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HomeMy WebLinkAboutDeed of TrustBook 6659 Page 2933 BK: RB 6659 PG: 2933 - 2952 NC FEE $64.00 2023021646 RECORDED: NEW HANOVER COUNTY, 08/28/2023 MORGHAN GETTY COLLINS 12:36:31 PM EXTX $0.00 REGISTER OF DEEDS BY: KELLIE GILES DEPUTY ELECTRONICALLY RECORDED TKA Insu MON I'reprtr� d liy: 1% (4 kiCC (AW KAREN MONKS j1. +' 44, '4jal", After Recording Return Tcr: STATE EMPLOYEES' CREDIT UNION PO DRAWER 25279 RALEIGH, NORTH CAROLINA 27611 DEFINITIONS words used in multiple sections of this docunlellt are defined belmv and ether uv rds ,Ire del -used undei the caption TRANSFF'R OF RIGHTS IN 'ITIE 1'Rt PF'RTY turd in Sections 3, 4. 10, t 1, 12. 16, 19. -14, and 25. C_`crtain ruins regarding the usage of word-., used in lhi,; , ocumew are also providc d in Section 17. Parties :Tv, �7 (A) "Burro%%er" is Brandy Mae Hatcher an unmarried person, and John Blackburn an unmarried person currently residing at 6760 Carolina Beach Rd, Wilmington, North Carolina 28412 N)rrov%-er is the trustar under this Sccurit4 Inmrument. (B) "Lender"is STATE EMPLOYEES' CREDIT UNION Lender is a CORPORATION oi-anizcd and eXistiltg under the IaWS of NORTH CAROLINA Lender's address is PO DRAWER 25279, RALEIGH, NORTH CAROLINA 27611-5279 Borrower 111461s. NORTH CAROLINA - Single Family - Fannie Mae -Freddie Mac UNIFORM INSTRUMENT ✓DocMagic Form 3034 071,'2021 Page 1 of 19 submitted electronically by "Ken Nance Law PLLC" in compliance with North Carolina statutes governing recordable documents and the terms of the submitter agreement with the New Hanover County Register of Deeds. Book 6659 Page 2934 Lender is cite beneficiary tinder this Security Instrument. The term "Lender" includes any successors and assigns of Lender. ((') 'Trustee" is PHILIP A GLASS Trustee's address is PO DRAWER 25279, RALEIGH, NORTH CAROLINA 27611-5279 "I'ite terns "Trustee" includes anv strbstitttte:'sucecssctr 'I'rastee. Documents (D) "Note" means the promissory note dated August 22, 2023 . at2d signed by each t3orroWc1' who is legally obligated t*tr the debt under that Promissory note, that is in either (1) paper firrnt, using I1orro,.ver's written pen and ink signature, or (ii) electronic rortm. using Borrower's adop►ed Electronic Signature in accordance with the LIETA or F-SIGN. as applicable. The ;dote evidences the legtl oblis_,ation of e, Burrower who sib reef tlt Note to pay Lender EIGHTY-FOUR THOUSAND FIVE HUNDRED AND 001100 Dollars (U.S. S 84,500,00 )phis interest. Each Borrower who signed the Note has promised to pity this debt h) regular monthly payments and to pit%" [lie debt in full not later than September 1. 2043 (E) "hiders" means all Riders to this Security Instrument that are signed by Borrower. .Xll such Riders are incorporated into and deemed to be a part of this Security Iitstrtment. "I he following hiders are to he signed by Borrower (eheck box as applicable]: (] Adjustable Efate Rider Ej Condominium [titter 1-4 Family Rider ❑ Planned unit Development ]cider E,1 Second I lomc" hider Ej- 01her(s) (,specify': (h) "Security Instrument" nicans this doc;untent, which is dated August 22, 2023 t.x "ether whit all hiders to this document. Additional Definitions (C) "Applicable L,aw" tfteans all controlling applicable IWerai, state, :tnd Jocal statutes, regulations, ordinances, and administrative rules rind orders (that have cite effect of haw) as well as all applicable final, tioit-al1l7e.dable iudiciiiI opinions. (11) "Comill unity Association Dues, Fees. aitd ssessill ents" nicans a I dues, fees. asscsstmenIs. and usher charge, that are imposed oil Borrower or the Property by it condominium association, homeowners association, or similar organization. (I) "Default" paeans: (i) the failure to pay any Periodic Payment or any other arnount secured by this; Security Instrument on the date it is due; (ii) a breach of any representation, warranty, covenant, obligation, or agreenictil in this Security Instrument; (iii) any materially fittse. misleading. or inaccurate information or statement to Lender provided by [borrower or any persons or entities acting at Borrower's direction or with Borrower's knowlediw or Borrower Initials: NORTH CAROLINA - Single Family - Fannie Mae=Freddie Mac UNIFORM INSTRUfAENT ;. 0ocMagic Farm 3034 0712021 Page 2 of 19 Book 6659 Page 2935 consent. or faihire to Provide Lender with material intortmttion in ccnnnection with the I_«an, as described in Section 8: or (ivl any action or piocceding described in Section 12(c). (,I) "Electronic hurtd Transfer" iricans any trunfcr of funds. other than it transaction originated by check, dralt. or similar paper instrument, which is initiated through a.ui electronic Ict-minal, telephonic instrument, computer, or magnetic tali: so as to artier, instruct. or authorize a financial institution to debit or credit in account. Such terti includes. but is Rat lhnited to, point-ol-sale transfers, autottnatcd teller machine transactions, transfers initiated by telephone or other electronic device Capable of'cuuintunicaling with such financial institution. wire (ransi'ers, and aulonnated clearinghouse transfers. (K) "Elcetronie Signature" meat, an "Lilzctronic Sigr►atilrc ' as delined in the (J TA or L:-SIGN. as applicable, (L,) "E-SIGN" means the Electronic Signatures in Global and National Commerce Act (15 U.S.C. ; 7001 el seq.), as it may be amended front tinge to time, or .lily applicable additional or successor lcgislatloll that gtvcrns the same subject matter. (M) "Escrow Items" means: (i) taxes and assessments and other items that can attain priority over this Security histrtmnent as it lien or encumbrance on (Inc Property'. (it) leasehold payments or ground rents on the Property, ]I* ally: (iii) Premiums for any and all insurance required by Lender tinder Section : -. (iv) Mortgage Insurance preiniu►its, if any, or any stuns payable by Borrower to Lender in lietn of the pay►nent of !tiortgaae Tnsuranee preiniutn, it, accordance c4 ith tine provisions of Section 11. and i v► C onimtiniv Association Dues, Fees, and A;sessmenis il'Lender requires that they be escrowed beginning at Loan closing or at any Iiine during the Loan term. (N) "].,Dart" ineans tine debt obligation evidenced by tine Note, plus interest, any prepayment charges, costs, e),penses, and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (0) "Loan Servieer" ineans the entity that has the contractual rielnt to receive Borrowers Periodic Pavinents and any either payments made by Borrower. and administer, the L.oall on behalf of Lender. Loan Servicerdoe.s nos include it sub-,Wl-vicer, which is an entity that away service tine Loan on behalfof(lie Loan Servicer. (P) "�iMiseellaneous Proceeds" ineans any coaniPell sat ioa7. settlement, award of'damages, or fare:►coeds Paid by any third Harty (other than insurance Proceeds Paid tinder the coverages described in Section 5) for: (i) dannage to, or destruction of'. tilt; Property. (ii) condemnation or other taking of all or any part of the Property. (iii) conveyance in lieu cif condemnation; or (iv) misrepresentations cal, or omissions its to, the vahte and/or condition of the Property. (Q) "Mortgage Insurance"" ►tneatns instirttncc Protectiing Lender against the nonpayment of, or Default on. the Loan. (R) "Partial Payment" means arty payment by Borrower. other than a voluntary prepayient perinitted under tine Note, which is less than a fall outstanding Periodic Patyinc;m. (S) "Periodic Payment" means the regularly scheduled ainiount due for (i) Principal and interest under the Note, Pius (ii) any amounts tinder Section 3. ("I') "Property" ineans the Property described below tinder tine heading "TRANSFER 01= RIGHTS IN TEII PIWPl�-RTY." (t) "Rents" means all ainotmt.s received by or clue Borrower in connection with the lease, use, and=or occupancy of (lie Property by a Party other than Borrower. (V) "REzSPA" nieans the Real I:;state Settlement Procedures Act (12 U.S.C.`. § 2601 err seq.) and its implementing regulation, Regulation X (12 C:.F.R, Part 1024), as they may be a►nended from funit to tinge, or any additional or successor federal legislation or regulation that gcivcrns the saint subject matter. When us;:d in this Security histrunient, "RI -'SPA" reters to all requirements and restrictions that would apply it) a "1"edcrally related mortgage loan" even if the loan dotes not qualify as a "federally related mortgage limn" under RfSPA. (\I*) "Successor in Interest of Borronker" means any party that hits taken title to the Property. whether or not that party has assumed Borrower's obligations tinder the Note and: or this Security Instrument_ N 'T,TTA" ineans (Ile Uniforni Electt-onic'T'rans,tctiotns Act, as enacted by the jurisdiction in which the Property is located, as it may be amended fron) time to tittle, or any applicabic: additional or successor legislation (hart go4crns the saine ;ubject mutter. Borrower lniti ►Iti. '+""! d 6 (z g NORTH CAROLINA - Single Family - Fannie hiae,Freddie Mac UNIFORM. INSTRUMENT Y, OocMagic Form 3034 0712021 Page 3 of 19 Book 6659 Page 2936 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender 6) the repayment of the Loan. anal all renewals, extensions. and modifications of tile 'Note. and (ii) the perfornittncc of f.iorrower's covenants and agreetnems tinder this Security Instrument and the Note. For this purpose, llorrov er irrevocably urants and conveys to Trustee, ill trust, with power of sale, the following described property located in Qae COUNTY of New Hanover Type of Recording Jurisdiction] (\ante of Itecordittg Jurisdiction.1 SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. bk 5687 pg 2676-2679,4051 1 sf, new hanover county which, currently