Securities and Exchange Commission v. Nadel et al
Filing
690
RESPONSE in opposition re #675 Unopposed MOTION for miscellaneous relief, specifically to (1) Approve Determination And Priority Of Claims, (2) Pool Receivership Assets And Liabilities, (3) Approve Plan Of Distribution, And (4) Establish Objection ProcedureUnopposed MOTION for miscellaneous relief, specifically to (1) Approve Determination And Priority Of Claims, (2) Pool Receivership Assets And Liabilities, (3) Approve Plan Of Distribution, And (4) Establish Objection ProcedureUnopposed MOTION for miscellaneous relief, specifically to (1) Approve Determination And Priority Of Claims, (2) Pool Receivership Assets And Liabilities, (3) Approve Plan Of Distribution, And (4) Establish Objection ProcedureUnopposed MOTION for miscellaneous relief, specifically to (1) Approve Determination And Priority Of Claims, (2) Pool Receivership Assets And Liabilities, (3) Approve Plan Of Distribution, And (4) Establish Objection Procedure Objection and Opposition to Receiver's Motion to Approve Determination and Priority of Claims and Supporting Memorandum of Law filed by TRSTE, Inc., Wells Fargo Bank, N.A., as successor by merger to Wachovia Bank, N.A.. (Attachments: #1 Exhibit Declaration of TRSTE, Inc. records custodian, #2 Exhibit Receiver's February 6, 2009 letter, #3 Exhibit Declaration of Mayda Nahhas, #4 Exhibit SDNY Preliminary Order of Forfeiture/Final Order of Forfeiture, #5 Exhibit SDNY Indictment, #6 Exhibit Declaration of W. Samuel Woodard, Esq.)(Barnett, Ana)
EXHIBIT A
DECLARATION PURSUANT TO 28 USC
I, Ctu'istopher
Q
1746
Ferguson, make this deolaration on personal knowledge and declare as
follows:
1.
I am over the age of l8
years
old, I am the custodian of the records for TRSTE,
INC., NoÉh Carolina.
2.
I am the Více
President for TRSTE, INC., a Vírginia corporation registered to do
business in North Carolina,
3'
TRSTE, INC. is the Tlustee, holding legal title to cerfain real property located in
Buncombe and McDowell cotnties, North Carolina, under a Deed of Trust made May
The Deed of Trust is appended to this Declaration as Exhibit
4.
2,200g.
l.
The real property conveyed in the Deed of Trrrst is also known as "Laurel
Mountain." It is more particularly identified ín Exhibit A to the Deed of Trust.
5.
I have searched the rccords of TRSTE, INC, and
state that as of the date of this
Declaration, TRSTE, lnc. has not received service of any Order, Claim Notice, or a judicial
pleading of any kind regarding the "Laurel Mountain" property, nor has TRSTE, Inc. received
any coüespondence, via electronic means or otherwise froru the Receiver or any other person
claiming an interest in the "Laurel Mountain" property.
In accordance with 28 U.S.C. 51746,I declare under penalty of perjur.y that the foregoing
is true and conect.
