Nc Form Deed Trust PDF Details

Nc form deed trust is a document used to establish a trust between two or more individuals. The document grants one or more individuals the right to manage and distribute the assets of the trust. Establishing a nc form deed trust can provide asset protection and tax benefits for all involved parties. If you are considering creating a nc form deed trust, it is important to understand the requirements and benefits of this type of agreement. Our attorneys can help you create a nc form deed trust that meets your specific needs.

If you would like first learn how much time you will need to complete the nc form deed trust and what number of pages it's got, here's some general data that may be of use.

QuestionAnswer
Form NameNc Form Deed Trust
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesbar 5 deed trust, nc real estate deed of trust, nc deed of trust, nc form 5 deed trust

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NORTH CAROLINA DEED OF TRUST

SATISFACTION: The debt secured by the within Deed of Trust together with the note(s) secured thereby has been satisfied in full. This the _______ day of __________________________, 20___

Signed:_______________________________________________

_____________________________________________________

________________________________________________________________________________________________________

Parcel Identifier No.___________________ Verified by _______________ County on the ____ day of ________________, 20__

By:_____________________________________________________________________________________________________

Mail/Box to: Beneficiary, Attn: Director, Department of Community Development, City of Durham

This instrument was prepared by:

Brief description for the Index: 229, 303, 307 and 311 North Plum Street, 1407, 1409, 1411, 1501 and 1505 Morning Glory Avenue, Durham, NC

THIS DEED of TRUST made this ________ day of _________________________, 20____, by and between:

GRANTOR

Metropolitan Housing and CDC, Inc.

TRUSTEE

Thomas J. Bonfield

BENEFICIARY

City of Durham

101 City Hall Plaza

Durham, NC 27701

Enter in appropriate block for each party: name, address, and, if appropriate, character of entity, e.g. corporation or partnership.

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.

WITNESSETH, That whereas the Grantor is indebted to the Beneficiary in the principal sum of Four Hundred Fifty Thousand and 00/100 Dollars ($450,000.00), as evidenced by a Promissory Note dated June 21, 2011, the terms of which are incorporated herein by reference. The final due date for payments of said Promissory Note, if not sooner paid, is May 31, 2015.

NC Bar Association Form No. 5 © 1976, Revised © September 1985, 2002 Printed by Agreement with the NC Bar Association - 1981

NOW, THEREFORE, as security for said indebtedness, advancements and other sums expended by Beneficiary pursuant to this Deed of Trust and costs of collection (including attorneys fees as provided in the Promissory Note) and other valuable consideration, the receipt of which is hereby acknowledged, the Grantor has bargained, sold, given 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 the City of

___Durham_________, ___City-In_______________________ Township, ____Durham________________ County, North Carolina,

(the "Premises") and more particularly described as follows:

The land and all buildings and improvements now or hereafter located on the Premises identified as , 229 N. Plum Street, PIN #

0831-14-44-3480, 303 N. Plum Street PIN # 0831-14-44-2485, 307 N. Plum Street, PIN # 0831-14-44-2437, 311 N. Plum Street, PIN # 0831-14-44-1499, 1407 Morning Glory Avenue PIN # 0831-14-44-2317, 1409 Morning Glory Avenue PIN # 0831-14-44- 1379, 1411 Morning Glory Avenue PIN # 0831-14-44-2365, 1501 Morning Glory Avenue PIN # 0831-14-44-3350, 1505 Morning Glory Avenue PIN # 0831-14-44-4208 and being further Described in Exhibit “A”, attached.

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.

The proceeds of the Sale shall after the Trustee retains his commission, together with reasonable attorneys fees incurred by the Trustee in such proceedings, 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 $100.00 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 reasonable attorneys fees, and a partial commission computed on five per cent (5%) of the outstanding indebtedness or the above stated minimum sum, whichever is greater, in accordance with the following schedule, to- wit: one-fourth (¼) thereof before the Trustee issues a notice of hearing on the right to foreclosure; one-half (½) thereof after issuance of said notice, three-fourths (¾) 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.INSURANCE. Grantor shall keep all improvements on said land, now or hereafter erected, constantly insured for the benefit of the Beneficiary against loss by fire, windstorm and such other casualties and contingencies, in such manner and in such companies and for such amounts, not less than that amount necessary to pay the sum secured by this Deed of Trust, and as may be satisfactory to the Beneficiary. Grantor shall purchase such insurance, pay all premiums therefor, and shall deliver to Beneficiary such policies along with evidence of premium payments as long as the Note secured hereby remains unpaid. If Grantor fails to purchase such insurance, pay premiums therefor or deliver said policies along with evidence of payment of premiums thereon, then Beneficiary, at his option, may purchase such insurance. Such amounts paid by Beneficiary 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. All proceeds from any insurance so maintained shall at the option of Beneficiary be applied to the debt secured hereby and if payable in installments, applied in the inverse order of maturity of such installments or to the repair or reconstruction of any improvements located upon the Property.

2.TAXES, ASSESSMENTS, CHARGES. Grantor shall pay all taxes, assessments and charges as may be lawfully levied against said Premises within thirty (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.