has the address of 6760 Carolina Beach Rd [Street Wilmington . North Carolina 28412 ("Property Address"), [City% [l..ilt Code] TO FIAVE' AND TO 1-101-D this property unto "T'rusiee;, turever, toL;ether xiih all tlae improvements now or subsequently erected can the property. including replacements atnd additions to the improvements oil such property, all property rights, including, without limitation, all easements, appurtenances. rot=alties, mineral rights. oil or gas riblats or profits, water rights, and fixtures now or subsequently a part of the property. All of the foregoing is referred it) in this Security Instrument as tlae "Property." I3ORROW I2 It1:I'T .LZfaTS, WAVfLANTS. COVFNANTS. AN-"D (;RE :S that: 6) Borrower lawl'tilly owlis and possesscs the Property conveyed in [iris Security Instrument in fae simple or lawfully has the right to use and occupy tlae Property under a leasehold estate. (ii) Borrower has the riulit to Grant and coney the Property or Borromer's leasehold interest in the Property_ and (iii) the. Property is unencunaltered, and not subiect to :ui% other oxvileiship iiiwrest in the Property, except for encaunbrances and ownership interests of record. Borro%acr warrants generally the title to the Property and covenants and agrees to defend the title to the Property against all claims and demands, subject to any etncumbrances and ownership interests of record as of Loan closing. TI [IS SE( €.IR1TY INSTRUaNIf]'ti-h combines unitorin covenants for national use with limiter' variations and [ton-uni[ nrnaa covenants than relloct specific North Carolina state requirements to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escroiv items, Prepayment Claurges, and Late Charges. Borrower will pay each Periodic Paaytnent when due. Borrower will also pay any prepayment charges. and late charges due under' the Note, unless prohibiter.) by Applicable Law, and any other amounts clue tinder this Security Instrunicrit. Payments tine under file Noic and this Security Inm,timent must be made in U.S. currency. Ifaany clieck or other instrument received by Lender as payment under the 'rote or this Security Instrument is returned to Lender unpaid. Lender may Borrower fnitiaals: ........... _ _ ............ NORTH CAROLINA - Single Fanaify - Fannie Mae;Freddio 1'>itac UNIFORM INSTRUMENT ✓D4cMaglc Form 3034 0712021 Pcitge 4 of 19 Book 6659 Page 2937 require that ally or aII subsequent payments dtic under the Note and this Security Instrument be tirade its otic or more of the following fortaas. as,etected by Lender: (it) cash. (b) money order: (c) certified cheek. bank check, treasurer's check, or cashier's check, provided any such check is drawn upon an institution whose deposit' :tre insured by a U.S- federal agency. instrunielitahty. or eattity: or ((f) Electronic Fund Transfer. Payments are deemed received by Lander when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice Provisions in Section Ili. Lender uaay accept or return any Partial Paytnenti; in its sole discretion pursuant to Section 2. Any offset car claim that Borrower may have now or in the ('uture against Lender will not relieve borrower tram makiu: the full atatount ofall payments clue under the Note and this :security InStranaent or performing the covenant.s and agreements secured by this Security Instrument. 2. Acceptance and Application of Payments or Proceeds. (a) Acceptance and Application of Partial Payments. Lender nifty accept and either apply or hold in suspense Partial Payments in its sole discretion ire accordance %villa this Section 2. L.etader is not obligated to accept :uty Partial Payments or to apply any Partial Payments at the time such payments are accepted, and also is not obligated to pay intcreal on such unapplied funds. Lender may hold such unapplied Fund,, until Borrower stakes payment sufficient to curer a Cull Periodic Payment, at which tune tlae amount of the: full Periodic Paviiiew will be applied to the 1._oall. lf' borrower duct; that make such a payment within a reasonable period oftinac. Lettdcr will either apply such lbilds in accordance with this Section 2 or return them to Borrower. if not applied earlier, Partial Paymcnts will be credited against the tot4tt <trnctunt Clue under the Loan in calculating. the tnrxtunt clue: in connection with any f �reclosurc procceding. payoffrequest. loan modification, or reinstatement. Lender m ayaccept any payment insufircient to bring the Loan current ae-ithout waiver of"any rights under thin Security Instrument or prejudice to its rights to refuse such payments in tite future. (b) Order of application of Partial Payments and Periodic Payments, F'xccpt is olherw-ise described in this; Section 2, it I..ender applies a payment, such payment will be applied to each Periodic Pay►nent its the order in which it became clue. beginning with tlae oldest outstanding Periodic Payment, as follows: first to interest and then to principal due under the Note,. and finally to Escrow Items. If all outstanding Periodic Payments then dui arc paid in full, any payment amounts remaining may be applied to hoc charges and to any amounts then tluc under this Security Instrument. if all sums them clue under the Note and this Security Instrument are paid in fall. any retraining payment amount may be applied, in Lender's sole discretion, to a future Periodic Payment or to reduce the principal balance of the Note. If Lander receives a payment from borrower in the amount of one or more Periodic Payments and the amount of any lute charge due for a delinquent Periodic Payment, the payment may be applied to the delinquent payment and the late: charge. When applying payments, Lender will ripply such payments in accordance with Applicable Law. (c) Voluntary Prepayments. Voluntary prepaytuents will be applied as describcd in the Note. ((I) No Change to Payment Schedule. Any application of payments. insurance proceeds, or lrliscellancous Proceeds to principal clue under the Note will not extend or postpone the due date, or change the amount, of tlae Periodic Payments. 3. Funds for Escrow Items. (at) Escrow Requirement, Escrow Items. Borrower must pay to lender on the day Periodic Payments are due under the Note, until the Note is paid in full. <t sum of tnotaey to provide fear payment of amounts due for all Escrow Items (the "Rinds"). Jlie amount of the Funds required to be paid each month may change during tile: terra of the Loran. borrower must promptly furnish to Lender all notices or invoices ofamounts to be paid under this Section 1. (b) Payment of Funds; Nvitiver. Borrower must pay Lender the Funds for l.:scrow Rents unless Lender waives this obligation in writing. Lender may waAc this obligation ftar any Escrow Item at any tittle. In the event of'such eraiver. Borrower tntast pay directly, evhen and where payable, the amounts due liar any I scrow Items subject to the -,vaiver. It Lender has waived tine requirement to pity Lender the; funds for any or all Iiscrow Items, Lender may oe Borrower Initials: r NORTH CAROLINA - Single Family - Fannie Mae,Freddie Mac UNIFORM INSTRUMENT ;., pocMagic Farm 3034 0712021 Page 5 of 10 Book 6659 Page 2938 require Borrower to provide proof otdnrect payment of ill ose ilem5 within Such time period as Lender may require.. Borrower's obligation to make such timely payments and to provide proofofpayment is deenned to be -,t covcnalnt and , reement of! Borrower under this Security Instrument. ll'Borrower is obligated to pay F"crow fletn5 directly pursuant to a waiver, and Borrower finis to pay timely the amount due for an Escrow lkeni. E..cnder m:iy= exercise its riF;hts under Section 9 to pay such amount outnt and Borrower will be obligpled la repay to Lender any such amount in accordancewith Section 9. (..ender ratty .vithdra w- the waiver as to any or all Fiscrow Items at -,lily -,into by giving a notice in accordance with Section 16: upon such withdrawal, Borrower must pay to (._ender all Funds for such Escrow penis, and in such amounts, that are then rewired tender this Section 3. (c:) Aniount: of Funds; Application of Funds. Lender may, at ,lily time, collect and hold Funds in <tit amount up to, but not in excess of, the maximunn amount a (crater can require under RI:SPA, Lender will estimate the amount of Funds due in accordance with Applicable Laws. The Funds will be held in an inslitullon %,]lose deposits are insured by a U.S. tedcral auency, instrumentality. or entity (including Lender. if' Lennder is all institulion whose deposits are so insure(l) or ire any Federal Horne Loau Bank. Lender will apply the funds to pay the Escroee Items no later than the time specified Wider RESPA. Lender may not charge Borrower tor: (i) holding and applying the Funds: 0i) annually analyzing, tile escrow° account. or (iii) verit'_ving the (escrow (torus. ratios, Letldcc pays f3orrowcr lilts rest on tine Funds and Applicable Law permits Lender to make such a charge. Unless Lender and 13urrower agree in writing or Applicable Law requires interest to be paid oil the Punch, Lender will not be required to pay I3ctrro',ver any interest or e-,trnittgs on the Fund,, Lender will like to Borrower. without charge, an annual accounting of the Funds as required by I�I�SPA. (d) Surplus, Shorta;e and Delicienc:y of Funds. hit accordance with RE -:SPA, il'thcre is a surplus of' Funds held in escrow, Lender will account to Borrower for such surplus. if L3orrow-er's Periodic Payment is delinquent by more than 30 days, Lender may retain the surplus ill the escrow account for the payment of the Escrow [tents. It there is a shortage or deficiency of Funds held in escrow, Lender will notify Borrower and Borrower will pay to I -ender the atnnount -,necessary to snake up the shortage or deficiency in accordance with R :SPA. Upon payment in f all of .ell sums secured by this Security Instrument. Lender will promptly refund to Borrower ally Funds held by Lender. 