Date:
lZ-Zl'Zell
Vice President
fl1101829 v6
EXHIBIT
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sqtis'eor:n i"ii,Åiiìn! brþ o ríons secured by lhe wifhÍn
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Deed of ïrusf hos
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Akermon Senterfilt D;;;
Eglr Jockson Street
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cRP 961 855
$1,900,000'00, mode by Grontor poyoble lo Bonk, ony presenl or fulure Lelters of
Credil íssued by Bonk for fhe occounl of Gronlor, olher loon documenls os
defined În lhe Note (the "Loon Documenls'J, ond swcrp ogreements
[os defined
in U.S.C- S l0l, os in effecl from time lo lime). oll other ¡ndebledness of
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Gronlor lo Bonk whenever bonowed or incuned, whelher or nol reosonobly
contemploled by lhe porlies hereio os of lhe dote hereof, ond ony renewols,
exïensions' novolions. or modificolions of lhe foregoing
"Oblígotions"), ond in considerolíon of lhese prãmises lcolleâilvely the
ond for other
considerqtion- Gronlor does gronl ond convey urito Truslee, qs fruslee for
ond Bonk's offilioles in fee simple, oll of Grontor's right. li¡e ond ínlerest Qonk
now
owned or hereofler ocquired in qnd lo eoch of the following
'Bun.o,'..be
"Properly"): (i) oll those cerloin trocts of lond in the County ãf {collectively, lhe
ond
McDowell. Stote of Norlh Corolino described in EXHIBIT e ohoched hereto ond
mode port hereof {the "Lond"}; {ii) oll buildings ond improvements now or
hereofler erecled on ihe Lond; (iíi) oll fixtures ollqched lo lhe Lond or ony
buildings or improvements situoted thereon; ond (iv) olt esloles, rights,
lenemenls, hereditoments, privileges, renls, issues, profils eosements, ond
oppurtenonces of ony kind benefiling the Lond; oll meons of occess lo ond
from lhe Lond. whether public or privote; ond oltwoter ond minerolrighls.
ln lhe event thol Gronlor is lhe owner of o leosehold eslole wiîh respect
to ony portíon of the Properly ond Gronfor obloins o fee eslote in such portions
of lhe Property, then. such lee eslole sholl oulomotícolly, ond withàul furlher
oclion of ony kind on lhe port of the Gronlor, be ond become subjecl lo lhe
security tille ond líen of this Agreemenl.
TO HAVE AND TO HOLD the Properly ond oll lhe esfole, righf. tílle ond
inlerest, in low qnd in equily. of Gronlor's in ond to the properly unJo Trustee, ils
successors ond ossigns, in fee simple, forever.
IN TRUST, HOWEVER, TO THAT EXTENT PERMITTED UNDER APPLICABLE
LAW,
thot if oll oblîgolions ore limery poid ond performed ond eoch ond every
represenlolion, worronly, ogreemenl, ond condition of lhis Deed of Trusl, lhe
other Loon Documenfs. ond ony swop ogreemenis [os defined in I I u.s.c.
S
l0l. os in effecl from lime to lime) ore complied with ond obided by, this
of Trusl ond the eslole hereby creoted sholl ceose ond be null, voíd.Deed
ond
conceled of record of lhe requesl ond expense of Gronlor, ond if Defoull
{os
hereinqfter defíned) occurs, rruslee is oulhorized to foreclose ond selt the
Properfy under powgl of sole or by iudiciol proceeding occording fo
opplicobte
low ond os provided herein.
Gronlor WARRANTS AND REPRESENTS thot Grontor is towfuily seized of the
Property. in fee simple, obsolufe, lhol Gronlor hos lhe legol ríghf io
convey ond
encumber lhe some. ond lhoT the Properfy is free ond cleor of oll liens
ond
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GRP 961 856
encumbronces. Gronlor furlher wononls ond will forever defend oll ond singulor
the
l{?p9rty ond title thereio lo Trustee, Bonk ond Bonk's successors ond ossigns,
ogoinsl lhe lowfulcloims of oil persons whomsoever.
protecl the security of this Deed of Trust, Gronlor fur:ther represents
ond
ogrees wilh Iruslee ond Bonk os follows:
To
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Poymenl of Obligotions. Thol the ObligoÌions shoil be timely poid ond
'performed.
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Fulure Advqnces. This Deed of Trusl is given to secure nol only exisling
oblígolions, bul olso future qdvonces. including obligoliont unoê¡. ,*oõ
ogreemenls {os defined in I I U.S.C. $ ì0.l, os in effeêt from t¡me lo lime) mode,
ond fulure swop ogreemenls (os defined in I I U.S.C. S l0l, os in àffecÌ from
time lo lime) entered into with Bonk or ony of its offiliofãs, within llvão6
of the
dole of this Deed of Trusl to lhe some exlenl os if such fulure odúonces ond
swop ogreefüenls (os defined in I I U.S.C. 5 l0l, os in effecl from lime to time)
ore mode on lhe dole of the execulion of lhis Deed of Trusl. The principoi
omounl lhot moy be so secured moy decreose or increose from lime to time.
but the lolol omounl so secured ol ony one lime sholl not exceed
plus oll inleresl, cosls, reimbursemenls, fees ond expenses due 93.g00,000.00,
under ln¡s Oeèã
of Trusl ond secured hereby. Grontor sholl nol execule ony documenl lhol
impoirs or olherwise impocls lhe priority of ony exisiing or flture- ôotigotions
secured by thís Deed of Trust. The omount of preseñl Obligotions secured
hereby is g l,900.000.00.
