and place of such sale in such manner as may then be provided by
law, and upon such and any resales and upon compliance with the law
then relating to foreclosure proceedings under power of sale to
convey title to the purchaser in as full and ample manner as the
Trustee is empowered. The Trustee shall be authorized to retain an
attorney to represent him in such proceedings. Notice under the Note
and this Deed of Trust shall be effective upon deposit in the United
States mail, postage prepaid, addressed to the appropriate party or
upon actual delivery.
The proceeds of the Sale shall after the Trustee retains his
commission, together with reasonable attorneys' fees incurred by the
Trustee in such proceeding, be applied to the costs of sale,
including, but not limited to, costs of collection, taxes,
assessments, costs of recording, service fees and incidental
expenditures, the amount due on the Note hereby secured and
advancements and other sums expended by the Beneficiary according to
the provisions hereof and otherwise as required by the then existing
law relating to foreclosures. The Trustee's commission shall be five
percent (5%) of the gross proceeds of the sale or the minimum sum of
$300 whichever is greater, for a completed foreclosure. In the event
foreclosure is commenced, but not completed, the Grantor shall pay
all expenses incurred by Trustee, including reasonably attorneys'
fees, and a partial commission computed on five percent (5%) of the
outstanding indebtedness or the above stated minimum sum, whichever
is greater, in accordance with the following schedule, to -wit: one -
fourth thereof before the Trustee issues a notice of hearing on the
right to foreclosure; one -half thereof after issuance of said notice;
three - fourths thereof after such hearing; and the greater of the full
commission or minimum sum after the initial sale.
And the said Grantor does hereby covenant and agree with the
Trustee as follows:
1. TAXES, ASSESSMENTS, CHARGES The Grantor shall pay all
taxes, assessments and charges as may be lawfully levied against said
Premises within 30 days after the same shall become due. In the event
that Grantor fails to so pay all taxes, assessments and charges as
herein required, then Beneficiary, at his option, may pay the same
and the amounts so paid shall be added to the principal of the Note
secured by this Deed of Trust, and shall be due and payable upon
demand of Beneficiary.
2. WASTE. The Grantor will keep the Premises herein conveyed
in as good order, repair and condition as they are now, reasonable
wear and tear excepted, and will comply with all governmental
requirements respecting the Premises or their use, and will not
commit or permit any waste.
3. CONDEMNATION. In the event that any or all of the Premises
shall be condemned and taken under the power of eminent domain,
Grantor shall give immediate written notice to Beneficiary and
Beneficiary shall have the right to receive and collect all damages
awarded by reason of such taking, and the right to such damages
hereby is assigned to Beneficiary who shall have the discretion to
apply the amount so received, or any part thereof, to the
indebtedness due hereunder and if payable in installments, applied in
the inverse order of maturity of such installments, or to any
alteration, repair or restoration of the Premises by Grantor and to
account to the Grantor with respect to any surplus thereof.
4. WARRANTIES. Grantor covenants with Trustee and Beneficiary
that it is seized of the Premises in fee simple, has the right to
convey the same in fee simple, that title is marketable and free and
clear of all encumbrances, and that it will warrant and defend the
title against the lawful claims of all persons whomsoever, except for
the exceptions hereinafter stated.
5. SUBSTITUTION OF TRUSTEE. Grantor and Trustee covenant and
agree to and with Beneficiary that in case the Trustee, or any
successor trustee, shall die, become incapable of acting, renounce
his trust, or for any reason the holder of the Note desires to
replace said Trustee, then the holder may appoint, in writing, a
trustee to take the place of the Trustee; and upon the probate and
registration of the same, the trustee thus appointed shall succeed to
all rights, powers and duties of the Trustee.
6. ADVANCEMENTS. If Grantor shall fail to perform any of the
covenants or obligations contained herein or in any other instrument
given as additional security for the Note secured hereby, the
Beneficiary may, but without obligation, make advances to perform
such covenants or obligations, and all such sums so advanced shall be
added to the principal sum, shall bear interest at the rate provided
in the Note secured hereby for sums due after default and shall be
due from Grantor on demand of the Beneficiary. No advancement or
anything contained in this paragraph shall constitute a waiver by
Beneficiary or prevent such failure to perform from constituting an
event of default.
7. WAIVERS. Grantor waives all rights to require marshalling
of assets by the Trustee or Beneficiary. No delay or omission of the
Trustee or Beneficiary in the exercise of any right, power or remedy
arising under the Note or this Deed of Trust shall be deemed a waiver
of any default or acquiescence therein or shall impair or waive the
exercise of such right, power or remedy by Trustee or Beneficiary at
any other time.
8. TAX COMPLIANCE. The Grantor shall not take, permit or omit
to take any action the taking, permitting or omission of which would
cause its payment obligations under the Note to be "arbitrage bonds"
or "private activity bonds" within the meaning of the Code, or
otherwise adversely affect the exclusion from gross income for
federal income tax purposes of interest on the Note to which such
interest would otherwise be entitled. If the Grantor should take,
permit or omit any such action, then the Grantor shall take all
lawful actions within its power necessary to rescind or correct such
actions or omissions promptly upon the Grantor's having knowledge
thereof. For the purposes of this paragraph, "Code" means the United
States Internal Revenue Code of 1986, as amended through the delivery
date of the Note, and includes applicable Treasury regulations.