4. Charges; Liens. l3rorrower111ust pay (a) all taxes. asswsstnents, charges, fines. and impositions attributable to the f'roporty which have priority err may attain priority over this Security Instrument. (b) leasehold payments or ground rents on the property, if any, and (c) Community Association Dues. Fees. and Assessments, if any. II' any of these itenis are E wrow Items, Borrower will pay than in the manner provided in Section 3. Borrower must promptly discharge any lien that has priority or may attain priority over this Security lnstrunnent unless Borrower: (aa) agrees in writing to the; payment (it' tile obligation secured by the licit in a manner acceptable to Lander. but emly so lone as I3orrcower is performing under such agreonnent: (bb) contests the liens lit good faith by, or defends against enft}rcetncrlt of the': lien m, legal proceeding', which (..ender detertltines. in its Mile dt::crelton. operate to prevent the enftiorcemetnt of the licit while those proceedings are pending, bill only until such proceedings are concluded: or (cc) secures from the holder of the hen an agreement satisfactory to Lender that subordinates the lien to this Security Instrument (collectively, the "Required Actions"). It' (._ender determines that any part of the Property is subject to a lien that has priority or may attain priority over this Security Iiimru nient and Borrower has not taken any of the Required Actions in regard to such lien. Lender may give Borrower a notice identi€'sing the lien. Within 10 days after the date on which than notice is givetn, Borrower -,nest satisfy ale lien or take one or more of the Required Actions. S. Property Insurance. (a) Insurance Requirement- Coverages. Borrower must keep tile, improvements row existing or suhsequetnlly. erected on Else Property insured against Ioss by Iire, hazards included within the term "extended coveraee." and any ollici hararrds including, but not limited to, earthquakes. winds. in(] floods, for wedeln Lender requires insurance. Borrower must rnaint.nin the types of insurance Lender requires in the amounts (including deductible levels) and for t3torrcrwer ittilialy: W-T __"-, ............ . ...._.... _.......m. NORTH CAROLINA • Single Family - Fannie: MaelFreddie Mac UNIFORM INSTRUMENT ✓DocMagic Form 3034 0712021 Rage 6 of 19 Book 6659 Page 2939 the perlods that Lender requires. What Lender requires pursuant to the preceding sentences Carl CIMMIC thirinu the term of the Loan. and allay eXCCet1:1t14' ]nnntnlUin coverage rcilitired by Applicable Law- Borroceer may choose the insurance Carrier pro% iding, the nlsurtinve, subject ic) Lender's right to disapprove Horrower's choice. which rtc011 Kill [lot be exercised timeaasonabiv. (b) failure to Maintain Ittsau lance, 11, Lender has it reasonable basis to believe that Borrower has failed to maintain ally of' tile required insurance cotieragesdescribed above. Lender play obtain insurance coveragc, at Lender's option and at L31tlrrower's expense. Unless required by Applicable Law, Lender is tinder no obligation to advance prctliitlrals lair, or to seek it) reinstate, any prior lapsed coverage obtained by Borrower. Under is under no obligation to purchase any particular type or amoulnt of, coverage and mays Select the provider of. such insurance in its sole discretion. Before: purchasing such coverage, Lender will notii'y° Borrower if required to del so under :applicable Late. Any such coverage will insure Lender, but might riot protect Borrower. Borrow-er's equity in the Property, or the contents of the Property, against any risk. hazard, or liability- and inight provide greater or lesser coverage than wait previously in effect, but not exceeding the coverage required antler Section >(a). Borrower acknowledges that the cost of the insurance covera�xe sea obtained may significantly exceed tire: cost of insurance that Borrower could hate obtained. Any amounts disbursed by Lender lbi- casts associated with reinstating Borrower's insurance policsor with placing new Insurance under this Section 5 will bcconle additional debt of Borrower secured by this Security Ins€rulncnt. I Ilese almoulus will Beata iincrest at the Note rate from the date of di bursenaent and cti ill be with such interest, upon notice from Lender to Borrower requesting payincnt. (c) Insurance Policies, All insurance policies required by Lender and renewals of such policies: (i) will lie subject to Lender's right to disapprove such policies, (ii) must include a standard mortvgage clause. and (ii i) must name Lender as mortgagee and,"or as an additional loss payee. Lender will ha %e the right to hold the policies and renewal certificates, If -Lender requires, Borrower will promptly give it) Lender proof of paid premiums and renewal notices. If Borrower obtains .lily form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of: the property. such policy must Include a standard nlortgalie clause and must narne Lender as niol"tuagee 3"(1/017 as all additional loss payee. (d) Proof of Loss; st►pplication of ProcGet£s. In the event of kiss, Borrower must give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Any insurance proceeds, whether or not the underlying itt ul':lrtce %Vets required by Lender, will be applied to restoration or repair of tire Property, it'Lender deems the restoration or repair to be economically feasible and determines that Lender's security will riot be lessened by such restoration or repair. Ifthe Property is to be repairedor restored, Lenderxvill disburse iroin the insuranceproccedsany initial ainuunts that are necessary to begin the repair or restoration, subject to any restrictions applicable to Lender. Luring the subsequent repair and restoration period, Lender will have the right to halt[ such insurance proceeds until Lender hits haad ,in opportunity to inspect such Property to ensure the work has been completed to L.ender's satisfaction fwilich rnav include satisfying- Lender's minimum eligibility requirements for persons repairing the Property, illcludim-, bia not limited to. licensing. bona. and insurance requirements) provided that such inspection mast be undertaken promptly_ Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed, depending oil the si',e of the repair or restoration, the terns of the repair agreement, and whether Borrower is in Default oat the Loan. Lender nnav make such disburse inents directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. Lender w°ill not tit: required kl pay Borrower arty interest or earnings art such insurance proceeds unless Lender and I3<arrnwer agree in writing or Applicable Lacy requires otherwise. hees far public adjusters, or other third parties, retained by Borrower will not be paid out of the insurance proceeds and will be the sole obligation of Borrower. If 1_ender deems the restoration or repair not to be economically feasible or L.encfer's security would be lessened by such restoration or repair, the insurance proceeds will be applied to the sums secured by this Security Instrument.. m,hether or not theta clue. with the eNcess, if any, paid to Borrower- Such insurance proceeds will be applied ill the order than Partial Payments are applied in Section 2(b). M)rrower Initials: 1�V1 NORTH CAROLINA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ;. DocMagic Form 3034 0712021 gage 7 of 19 Book 6659 Page 2940 (e) Insurance Settielneats; rlssiguinent of Procceds. If Borrower abandons the Property, Lender lnay hic, negotiate, and settle any, available insurance claitil .Ind related inttters. if Borrower dues not respond within 30 days to a notice; frofn Lender Ihat the insuraficc carrier has offered fez settle a claim. then Lender lnra., negotiate auui "Wttle life claiin. The 30-daay period will be,, -,ill when the notice; is .riven. In either even, or if Lender actduir<* file Prcepurty under Section ?fi or otherwise, Borrower is unconditionally assigning to Lender (i) i3orrower's rights it) any insurance proceeds in an alnount not to exceed tlnc amounts unpaid under tine kite ;and this Security Instrument, and (ii) an% either of Borrower's rights (other than die right to an?. reflood of unearned preiniunas paid by Borrower) tinder all insurance policies covering the: property. to the extent that such rights are applicable to the coverage ofthe Property. II' Lender files, negotiates, or settles a claim, Borrower agrees that any insurance proceeds may he made payable directly to Lender without the need to int ludo Borrower as an additional loss payee. Lender may use the; insurance proceeds either to repair or restore the Property (as provided in Section i(([l) or it) pay anfounts unpaid under tilt' Note or this Security Instrument, whether or not then (life_ 6. oceupano. Borroitier nnist oe cope, establish. and use life Propert}°its Horrower's principal residence within 60 dayss after tine: executiotl of this Scc1.161y Ilistrtarnetlt and artist iontileric if) occupy the Property as Borrower's principal residclice 161. fit leatst erne year alicr the date od occupancy, unless Lender olhmvi-'e agecs ill writing. witich consent will not be unrerasotiahiy willdwld, or uflless extenuating circtnnsuirices exist that are beyond Borrower's control. 