3.ASSIGNMENTS OF RENTS AND PROFITS. Grantor assigns to Beneficiary, in the event of default, all rents and profits from the land and any improvements thereon, and authorizes Beneficiary to enter upon and take possession of such land and improvements, to rent same, at any reasonable rate of rent determined by Beneficiary, and after deducting from any such rents the cost of reletting and collection, to apply the remainder to the debt secured hereby.

NC Bar Association Form No. 5 © 1976, Revised © September 1985, 2002 Printed by Agreement with the NC Bar Association - 1981

4.PARTIAL RELEASE. Grantor shall not be entitled to the partial release of any of the above described property unless a specific provision providing therefor is included in this Deed of Trust. In the event a partial release provision is included in this Deed of Trust, Grantor must strictly comply with the terms thereof. Notwithstanding anything herein contained, Grantor shall not be entitled to any release of property unless Grantor is not in default and is in full compliance with all of the terms and provisions of the Note, this Deed of Trust, and any other instrument that may be securing said Note.

5.WASTE. The Grantor covenants that he 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 that he will not commit or permit any waste.

6.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.

7.WARRANTIES. Grantor covenants with Trustee and Beneficiary that he 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 he will warrant and defend the title against the lawful claims of all persons whomsoever, except for the exceptions hereinafter stated. Title to the property hereinabove described is subject to the following exceptions:

8.SUBSTITUTION OF TRUSTEE. Grantor and Trustee covenant and agree to and with Beneficiary that in case the said 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.

THE FOLLOWING PARAGRAPH, 9. SALE OF PREMISES, SHALL NOT APPLY UNLESS THE BLOCK TO THE LEFT MARGIN OF THIS SENTENCE IS MARKED AND/OR INITIALED.

9.SALE OF PREMISES. N/A

10.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 hall 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.

11.INDEMNITY. If any suit or proceeding be brought against the Trustee or Beneficiary or if any suit or proceeding be brought which may affect the value or title of the Premises, Grantor shall defend, indemnify and hold harmless and on demand reimburse Trustee or Beneficiary from any loss, cost, damage or expense and any sums expended by Trustee or Beneficiary shall bear interest as provided in the Note secured hereby for sums due after default and shall be due and payable on demand.

12.WAIVERS. Grantor waives all rights to require marshaling 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.

13.CIVIL ACTION. In the event that the Trustee is named as a party to any civil action as Trustee in this Deed of Trust, the Trustee shall be entitled to employ an attorney at law, including himself if he is a licensed attorney, to represent him in said action and the reasonable attorney's fee of the Trustee in such action shall be paid by the Beneficiary and added to the principal of the Note secured by this Deed of Trust and bear interest at the rate provided in the Note for sums due after default.

14.PRIOR LIENS. Default under the terms of any instrument secured by a lien to which this Deed of Trust is subordinate shall constitute default hereunder.

15.OTHER TERMS.

See Exhibits B & C, attached hereto and incorporated by reference.

NC Bar Association Form No. 5 © 1976, Revised © September 1985, 2002 Printed by Agreement with the NC Bar Association - 1981

IN WITNESS WHEREOF, the Grantor has duly executed the foregoing as of the day and year first above written.

Metropolitan Housing and CDC, Inc.

 

 

 

(SEAL)

 

(Entity Name)

 

 

 

 

 

By:

_______________

(SEAL)

 

Rev. David L. Moore,

 

Title: President and CEO

 

 

 

 

 

By:

 

 

 

(SEAL)

 

Title:_______________________

 

 

 

 

 

By:

 

 

 

(SEAL)

Title:_______________________

________________________________________________________________________________________________________

State of North Carolina - County of ______________

I, the undersigned Notary Public of the County and State aforesaid, certify that personally appeared

acknowledged the due execution of the foregoing instrument for the purposes therein expressed. stamp or seal this _____ day of ____________________, 20__.

before me this day and Witness my hand and Notarial

My Commission Expires:________________

________________________________________

 

Notary Public

________________________________________________________________________________________________________

State of North Carolina - County of _________________

I, the undersigned Notary Public of the County and State aforesaid, certify that __________________________

_____________________________ personally came before me this day and acknowledged that _he is the ___________________

of __________________________________________________, a North Carolina or ______________ corporation/limited

liability company/general partnership/limited partnership (strike through the inapplicable), and that by authority duly given and as the act of such entity, __he signed the foregoing instrument in its name on its behalf as its act and deed. Witness my hand and Notarial stamp or seal, this _____ day of ____________________, 20__.

My Commission Expires:_____________

________________________________________

 

Notary Public

________________________________________________________________________________________________________

State of North Carolina - County of __________________

I, the undersigned Notary Public of the County and State aforesaid, certify that ____________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________.

Witness my hand and Notarial stamp or seal, this _____ day of _____________________, 20__.

My Commission Expires:_____________

________________________________________

 

Notary Public

________________________________________________________________________________________________________

The foregoing Certificate(s) of _________________________________________________________________________________

is/are 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.

_________________________________ Register of Deeds for _____________________ County

By:____________________________________________ Deputy/Assistant - Register of Deeds

NC Bar Association Form No. 5 © 1976, Revised © September 1985, 2002 Printed by Agreement with the NC Bar Association - 1981

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