LIABILITY OR OBLIGATIONS OF BORROWER
PURSUANT TO N.C. GEN. STAT. §45-45.1.
37.
THE WORDS "ANY AND ALL" ARE HEREBY DELETED FROM SECTION 19 OF THIS
SECURITY INSTRUMENT ENTITLED "DEFINITIONS".
38.
FIXTURE FILING.
THIS SECURITY INSTRUMENT SHALL CONSTITUTE A
FINANCING STATEMENT FILED AS A FIXTURE FILING IN ACCORDANCE WITH N.C. GEN. STAT.
§ 25-9-502 (OR ANY AMENDMENT THERETO).
FOR PURPOSES OF COMPLYING WITH THE
REQUIREMENTS OF N.C. GEN. STAT. § 25-9-502, THE NAME OF BORROWER, AS DEBTOR, AND
LENDER, AS SECURED PARTY, AND THE RESPECTIVE ADDRESSES OF BORROWER, AS DEBTOR,
AND LENDER, AS SECURED PARTY, ARE SET FORTH ON THE FIRST PAGE OF THIS SECURITY
INSTRUMENT; THE TYPES OR ITEMS OF COLLATERAL ARE DESCRIBED IN THE DEFINITION OF
"EQUIPMENT" APPEARING IN THE PARAGRAPH OF THIS SECURITY INSTRUMENT BEGINNING
"(B) ALL MACHINERY, FURNITURE, FURNISHINGS,"; AND THE DESCRIPTION OF THE LAND IS
SET FORTH ON EXHIBIT A ATTACHED HERETO.
THE COLLATERAL IS OR INCLUDES FIXTURES.
39.
POWER OF SALE.
UPON THE OCCURRENCE OF AND DURING THE CONTINUATION
OF AN EVENT OF DEFAULT, ON THE APPLICATION OF LENDER, IT SHALL BE LAWFUL FOR AND
THE DUTY OF TRUSTEE, AND HE IS HEREBY AUTHORIZED AND EMPOWERED TO EXPOSE TO SALE
AND TO SELL THE HEREINBEFORE DESCRIBED PREMISES AT PUBLIC AUCTION FOR CASH,
AFTER HAVING FIRST COMPLIED WITH ALL APPLICABLE REQUIREMENTS OF NORTH CAROLINA
LAW WITH RESPECT TO THE EXERCISE OF POWERS OF SALE IN DEEDS OF TRUST, AND UPON
SUCH SALE TRUSTEE SHALL CONVEY TITLE TO THE PURCHASER IN FEE SIMPLE.
TRUSTEE
SHALL APPLY THE PROCEEDS OF SUCH SALE FIRST, TO THE PAYMENT OF ALL COSTS AND
EXPENSES OF THE SALE, INCLUDING TRUSTEE'S COMMISSION, IF ANY, AND A REASONABLE
AUCTIONEER'S FEE IF SUCH EXPENSE HAS BEEN INCURRED; SECOND, TO THE PAYMENT OF
TAXES DUE AND UNPAID ON THE PROPERTY SOLD, AS PROVIDED BY N.C. GEN. STAT.
§45-21.31, UNLESS THE NOTICE OF SALE PROVIDED THAT THE PROPERTY BE SOLD SUBJECT
TO TAXES THEREON AND THE PROPERTY WAS SO SOLD; THIRD, TO THE PAYMENT OF SPECIAL
ASSESSMENTS, OR ANY INSTALLMENTS THEREOF, AGAINST THE PROPERTY SOLD, WHICH ARE
DUE AND UNPAID, AS PROVIDED BY N.C. GEN. STAT. §45-21.31, UNLESS THE NOTICE OF
SALE PROVIDED THAT THE PROPERTY BE SOLD SUBJECT TO SPECIAL ASSESSMENTS THEREON
AND THE PROPERTY WAS SO SOLD; FOURTH, TO THE PAYMENT OF THE OBLIGATIONS SECURED
BY THIS SECURITY INSTRUMENT; AND THE BALANCE, IF ANY, SHALL BE PAID TO ANY
PERSON OR PERSONS LEGALLY ENTITLED THERETO.
BORROWER AGREES THAT IN THE EVENT
OF A SALE HEREUNDER, LENDER SHALL HAVE THE RIGHT TO BID THEREAT.
TRUSTEE MAY
REQUIRE THE SUCCESSFUL BIDDER AT ANY SALE TO DEPOSIT IMMEDIATELY WITH TRUSTEE
CASH OR CERTIFIED CHECK IN AN AMOUNT NOT TO EXCEED TEN PERCENT (10%) OF HIS BID,
PROVIDED NOTICE OF SUCH REQUIREMENT IS CONTAINED IN THE ADVERTISEMENT OF THE
SALE.
THE BID MAY BE REJECTED IF THE DEPOSIT IS NOT IMMEDIATELY MADE AND
THEREUPON THE NEXT HIGHEST BIDDER MAY BE DECLARED TO BE THE PURCHASER.
SUCH
DEPOSIT SHALL BE REFUNDED IN CASE A RESALE IS HAD; OTHERWISE, IT SHALL