9. NO DEFICIENCY. AS SET FORTH ABOVE, THIS DEED OF TRUST
SECURES AN OBLIGATION OF THE GRANTOR FOR THE UNPAID PURCHASE PRICE
FOR REAL PROPERTY ACQUIRED UNDER THE AUTHORITY OF NORTH CAROLINA
GENERAL STATUTE SECTION 160A -20, WHICH OBLIGATION IS EVIDENCED BY THE
NOTE. AS PROVIDED IN THE NOTE, NO DEFICIENCY JUDGMENT MAY BE
RENDERED AGAINST THE GRANTOR IN ANY ACTION TO ENFORCE THE RIGHTS OF
THE HOLDER OF THE NOTE, THE TRUSTEE OR THE BENEFICIARY HEREUNDER OR,
UNDER THE NOTE OR PURSUANT TO. THE OBLIGATION OF THE GRANTOR TO
PURCHASE THE PREMISES, AND THE TAXING POWER OF THE GRANTOR IS NOT AND
MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS DUE
UNDER THE NOTE, THIS DEED OF TRUST OR THE GRANTOR'S OBLIGATION TO
PURCHASE REAL PROPERTY IN CONNECTION WITH THIS TRANSACTION.
IN WITNESS WHEREOF, the Grantor has caused this instrument
to be executed by its elected Chair and attested by its Clerk by
authority of its Board of Commissioners, the day and year first above
written.
ATTEST:
Clerk to the Board of
Commissioners of Orange
County
ORANGE COUNTY, NORTH CAROLINA
By:
Stephen H. Halkiotis, Chair, Board of
Commissioners of Orange County
0
NORTH CAROLINA
ORANGE COUNTY
I, a Notary Public of the County and State aforesaid,
certify that Beverly A. Blythe personally appeared before me
this day and acknowledged that she is the Clerk to the Board of
Commissioners of Orange County, and that by authority duly given and
as an act of the County, the foregoing instrument was signed in its
name by its Chair and attested by Beverly A. Blythe as its Clerk.
Witness my hand and official stamp or seal, this day of
2000.
Notary Public
My Commission Expires:
(SEAL - STAMP)
The foregoing Certificate(s) of
is certified to be correct. This instrument and this certificate are
duly registered at the date and time and in the Book and Page shown
on the first page hereof.
COUNTY.
1sg:orangecounty \mayesdoftr.doc
By:
REGISTER OF DEEDS FOR ORANGE
Deputy /Assistant- Register of Deeds
Exhibit C
Amortization Schedule
Initial Loan Amount:
Initial Interest Rate:
Initial Periods:
Points:
Origination Date:
First Payment Due:
Payment Method:
Compounding Method:
Amortizing Method:
Rate Basis:
Points Paid:
$430,992.00
5.0000
20
0.0000
06/30/01
09/01/01
Quarterly
Monthly
Fixed Principal
Ordinary
At Origination
Amortization Schedule
Page: 2
# /Yr
'
Date
PaiTient
Princi al
Interest
Balance
Init /01
06/30/01
$0.00
$0.00
$0.00
$430,992.00
1 /01
09/01/01
$24,389.79
$21,549.60
$2,840.19
$409,442.40
2/01
12/01/01
$26,688.98
$21,549.60
$5,139.38
$387,892.80
Annual Totals:
$51,078.77
$43,099.20
$7,979.57
Running Totals:
$51,078.77
$43,099.20
$7,979.57
3/01
03/01/02
$26,418.49
$21,549.60
$4,868.89
$366,343.20
4/01
06/01/02
$26,148.00
$21,549.60
$4,598.40
$344,793.60
5/02
09/01/02
$25,877.50
$21,549.60
$4,327.90
$323,244.00
6/02
12/01/02
$25,607.01
$21,549.60
$4,057.41
$301,694.40
Annual
Totals:
$104,051.00
$86,198.40
$17,852.60
Running Totals:
$155,129.77
$129,297.60
$25,832.17
7/02
03/01/03
$25,336.52
$21,549.60
$3,786.92
$280,144.80
8/02
06/01/03
$25,066.02
$21,549.60
$3,516.42
$258,595.20
9/03
09/01/03
$24,795.53
$21,549.60
$3,245.93
$237,045.60
10/03
12/01/03
$24,525.03
$21,549.60
$2,975.43
$215,496.00
Annual
Totals:
$99,723.10
$86,198.40
$13,524.70
Running Totals:
$254,852.87
$215,496.00
$39,356.87
11/03
03/01/04
$24,254.54
$21,549.60
$2,704.94
$193,946.40
12/03
06/01/04
$23,984.05
$21,549.60
$2,434.45
$172,396.80
13/04
09/01/04
$23,713.55
$21,549.60
$2,163.95
$150,847.20
14/04
12/01/04
$23,443.06
$21,549.60
$1,893.46
$129,297.60
Annual
Totals:
$95,395.20
$86,198.40
$9,196.80
Running
Totals:
$350,248.07
$301,694.40
$48,553.67
15/04 03/01/05
16/04 06/01/05
17/05 09/01/05
18/05 12/01/05
Annual Totals:
Running Totals:
$23,172.56
$21,549.60
$22,902.07
$21,549.60
$22,631.58
$21,549.60
$22,361.08
$21,549.60
$1,622.96
$107,748.00
$1,352.47
$86,198.40
$1,081.98
$64,648.80
$811.48
$43,099.20
$91,067.29 $86,198.40 $4,868.89
$441,315.36 $387,892.80 $53,422.56
19/05 03/01/06
$22,090.59
$21,549.60
$540.99
20/05 06/01/06
$21,820.09
$21,549.60
$270.49
Annual Totals:
$43,910.68
$43,099.20
$811.48
Running Totals:
$485,226.04
$430,992.00
$54,234.04
$21,549.60
$0.00
Prepared By: Orange County