Nofhing herein obligoles Bonk to provide credit in excess of lhe Obligolions.
Leoses' Subleosei ond Eosemenls. Gronlor sholl moinloín. enforce ond
couse to be performed oll of lhe lerms ond condílions under ony leose,
subleose or eosemenl which moy constilute o portion of the property. Gronlor
sholl not, wilhoul lhe consenl of Bonk (which consenl sholl nol be unieosonobly
withheld or deloyed), enler inlo ony new leose of oll or ony porlion of lhe
Properly, ogree to lhe concellotion or surrender under ony leose of
oll
portion of lhe Property, ogree lo prepoyment of rents, ísrues or profitsor ony
(olná
lhon rent poid of fhe signing of o leose or subleose). modífy ony rr.h leose
so
to shorten the ierm, decreose the rent. occeferole lhe poyment of renl, os
or
chonge lhe terms of ony renewor opríon; ond ony such purported new reose.
concellotion. sunender. prepoyment or modificotion mode wilhoul the consenl
of Bonk shollbe void os ogoinsl Bqnk.
Required lnsuronce. Grontor sholl moínloin wiih respect lo lhe properly:
(i) during conslruciion of ony improvemenls on lhe Property. "oll-risk,,builders
insuronce which musi include windslorm, hoildomoge, fire ond vondolism risk
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reporl¡ng Compleled Vqlue with Speciol Couse of Loss form),
in on omount
less lhon lhe cornpleled replocement volue of lhe ¡mprouemànts nol
under
conslruclion, nomíng Bonk os morlgogee ond loss poyee;
{ii) upon complelion
of conslruclion.
Yqon occuponcv õf õny improvemenls. ond ol oll olher limes.
insuronce ogoÍnsl loss or domoge by firä ond otn"r cqsuollies
ond hozords by
insuronce wrilten on on 'bll risks" bosii, including molicious mischíef
on omounl nol less thon the replocemenl cosl Thereof, including Loveroge, in
coveroge for
loss of renrs or busíness interruption if oppticobre. noming
Bonk ;;f";;"yee ond
mortgogee; (iii) if the Property is required lo be insured pursuont
to lhe Nolionol
Flood Reform Act of t994, ond lhe regulolions promulgoted
lhereunder, flood
insuronce ís required in lhe qmount etuol to the lesser
of lhe loon
moximum ovoiloble under fhe Nolionol Flood lnsuronce progrom, omounl or
but in no
evenl should the omounl of coveroge be less lhon lhe volue ãt
¡,r improved
structure. noming Bg.?k os mortgogee ond ross poyee. rf,
ofier crosíng. the
Property (or ony port fhereof) is remopped ond íf lhe verticot
improvements ore
delermined to be locqled in o specíoi flood hozord oreCI, Grontor
musl obÌoin
ond mointoin o flood insuronce policy. tf, within forty-fíve
i+s¡ I()y; oi receipl of
nolificolion from Bonk thot the eropeity hos been recrossifieo
ov Êe,r¿e
locoted in o speciol flood hozord oreo, Gronlor hos nol provided os being
sufficieni
evidence of flood insuronce. Bonk is mondoted under teoeräl
lo* to purchose
flood insuronce on þeholf of Grontor, ond Bonk will odd the
ossocioled costs to
the principol bolonce of fhe Nole. lf lhe lond or ony porlion thereof
is locoted in
o speciol flood hozord oreo, this Agreemenf
6u terminoled bt Bonk oî its
-oy
sole oplion; livl os opplicoble, insuronce which complies wilh
the workers,
compensofion ond employers' liobility lows of oll stotes in which
Grontor sholl be
required lo mointoin such insuronce; ond (ul liobility insuronce províding
coveroge in such omouni os Bonk
-oy reqlire bul in no evenl less thon
$ì,000.000.00 combined single limil, noming Bonr os on odditionol insured;
ond
(vi) such olher insuronce os Bonk moy reguiie from
time to líme.