7. Preservation. ;Maintenance, and Protection of tier Property; inspections. Borrower will not destroy, damage, or impair tine Property, allow the Property to deteriorate, or commit .caste on the Property. Whether or not Borrower is residing in the: Property. Borrower nnust n1'aiIll atill tine Property in order to prevent the Property, from deteriorating* or decreasing in value (,lift• to its condition. Unless 'Lender determines pursuant tin Scetion ? that repair or restoration is not economically feasible. Borrower will promptly repair the. Property if dannaged to avoid further deterioration or drainage. If insurance or condemnation proceeds are paid to Lender in connection with daina e to, or the taking of. the Property, Borrower will be responsible fiir repairing or restoring tine Property only if Lender has released proceeds lbr such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payinenis as the work is completed, depending on the site of the repair or restoration, the terms of the repair agrcenicnt, and whether Borrower is ill Default cis the Loan. Lender mazy snake such disbursenierats directly to Borrower, to the person repairing eir restoring the Property, or payable ,jointly to both. If the insurance or condemnation proceeds .are not sufficient to repair or restore the Property. Borrower refnains obligated to complete such repair or restoration. Lender may make reasonable entries upon and inspections of tilt: Property, If Lender has reasonable cause, Lender €nay inspect the interior of the innprovennents oil the Properly. Lender will give Borrower notice at tile time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan :application. Borrower will he in I3efamdt if, during the Goan application process. l3orrower or any persons or entities acting at Borrower's direction or with Borrower's knowledgc eir conscnt genre nnaterialiv lalse. naisleaadin". or inaccurate information of, statements Kn Lender (or failed Ic.n provide Lender with material inform.alon) ill conm:ction with the Loan, including, but not limited to, ovcistating Rorrowcr's income or assets, understating or flailing to provide documentation of Borrower's debt obligations and liabilities. and misrepresenting Borrow-er's occupancy or intended occupancy of the Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Frights Under this Security Instrument. (a) Protection of Lender's Interest. If`. (i) Borrower fails to perform the covenants and agreements contained in this; Security Instrurnew; (ii) there is a legal proceeding or government order that nli61 significantly affect I_.ender's interest in the Property and,`cnr rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or Corfeiture. for enforceinent of a lien that has priority or Wray tattailn priority orer this Sccill'ity Instrument, or to enforce laws or regulation,,), or (iii) Lender reasonably believes that Borrower has abandoned life Property, then Lender may do and ixty fbr whatever is reasonable or appropriate to protect Lender's interest in the lk)rrowur Initials: NORTH CAROLINA - Single Family - Fannie MaeiFre'ldie iliac UNIFt):PM INSTRUMENT ;i, DocMagic Form 3034 0712021 Page S of 19 Book 6659 Page 2941 Property ankFor rights under this Security Instrument, including protecting ntld!or assessing the value ttftlae Property, and securing and -or repairing the: Property. Letder's actions may include, but are not lin-tited to: (1) payin.: arty stuns secured by it lien deal has priority or may attain priority over this Security hastrttment: (11) appearing in contrt: and (111) paving: (A) reasonable attorney" tees zmd casts: (13) property inspection and valuation lees; and W) otltLx (icy utctn•red for the purpoRc al,protceuttg [..ardor'; interest in the Property and. :or rights under thi: Security Insauntent. including its secured position in tt bankruptcy proc:ceding. Securing the Property includes, but is 1101 limited to, exterior and interior in4pectians of the Property. entarinz tite Property to snake repairs, changing locks. replacing. or hoarding up doors anti windows, draining water from pipes, clirninating building or other code violations or dangerous conditions. and having utilities turned on or oti: although Lender miry take action under this Section 9, Lender is not required to do so and is not under any ditty or obligation to do so. Lender will not be liable for not taking, any or all actions authorized tinder this Section 9. (h) Avoiding Foreclosure; 1Titigating Lasses. If Borrower is in default. Lender may work with Borrower to avoid forcclosure andlor nutigatc Lender'., potential losses. but is not obligated to (lost) unless required by Applicable L.aw, Lender naav take reasonable actions eta evaluate Borrower tiar available alternatives to foreclosure, including, but not limited to. obtaining credit reports. title: reports, title insurance. property valuations. subordinati011 agreenacttls. and third -party approvals. Borrower authorizes and consents to these actions. any costs atssocia€ed with Such loss mitigation activities way be paid by Leader and recovered lroni Borrower as describe([ below its Scction O(c), unless prohibited by Applicable Law. (c) Additional Arnounts Secured. Any amounts disbursed by Lender under this Section c) ~hill become additional debt of Borrower secured by this Security Instruntent. `l`hese amounts may bear interest at the Note rate from the date of disbursement and will be payable, with such interest, upon notice Troia Lender to Borrower requesting payment. (d) Leasehold "Terns. If this Security Instrument is oft a Icasehold. Borrower will comply with all the provisions of the lease. 13o.trrower will not surrender the leasehold estate and interests conveyed, or terminate or cancel the around lease. Borrower will not. without the express written consent of Lender. alter or amend the ground lease. If Borrower acquires tic title to the Property, the leasehold and the fee title will not merge unless Lender agrees to the; naergcr in writing. I(h. Assignment (tf Rents. (a) Assigurneut of Rents. If the Property is lensed to. used by, or occupied by a third parly ("Tenant"), Borrower is unconditionally assigning and transferring to Lender any Rents, regat•dless of to whom late Rents are payable. Borrower authorizes Lender to collect the Rents, and agrees that each Tenant will pay the Rents to Lender. However. Borrower will receive the Rents until (i) Lender leas given Borrower notice of Detitult pursuant to Section 26, and (ii) Lender has given notice to the; Tenant that the Rents are to be paid to lender. This Section 10 constitutes an absoaluie assiT;nnteni and not all atssianment fits .additional security only. (b) Notice of Default. If Lender gives notice of DO'hult to Borrower: (i) all Rents received by Borrower must be held by Borrower as trustee tiar the benefit of Lender only, to be applied to the stems seettred by the Security Instruntent; (it) Lender will be entitled to collect and receive all oaf the Rents: (iii) Bon•tnver agrees it) instruct each Tenant that "Tenant is to pay all Rents due and impaid to Lender upon Lender's written demand to Cite Tenant: (n;) Borrower will ensure that each Tenant pays all Rims due to Lender and will take whatever action is rl ccasary to collect such Rents if not paid to Lender; (v) unless Applicable Law, provides otherwise, all Rents collected by. Lender will be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to. reasonable attorneys' fees and costs, receiver's fees, premiums on receiver's bond:;, repair and timintenance costs, insurance premiums. taxes. assessments. and other char.,,,oil tite Property. and then to any other surns secured by this Security Instrument; (vi) Lender, or any ,judicially appointed receiver, will be liable to account for only those Rents actually received; anti (-,=ii) Lencler will be entitled to have a receiver appointed to take possession of and manage the; Property anti collect the Rents and profits derived irons the Property without any showing as to the inadequacy of the Property as security. Uoarroncer pot 4J NORTH CAROLINA - Single Family - Fannie MaerFredddie Mac UNIFORM INSTRUMENT ✓OocMagic Form 3034 O7/2021 Page 9 of 19 Book 6659 Page 2942 (c) I" unds Paid by Imider. If the ]tent:: are txx sufficient to cover the casts of takim, control of* and niatiagitng the Property and cif' collecting, the IZi:nts, any funds paid by Lender for such purposes will become indebtedness of* Borrower act Lender secured by this Security Iistruament pursuant to Section 1.). (11) Limitation on Collection of Rents. Borrmver, may not collect arty of, the Rents more thaui otae mollilt in advance cif the tittle whiff the Rems become due, except fiir security or similar deposits. (e) No Other Assignment of Ixents. Llorrower represents. warrants, covcnants, and ati;rees that Borrower has not ihmed any prior assignment of the Rents, will not make ally ftirih4r assignment lit the 1Zcnls. aind lilts not performed, rind will not perrorin. any act that could prevent Lender from exercisinwx its rights under this SCCLIHI' Instrument. (1) Control and 'Maintenance of the Propert}. Unless required by Applicable Law, Lender. or i receiver appointed under Applicable Law, is not obli-ited to enter Llpccra. take control of'. or maintain tilt: Property beticre or afier giving notice of Default to Borrower. I lowever, Lender, or a receiver appointed under Applicable Law. may do so at any time when Borrower is in Default. subiect to Applicable Law. (g) Additional Provisions. Any application of the Rents will not cure or waive any Default or invalidate arty tither ris?lit or reniedv of Lender. This Section 10 does not relicvre Borrower of flcirrL)wer's ablit;titions under Section 6. I leis Section 10 coda terminate ti%lwn all the sums secured by this Security InStrunielal are paid in Roll. 11. N'lortgage Insurance. (a) Payment of Premiums; Substitution of Policy, Moss Reserve; Protection of Lender. II'Lender required Mortuage Insurance as a condition of inakim-, the Loan, Borrower will pay the premiums required to maintain the Mortgage Insurance ill effect. If Borrower was required to makeseparateh= designated payments toward the premiums for Mortgage Insurance, and (i) the 1lortgage Insurance coverage required by Lender ceases lbr any reason to be available fioin the morluage insurer that previously provided such insurance, or (ii) Lender deterinines in its sole discretion that such mortgage insurer is no longer eligible to provide the iVlortgage Insurance coverage required by Lender, Borrower will pity the premiums required tit obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cast to Borrower of the'9ortgage Insurance previously in effect. from all alternate mortgatge insurer selected by Lender. [fsubstamially equivalent Mortgage lnsurancecoverage isnot available, Borrower will continua to pay to Lender the amount of tfie separately designated payments that were clue when the insurance coverage ceased to be in effect. Lender will accept, use, and retain these paytitenls as a note-reti ridable loss reserve, il' permitted under Applicable Law, in lieu of Mortgage Insurance. SLICII foss reserve will be non-refun(hible, even wlim the Loan is paid ill bill., Lander and will not be required to pity Borrower any interest or earnings on such foss reserve, if permitted under Applicable Law. Lender will no longer require loss reserve payments if' Niortgage Insurance coverage (in the amount and fior the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for ].Mortgage Insurance. I t' Lender required Mortgage Insurance as a condition of making the Loan nt and Borrower was required to make .separately designated payments toward the premiums for %' 'Torigage Insurance. Borrower will pay tite premiums required to nmaimain Mortilage lnstirance m effect, if permitted under Applicable Law. cir to provide a lion -refundable Joss reserve, unfit Lender's requirement Ior iNflorlgage Insurance ends ill accordance with am u%r€tiers aa-recmem between Borrower and Lender providing for Stich termination or until termination is required by Applicable- Law. 'vothim, in dais Section I I affects Borrower's obligation to pay interest at the Note rate. (b) Mortgage Insurance AL;reements.Mort _age Insurance reiniburses Lender Im certain losses Lender may incur if Borrower does not repay the Loan :ns ;agreed. Borrower is not a party to tine Mortgage Insurance policy or coverage. k1ortgage insurers evaluate their total risk on all such insurance in Iicrce from time to tinic, and m av tinter into 'Jorecments with other parties that share or niodii'v their risk. or reduce losses. Tliese ',I" eemelats anair require tine [Wrimer traitiaafs. �1 NORTH CAROLINA - Single Fancily - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ✓DOCMagic Form 3034 0712021 Pager 10 of 19 Book 6659 Page 2943 mortgage insurer to make payments using, any source of: tuuds that the niortga�c� insurer nrly hoc°c available (which may include funds obtained from Mortgage Insurance premiums). As a result orthese agreements. Lender. another insurer. any reinsurer, any other entity. tar any attfiha[e of any of the ltare,Toing, tatty receive (directly or indirectly) amounts that derive from (or alight be characterized ;is) ;I portion of Borrower,N paytnenis rear Morwagc Insurance, it) exchange liar sharing or modifvinw" Elie that-lu-ge itn.5urut's risk. or reducing! losses_ :any such gill trot: (i) 111'ect the anitlunts that f3crrroxver hats aprecd to pay for Mortgage Insurance. or anv (title$' tel'llns of the Loan: (tt) increase the amount Borrower will owe 161 N'Toril.!a" Insurance; (in) entitle I3om ever to any refund; ur {k a l'fcci the rights Borrower has, if any. wiJill respect to tl)c Nlorwagc Insurance tinder the Ilonleownet's Protection act cif' 1998 (12 t.=.S.C. § 4901 el scq. ), as it may tic ;ttllendcd f-on time to tittle. or any additional or successor federal leg,islatio n or regulation that gt)verns the saute sulliect neater ("IIPA"). These rights tinder the HPA may include thw right to receive; certain disclosures, to request and obtain cancellation of the ilfort-age Insurance. to have tine Nlortgawc lnsurmice terminated automatically, and. or to receive al refund of any. 4lortgage Insurance premiums that were unearned at the tittle of'such cancellation or terillination. 12. Assignment and Application of Miscellaneous Proceeds; forfeiture. (a) assignment of Miscellaneous Proceeds. Borrower is unconditionally assi-ning the right to receive all .Miscellaneous Proceeds to Lender and agrees that such amounts will be paid to !_ender. (b) application of Misceflanemm Proceeds upon Dumaf;c to Property. 1f the Property is (latmaged, any Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the re=4oration or repair to be economically feasible and Lender's security will not be lessened by such restoration or repair. Deering such repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to ensare the work has been completed to Lender's satisfaction (which may include satisfying Lender's ininimutn eligibility rcclttirennents tsar persons r+ aairiar. the Property, including, but not limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may pay for tine repairs and restoration in a single disbursement or in at series of progress payments its the work is completed. depending oil file sure of tine repair or restoration, the terms of the repair agreement, and whether Borrower is in Default oil the Loan. Lender may make such disbursements directly to Borrower. to the person repairing or restoring the Property, or payable jointly to both. Unless Letnder and Borrower agree eat writing car Applicable Law requires interest to be paid can such Miscellaneous Proceeds, Lender will not be required to pity Borrow-er any interest or earnings on such *1vliscCllanC0LIS Proceeds. If Lender deems, the restoration or repair [lint to lie economically feasible or Lender's security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the suns secured by this Security instrument. whether or not then due, with the excess. if any, paid to Borrower, Such Miscellaneous Proceeds will be applied it) the order that Partial Payments are applied in Section 2(b)_ (e) Application of Miscellaneous Proceeds upon Conde.mmatlan, Destruction. or Hass in Vahte of (lie Property. In the event of a total taking;, destruction, or loss in value ol'the Property. all of the Miscellaneous Proceeds will be applied to the suns secured by this Security Instrument, whether or not then duct. with the excess. if any. paid to Borrower. In the event of :a partial tacking, destruction, or lass in value of the Property (each, a "Partial Devaluation") where the fair manrket value of the Property inunediattely befiare the Partial Devaluaation is equal to or geater than the amount of the sunns secured by this Security instrument immediately b6ore the Partial Devaluation, a percemage of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in writing,. The amount ol'thc Miscellaneous Proceeds that will be so applied is determined by multiplying the total ancou nt of the :Miscellaneous Proceeds by a percentage calculated by taking tie the total amount ol'the sunny secured immediately before the Partial Devaluation. and dividin€, it by (ii) eels fair market value of the Property immediately before the Partial Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower. t;ommer Initials' *e ­­ I ­­ I 1 Z� � I'll 1 11 ­­­ ­ � ­­ - I—, ... ... ... ... ... .. . NORTH CArROLINA - Single Fanidy - Far'MiC MaaV;Freddic Piac UNIFORM tNSIMUMz:N '✓, DocMagic Form 3034 0712021 Page 11 of 19 Book 6659 Page 2944 in the event of a Partial revaluation where the *air market value Ott the Property immediately bclbre the Partial Devaluation is less than the amount of the sums secured immediately beitn-e the Partial 1_kVaILU 11i0n. all Of the Miscellanctxrs Proceeds will be applied to tite ,ours secured by this Security Instrument. whether or not the stuns are then due. unless Borrower and Lender otherwise agree in writing. (d) Settlement of Claims, Lender is authorized to collect and apply tite %liscellaneotrs Prtrcecds either to the sums °,ecured by this Security Insirttnrcirt. whether trr tint then clue, or to restoration or repair of the Property, if Borrower- (i) abandons the. Property, car (ii) tails to respond to Lender w,iihin .�O days atier the dtuc L..endar notifies Borrower that the Opposing Party (its ticfined in tite next sentence) offers to settle a claim liar damays. "Opposing Party" means the Third party that owes Borrower the i41 iscellancuus Proceeds or the party against whoin korrower has a riwalrt of action in regard to the Nliscelfarlcous Proceeds. (e) Proceeding Affecting Lender's Interest in tilt: Property. Borrower Will he in Default it' any action or proceeding begins, whether civil or criminal. that. in Lendcr's judgment, could result in lorfeittrrc of the Property or other inaterial impairment of Lender's interest in tite Property or rights urider this Security Instruntent. Borrower Carr Cure such a Default and. if acceleration has occurred, reitrscue as provided in Section 20. by causin.- the action or Proceeding to be dismissed with a ruling that, in Leader's judgment, precludes titrfeiture of the Property or other material inipairntent of Lender's interest in tire Property or rights under ibis Security Instrument. Borrower is uncondititrrr"tlly assigning it) Lender tit, proceeds of, arty award or claim for dan,ages than are: atu•ibutablc to tine irnpairutent of f_errder's interest in the Property, which proceeds Will be paid to Lender. All lvliscellaneotrs Proceetis that are not applied to restoration or repair of the Property will be applied in the order that Partial Payments are applied in Section 2(b). 13. Borrin%cr Not Released; Forbearance bv Linder Not a Waiver. Borrower or airy Successor in interest of Borrower will not be released from liability under this Security Instrument if Lender extends the time for payrucnt or modifies the amortimlion of the Runts secured by this Security Instrument. Lender will not be required to eorninence proccedings against any Successor in Interest of 1.1wrower, oi- io rclust to extend tine for payment or otherwise modify amortization of the stuns secured by this Security Instrument. by reason of any demand made by the original Borrower or any Successors in Interest of Borrow,. -. Any fiorbearance by lender in exercising any right or remedy including.. without limitation, Lender's acceptance of'payments from third persons, entities. err Successors in Interest of Borrower or in amounts less than the rrnotim then dtic. Will not be it waiver of. or preclude the exercise of', any right or remedy by Lender. 14. ,Joint and Several Liability: Signatories; Successors and Assigns Bound. Borrower's obligations and liability Linder this Security Instrument will be _joint and several. I lowever. any Borrower who signs ibis Security Instrument but does not sign the 'vote: (a) signs this Security Instrument to inortgage. grant, and cont°ey sLIC11 Borrower's interest in the Property under the terms of this Security Instrument: (b) signs this Security Instrument to waive any applicable inchoate rights such as dower and curtesy and any available homestead exemptions; (c) signs this Security Instrument to assign any Miscellaneous Proceeds, Rents. or other earnings from the Property to Lender, (d) is not personally obligated to pay the sums clue under tire Note or (his Security Instrument: and (e) nurees that Leader and any other Borrower can agree to extend, inodif y. fbi-bear, or )make any acctrmnurdations Witt) regard to tite terms of the Note or this SeCLIfity Instrument without such Borrower's consent and without affectim-, such Borrower's obligations under this Security Instrument. Subject to the provisions of Section 19, any Successor in Interest of Borrower who assunres Borrower's obligations under this Security Instrument in wri(in'a. Jnd i approved by I. -ender, Will obetin all ciffiorto�%er's rights. obligations, and benefits under this Security Instruntent. Borrower Will riot be released from Borrower's obligations and liability under this Security Instrument unless Lender agrL s to such release in writing. 15. Loan Charges. (a) Tax and Flood Determination Fetes. Lender may require Borrower it) pay- (i) a one-time charge for a real estate tax verification andior reporting; service used by Lender in connection with this Loan, and Gi) either (A) a one-time charge for flood zone deiermination, certification, and tracking services, or (Il)a tine -time charge firr Hood Borrower Initials: 3 _........._... NORTH CAROLINA - Single Family - Fannie YtaefFreddie t0ac UNIFORM INSTRUMENT ;✓ DocMagic Form 3034 07/2021 f'age12of19 Book 6659 Page 2945 zone determination and certification services and subsequent charges each time remappings or similar changes occur that reasonably Aright attec( such deter tit inittKill or certification. Borrower xvill also be responsible for the payment o#'any lees imposed b}°the Federal I:mergs rice 14analw.;ement Agency. or airy successor aIgeney. at any time during the Loan terns, in connection with any flood Yone determinations. (h) Default Charges. 11' permitted under Applicable Late, Leander may chargk: Mir rower fees for ,ercice perforilted in connection with Borrower's Default w protect Lender's interest in the Property mid rights under this Security Instrument, including- (i)reasonahleattornevs' fees and costs, (ii) property Inspection, valuation. mediation. and los rnitivatioil ices, and (iii) other related fec:. (c) Pernlissihilitrof Fees. Ill tec.rrd to any other ices, the absence of expres:, authority in this Security instrument to charge it specific fee to Borrmk er should not be construed as a proliihition on the clinruing (if' ,,rich fee. Lender may not char-'e tees than are expressly prohibited by this Security Instrument or by Applicable Um. (d) Savings Clause. If Applicable Lola set; mamintini loan charges. and (hilt hi%v is finally interpreted so tidal the interest or other loan charges collected or to be collected ill connection wills the Loan exceed the permitted limits. then (i) arty Such loan charge ',Lill tv reduced{ hV (lie a motrtlt necessar_vto reduce the charge to the permitted limit, and (u) any Stuns already collected from Borrower which exceeded permitted limits will be rehinded to Borrower. Lender may, choose to make this refund by rcclucing, the principal owed tinder the Note or by makiti a direct payment it) liorrowet. It it i'e ujid rctimus pcincipal, the reduction will be treated as a partial prepayinelit without ally prepayment charge (whether or not a prepayment charge is provided for under the Note), ltl the extcnt permitted by Applicable L_aw, I;l�rro�ver' S acceptance tlf allty sltell refilnd made hydirect payment tdr Bdrrrnwer twill curistittne al «ai.rr trf an€ right of action Borrower might have arising out of such overcharge. 16. Notices, Borro«cr's Physical Address. All notices given by L3orrower or Lender in connection with this Security Instrument must be in writing' (a) Notices to Borrower. Unless Applicable Latin requires a diffierent tllethodl. any written nonce tci Borrower ill connection with this Security Instrument will be deemed to have been given to Eorrower when (i) mailed by first class mail. or (ii) actually delivered to Borrower's Notice address (as defined in Section 16(c) below) if sent by means other than first class mail or fwlectronic Communication (as defined in Section 16(b) below'). Notic, its any Awe Borrower will constitute notice to all Borrowers unless applicable Law expre sly requires otherwise. If any notice to Borrower required by this Security histrtuilent is also required under Applicable Laws. the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (h) Electronic :Notice to Borrower. U'riless another delivery method is required by Apphcable Law, Leader may provide notice to Borrower by L-mail or other electronic cirrrimunieation ("f lectrortic Ct)mmtnlieaticn)") it. (1) aorced to by Lender and Borrower in (ii) Borrower has provided Lender with Borrower's c-mail or other electronic address ("Laeetrollic Address")-, (iii) I.,ender provides Borrower with the option to rcceitc notices by first class mail or by other non-Eaectronic t:.;otnnutnicatiotl instead of•by Electronic Communication; and (ir) (.,ender otherwise complies with Applicable Law,. any notice to Borrower sent by I leetrunic Communication in connection with this Security Instrument will be deemed to have been given to l.3orrower when sent unless Lender becomes aware that such notice is not delivered. If Lender becomes aware that any notice sent by Electronic Communication iS not delivered, Lender will reseed such cominuuicatiou to Borrower by first class mail or by other non-Iaectronic Communication. Borrower may xvithdraw the agreement to receive Electronic Communications from Lender at any time by providing written notice to Lender of I3orrower's withdrawal of such agreement. (6 Borroerer's Notice Address, The address to (which lender will ,end Borrower notice ("Notic(: Address") will be the Property Address unless E3ortdidvcr has designated a diftcrent address by written notice to Lender. If Lender and Borrower have agreed that rtotice Wray be Liven by Electronic Communication. then Borrower may designate an Electronic Address as Notice Address. Borrower will promptly notify Lender of Borrower's change of Notice Address, including any changes to Borrower's Electronic Address ifdesignated as Notice Address. If Lender specifies a procedure for reporting Borrower'schange of Notice Address, there Borrower will report a change of'Noticc Address only through that specified procedure. Borrower tnitiah; � . . . NORTH CAROLINA • Single Family - Fannie tAae,'Freadio Mac UNIFORM hISTRUM NT ;,OocMagic Form 3034 07,2021 Page 13 of 19 Book 6659 Page 2946 (d) Notices to l.euder. Any notice to Lender will be given by delivering it or by mailing it by first class snail I(, Lender's address stated in this Security Instrument unless Lender has designated unolhcr address (including an i Iectronic Address) by notice to Borrower. Any notice in connection with this Security instrument will ht deemed to ha►ye been ,i%en to Lender army when actuaally icceived by Lender at Lender's designated address (which m:y include all Electronic .address). If any notice to I_xtider retlttired by this Security lnstrunient is also required under Applicable L.aw, the applicable La%� rectuirenient will satisfy the corresponding rcrluirenrent under [Iris Security Instrument. (e) Borrower's Physical Address. In addition to the de,,i<gnated Notice Address. Horrou er �i�ill prrl iile Lender with the address where Borrower physically resides, if different from the Property Address, and notify Lender whenever this address changes. 17. Governing L.aw. Severability. Rules of Construction. 'Kris Security Instrument is governed by federal lac- and the law of the State: of North CIlirolino. All rights and obligations contained in this Security Instruntc nt are subject to any requirements,in([ limitations of Applicable Lai, Ifatny provision ofthis Security Instrument or the :dote conflicts with Applicable Law (f) such conflict will not affect other provisions of this Security Instrument or- the Note that can be guess effect without the cortllictirrg provision. and Iii) such cotitlieting provision, to the extent passible, will be considered modified to comply with .applicable Law. applicable Law [night explicitly or ilttplicilly Rrllow the parties to agree by contract or it might be silent, but such silence diould not be constrLICd as a 1)r01libitiur► at��ain�;t aereenjent by contract. Any action required under this Security Instrument tit be ma& ire accordance with Applicable Law is to be made in accordance with rise Applicable Law tit effect at the time the action is undertaken. As used in this Security Instrument; (a) words in the singular will mean and include the plural and vice versa; (b) the word "ntay" givcz sole discretiolt ui€htaut any obligation to take any action; (c) any relerence it) "Section" in this document refers to Sections contained ill this Security Instrument uttle�s otherwise noted: and (d) the headings and captions are inserted for convenience of reference atnd do riot define, limit, or describe the scope or intent of this Security Instrument or any particular Section, paragraph, or provision. 18. Borrower's Capy. One Borrower will be 6VC11 one copy of the Note and of this Security Instrument. 19. Transfer of the Property or a Beneficial Interest in Borrower. For purposes of this Section 19 only, "Interest in file Property" fneans any legs►I or beneficial interest in the Property, including, but nut limited to. those beneficial interests transferred in a bond for deed. contract for deed. installment sales contract, or cscrma;rreement, the intent of -which is the transfer of' title by Borrower to a purchaser at a future date. If all or any part of the Property or arty Interest in the Property is sold or transferred (or if Borrimcr is not a natural person and it beneficial interest in I:iorrower is sold or transfetred) without Lender's prior written consent, Lender may require inrnredrate payment in full ofall sums secured by this Security Instrunteni. However. Lender will not exercise this option if such exercise is prohibited by applicable Law. , If L.endcr exercises this option. Lender give Borrower notice of acceleration. flie notice will provide a period of riot less than 30 days from the date the; notice is given in accordance with Section IG within which Borrower must pay all sums secured by this Security- Instrument. If Borrower fails to pay these sums prior to, Or upon, the expiration of this period, Lender may invoke any remedies permitted by this Security IttSIrntttiart Wi€Irtttrt filrther notice or demand ern Borrower and will be entitled to collect all expenses incurred in pursuing such remedies, including. but not limited to: (aa) reasonable atttorney>s' tens and costs. (b) property inspection and valuation fees; and (c) other tee, incurred to protect L.endcr's Interest in the Property and/or rights under this Security Instrument. 20. Borrower's engirt to Reinstate: the Loan after Acceleration. If Borrower melts certain conditions, Borrower will have Use right to reinstate tills L.oa►r and have eniOrcetnent of this Security Instrument di�Ccrlatintted it any time ill) to the Iater of (a) five daYs before arty foreelosure sale ol' the Property, or (b) Suclt other period as Applicable Law ►tight specify for tI►e tcrenina;ion of Borrower's right to reinstate. This right to reinstate will not apply in the case of acceleration under Section 19. To reinstate the Loan, Borrower must satisfy all of the flollowing conditions: (aa) Iray Lender all sums that theft would be clue under this Security Instrument and the dote as if no acceleration had occurred; (bb) cure any Default 13orroucr Lntiafs: . . . . . .... . ............ .. . . . . .. .... ............. NORTH CAROLINA - Single Family - Fannie Mae/Freddie lilac UNIFORM INSTRUMENT ✓00cmagie Form 3034 0712021 Page 14 of 19 Book 6659 Page 2947 of aay caller covenants or agreelllents under this Security lnstruntcnt or the Note; (cc) pay all cxTtenses incurred in enforcing this Security Instruntent or the Note, including, but not linlitod to: (i) reasonable attorneys' fees and cosls; (ii) property inspection and valuation fees: and (iii) other fees incurred to protect Lender's interest in the Property: atndior rights under this Security lnstruntcnt or the Note; and (d(I) take such t)ction as Tender may reasonably require to assure thal Lender's interest in the Property andior rights under this Security instrument or the ;tote, and Borrower's obligation to pay thy: sums secured bly this Security Insaunient or the Nate. �jll continue unclianged. Lender Inay require that Borrower pay such Ieinstatelllettt su►nti and expenses in one 01- more of, the rollowin�' forms, as selected by Lender: (aaa) cash; (bbb) nxtncy order: (ecc) certified check. hank check, treasurers check, or cashier's check, provided any such check is drawn Itpott out institution who+r deposits one insured by a l..i.S. fcclei ul alpency, instrumentality. or entity: or (ddd) Electronic l=tulif "T'ralttsfer. Upon l3orrower's reinstatement of the Loan. this Sceurlty lnStrnntent and oblia"llions secured liv this stcurtly Instrument will reilla1n fully= effccli�e ati if IIo acceleration had occurred. 21. Sale of Note. "llie Note err :r hartiatl interest in the Now, touelher with this Securely lnstrunlcltt. may be sold or olherwN ise transferred Clete or more ti€nc�,. l..lpon ,uch a sale or other tI,ender. till of Lendci ,rights and obliY,ltical►; under this Security instrument will convey° to Lender's successors and assigns. 22. Loan Servicer. Lender may take any action permitted under this Security lnstruntcnt throu!L111 the Loan Servicer or :tnuther audtorircd repre5tintauive. such as a sub-scry iccr. Borrowei undelsrutds that the Loatl Servicer or colter authorized representative of Lender has the right and authority to take any such action_ The Loan Servicer may change one or more tines during the term of the Note, llte Load Servicer may or may not be the holder of' the Note. Ilie Loan Servicer has the: right and authority to: (a) collect Periodic Payments anti any Other antoltnts due under the :Vote and this Security instrument: (b) perform any tatter morn-aoc loan servicing obligations; and (c) exercise any rights under the Nate, this Security instrument. and Applicable Law on beliall'of Lender. If there is a change of the Loan Servicer. Borrower will lie Liven written notice of the change which will slate the r►ante and address of the new Loan Servicer, the address to which payments should be made, and any, toter information RESPA requires in connection with a notice of transfer of servicing. 23. Notice (if Grievance. Until Borrower or Lender has notified the: other party (in accordance. with Section 16) of an alleged breach and afforded the other party a reasonable period after the giving of such notice to take corrective action, neither Borrower nor Lender may contn3encc, join. or be joined to any judicial action (ei(lier as an individual litigant or a member of a class) that (a) arises fiom the other party's actions pursuant (o this Security Instrument or the Note, or (b) alleges that the other party has breached arty provision of this Security instrument or the Note. If Applicable Law provides a time: period that Itlust elapse before certain action can be taken, that time period will be dec►ned to be reasonable fin• purposes of this Section 23. Mlle notice of'Dell,lult given to Borrower pur:auant to Section 26(a) and the notice of acceleration given to Borrower pursuant io Section 19 will be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 2:1. 24. TTazal-dttus Subxtances. (a) Definitions. As used in this Section 24: (i) "L:nvironmental Laww" nteauts any Applicable Laws where the: Property is located that relate it) health, safety, or environmental protection; (ii) "1lazarticttts Substances" include (A) those substances defined as toxic or hazardous substances. pollutants, or wastes by Environmental Law, and (11) the following substances: gasoline, kerosene:, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or f6rmaldehyde, corrosive inato:rials or agents. and ratdioactiy e materials, (iii) "Environmental Cleanup" includes any respootse action. remedial action. or removal actitnl, asdedncd in Enviromncntal Lave; and ( fv) art "I m irorimematl Conditions" means a condition That caul cause. contribttle to, or otherwise (rigger an Environmental Cleanup. (h) Restrictions on Use of Flazatrdous Substances. Borrower will not cause or permit the presence, use. disposal. storage. or release of any or threaten to release any Llavardou ; Substattccs, ou or in the Property. Borrower will not dot, nor allow- anyone else to (to, anything; affecting the Property that: (i) violates Environmental Law: 60 creates in Frivirontnental Condition: or (iii) title to the presence, use, or release of a Borrowcr laitials: ... NORTH CAROLINA - Single Family - Fannie 1'-1aeiFreddie Mac UNIFORM INSTRUMENT rpocMagic Form 3034 07,12021 Page 15 of 19 Book 6659 Page 2948 Ifazardous Substance, creates a condition that adversely aticcts or could adversely affect the value of the Property. 'Ilse preceding two sentences will not apply to the presence, use, or storage on tile Property ot's[nall cluauttities of Ilazardaus Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (includin-, but not limited to, hazardous substances tit consumer products). cl (c) Notice,,. Remedial Actions. florrowct will promptly give Lender written notice of: (i) any inlc�ti��.3tiort. Claim. derttand, Iawsuit. or other caution by any gcaNrrnmenlal or rcgulalory agratcior private party in%ohing file Property and any Hazardous Substance or I.;nvirotatuental Law of which llorroweij ha, actual knswled-e: (ii) any Environmental Condition, including but not limited to, arty spilling, leaking, discharge, release, or threat of rele:asc of ally I lazardou, Substance: and (iii) arty condition caused by tile presence, use. or release elf a I Iazardous Substance that adversely affects [he value of, the Property. 1 f Borrower learns, or is notified by any governmetatal ter rcuallatory authority or any private party. that any removal or other remediation of any Hazardous Substance aticeting the Property is necessary. Borrower v%ill prompily take ail necessary remedial actions in .accordance v%ith I'm ironanental law. Nothing in this Security Instrument cc ill create any obligation oil lender t'or all I nvironrnental Cleanup. 25. Electronic Note Signed with Borrower's Electronic Signature. If the Note evidencing the debt lbr this Loan is electronic. Bornmer acknowlcd+.:e, and represents to I -ender that Borrower, (n) expressly consented and intended to sign tite electronic Note using .tit ?aee'lroltiC Signature adopted by liorroN%er ("Borrower', l":lectronic Signature") itastead of sigtiitag t }taper No€e with Horrower's written pen and ink signature; (b) dirt not withdraw Borrower's express convent to sign the electronic !hate using Borrower's Electronic Signature: (c) understood that by sigrning the electronic dote using Borro" cr'S Electronic Signature. Borrower promised to pay the debt evidenced by the electronic Note in accordance with its terms; and (d) signed the electronic ;tote with Borrower's I•aeetronic Signature with the intent and understanding that by doing so. Ciorrower promised to pay the debt evidenced by the electronic Note in accordance with its terms. NON -UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 26. Acceleration; Remedies. (a) Notice of Default. Lender will give a notice of Default to Borrower prior to acceleration Ihllowing Borrmvcr's Default. except that such notice Of l)etauh will not be seat when Lender exercises its right under Section le) unless Applicable t..aw provides oillemise. 'Ilte notice will specify. in addition to any other information required by applicable Law: (i) file Default. (if) the action required to cure tite I)etatdt, (iii) as date. not less than 30 days (or as otherwise specified by applicable Law) from the elate the notice is given to Borrower_ by which the: IMatah must be cured. (iv) that failure to cure the Default on or before the date specified in the notice may result in acceleration of the stuns secured by this Security Instrument and sale of the Property; (v) Borrower's right to reitastate after acceleration; and (vi) Borrower's right to deny in the forecloSttre proceeding file existence of a Det<ualt or to assert any other defense of Borrower to acceleration and stile. (b) Acceleration; flower of Sale; Expenses. II'the Default is not cured on or before the date specified in the notice. Lender may require immediate pavrnew in full of all sums secured by this Security Instrument without further demand and may invoke the power of* sale and any other remedies permitted by Applicable Law. L,ertder will be entitled to collect all expctases incurred in pursuing the rcttaediesprovided in this Section 26including, but not firnitt;cl to: (i) reasonable attorneys fees and costs; (ii) property inspection and valuation f%es; and (iii) other ties incurred to protect Leader's interest in the Property aand..or rights Lander this Security hastrument. (c) Notice of Sale; Sale of Property. If Lender invokes the power of sale, and if it is determined in a laearhtg held in accordance with applicable Law that Trustee can proccced to sale. Trustee will take: such action regarding notice of sale and will give such notices to Borrower and to the other required recipients. At a time permitted, in accordance with Applicable Law, and after publication ol' the notice of sale, Trustee, without further demand tan Borrower, will sell tilt: Property al public auction to the highest bidder al the time and plaice and under the terms desk -mated in the notice: of sale in one or more parcels :and in any order `('raastee determines. lender or its designee tlaay purchase the Property at any, sale. omv� — ) (�'a . . ....... ... .. t3t>rrca4ver Cniurlsa. ..... ........ "" , _ ___ . __. . ___ . . NORTH CAROLINA - Single Family - Fannie Maac,Freddie Mar. UNlfCORM INSTRUMENT *00cMagic Foram 3034 07/2021 Page '16 of 19 Book 6659 Page 2949 (d) "Trustee's Deed; Proceeds of Sale. 'Tl-tistec will deliver t£> the purchaser n Trustee's deed conveying the Property without <liny covenant or warranty. expressed or implied, 'Tile recital., in the Trustees deed will be prima facie evidence of the truth of the statements made in that deed. 'Trustee will apply the proceeds of the sale in the following order: (i) to all expenscs of'the Salsa, including, but not limiled to, 'T'rusi e'4 fees of 5.000 (�14 of the dross Salle- prize:) (li) to all sunis secured by this Security Instrument. illld (in) any excess to thL person or ptrsorls le° pally entitled to it. The ill(erest Yale Set truth In the Note shall apply whC[htr bCttll'C or tliier aily,Itl£]t nlent on the indebtedness evidenced by the 'Mite. 27, Release. Upon payrllerit ofall Straits accured by this Security Insluumeint, Lender or Trustee will cancel this Security Irlsirument. It' Trustee is requested to 1•clea se this Security instrument Tender will surrender all Notes evidencinq, the cleat sccuredby this Security Instrument to `frusice. Borrower will pay any recordation costs associated with such release. Lender may Lharge Borrower a lee for releasing, this Security Instrument. but only if the fix is paid to a third party for services rendered and the churginou of the fee is permitted under Applicable Law. 28. substitute Trustee. Lender may. from time to lime. by itself'or through tilt; Loan Serviccr, rci►love Trustee and appoint a successor irustee to any 'frusiee appointed under this Sveurity Instrtitlierit by tit instrument recorded ill the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee will succeed to all the ri Tits, title. power-, and duties conferred upon Trustee in this Seeuriiv instrument and by Applicable Law. 29. Attorneys' Tees. Atiorneys' fees must be reasonable. [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] -ZR�zBorrower Initi.ils. ��� _.� ,;,.'��.� .....m.. __..__._ .................... NORTH CAROLINA - Single Family - Fannie hiae,Freddie MzX UNIFORM INSTRUMENT ✓UocMagic Form 3034 0712021 Page 17 of 19 Book 6659 Page 2950 BY SIGNING BELOW, Borrower accepts and aarces to tIle terms and covenants contained in this Security Instrument and in any hider stoned by Burrower and recorded with it. t CS" _ Brandy Mae a her Jn BI C ttr ! ,r. ti()E"Ecnser NORTH CAROLINA - Single Family - Fannie 110ae:Freddie Mac UNIFORM INSTRUMENT r00cMagic Form 3034 0712021 Page 18 of 19 Book 6659 Page 2951 [Space Below This Line For Adnowlelgmentl ter` 6rO t t AAA ,.- �MC;caaltaty. do hereby certilV that iiEFmw saa E:Ut t'E7]n , offilci:il :£11id11s oftii kil m4:1 Brandy (sae Hatcher AND John Blackburn �1�: � __._.. (I1ercgive 111c mmv O' dw indiciduul whose :lckau wledgn£cut 6 being iakol) personally appeared bol'ore me this Clay atui acknowledig d the due execution of tlae fOM-OMing instritnWilt (tar attaehcd document ap"ee): ic ll-y"5� -----} t t;E�c;rt�3fit)13 ;•a d[1Ct1?Ett:it} wittte}:�s uay hano aua(l jkvilere an official seal is required bs, law) official seal this Elan: day of (naontlalyear). . fgET E, Ill NO tARY PUBLIC l�lf=oaf li4NOVEl� CC}Ul�i'rY STAi f C?F NflF?1'€ t A{3l.ffl (Official Seal) (Official Signature of Notary) Notary Public (Notary's printed or typed tuime) / My winmission expires: >� f Loan ori inator: JANEENN GARNER, MLSR la 6 2239 Loan Oriolnator Organization: State mployees' Credit Union, NMLSR ID 430055 NORTH CAROLINA - Single Fancily . Frannie M mlFredie Mac UNIFORM INSTRUMENT DocMagic Form 3034 0712.021 Page 19 of 19 Book 6659 Page 2952 EXHIBIT A "Legal Description" BEGINNING at a point In the western right of way line of U.S. Highway #421 (80 feet from the centerline thereof), said point being located 72A feet as measured northwardly along the western right of way One of U.S. Highway 421 from its point of intersection with the centerline of the Masonboro Loop Road (Secondary Road #1492). if saute were projected Westwardly across Highway #421), said point also being the Northeast comer of the Esther Jones 140-foot Tract, said point also being located 132 feet as measured Northwardly from the centerline of a culvert across U.S. Highway #421; and running thence with the nodhem One of the Jones Tract, North 86 deg. 45 min. West 550.37 feet to -an old pipe; running thence North 06 deg. 30 min. West 75.0 feet to an old Iron pipe in the Northern line of Lot 10 of the Samuel Southerland Division as shown on a map recorded in Book A, Page 461, Lands 8 Dowers in the New Hanover County Registry; running thenewwith the northern' line of Lot 10, South S6 deg. 44 min. Fast 549.32 feet to a point in the westem right of way line of U.S. Highway #421; running thence with the western right of way Dine of U.S. Highway #421, South 07 deg.19 min. East 75.0 feet to the point of Beginning. Containing 0.93 acres, more or less and being the same land described in deed from Tracey B. Mitchell to G. G. Harward and wife, recorded in Book 1019 at Page 230 of the Now Hanover County Registry. Also, see Book 2405, Page 0241. The property hereinabove described in instrument recorded in Book 5687 at Page 2676 of the New Hanover County Registry and further described in instrument recorded in Book 4174 at Page 547 of the New Hanover County Registry, North Carolina.