All
properly
polícies sholl conloin on endorsement or
ogreemenl by lhe -insuronce
insurer in form sotisfoclory lo Bonk lhot ony losi
poyoble in qccordonce wilh lhe lerms of suc-n policy nolwithstqnding sholl be
ony oct
or neglígence of Gionlor ond the further ogreemení
1*ilr,in o";;l;; property
ond liobility policies) of the ínsurer woivíng -rights of subrogotion
ogã¡nst Bonk.
ond righls of set-off, counlercloim or oeouãt¡oñs ogoinsl Grontor.
All insuronce polícies sholl be ín form, provide coveroges.
be issued by
componies ond be ín omounls solístoclory lo Bonk. At leosl sõ
Oovs prior to the
expirolíon of eoch
policy, Gronlor sholl furnish Bonk with evidence
¡uch
solísfocfory to Bonk thof such policy hos been renewed
or reploced or is no
longer reguired hereunder- All such policies sholl provide rnot
the;;lr;y will not
be conceled or moteríolly omended wilhoul ol leosl 30 doys prior
lo Bonk. ln fhe event Grontor foils ro provide. mointoin, keep written notice
in force, ond
U\
GRP 961 858
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furnish lo Bonk lhe policies of insurqnce required by fhis porogroph,
Bonk moy
procure such ínsuronce or single-inleresl insuronce in such
õmóunts, ql such
premium, for such risks ond by such meons os Bonk chooses,
ol Grontor,s
expense; provided however, Bonk sholl hove no responsibility to obloin
ony
insuronce. but if Bonk does obtoin ínsuronce. Bonk sholi hove nó rriponsibility
lo
ossure fhol the insuronce obtoined shqll be odequote or provide
ony protection
lo Gronior.
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lnsuronce Proceeds. After occurence of ony loss lo ony of the property,
Grontor shollgive prompt written nolice thereof lo Bonk.
ln lhe evenÌ of such loss oll ínsuronce proceeds. including uneorned
premiums, sholl be poyoble lo Bonk, ond Grontor hereby outhorizeiond
ony offecled insuronce compony ro moke poyment of such pro.6d, directs
direclly
to Bonk ond not lo Bonk ond Grontor jointly. Bonk is hereby outhorized
Gronlor lo moke proof of loss if nol promptty mode by Gronlor,'sel1e, odjusl by
cornpromise ony cloims for loss or domoge under ony policy or policies or
insuronce ond Grontor oppoinfs Bonk os -ils ollorne¡in-focl to receive of
endorse ony insurqnce ploceeds fo Bonk, which oppoiniment is coupled ond
with
on inlerest ond sholl be irrevocoble os long os ony obligolions rernoin
unsolisfied. Gronlor sholl poy lhe cosls of colleðfion. inciuding ãitorneys,
fees.
of insuronce proceeds poyoble on occounl of such domog"e ãrãestruclion.
Grontor sholl hove no cloim ogoinsl lhe ínsuronce proceeds, or be entiiled
lo
ony porlion thereof, ond oll ríghts lo lhe insuronce proceeds ore hereby
ossigned to Bonk os security for poymenl of lhe obligotions.
ln the evenl of ony domoge lo or deslruclion of lhe property, Bonk
hove lhe option of opplying or poying ollor porl of ihe insuron.. pró."eds shqll
to (i)
lhe obligotions in such order os Bonk mqy determine. lì¡l restorolion.
replocemeni or repoir of lhe Property in occordonce with Bonk,s
sfondord
conslruclion loon disbursemenl condilíons ond requiremenrr. ãr
iii) Gronlor.
Nothing herein sholl be deemed lo excuse Grontor from restoríng, repoiring
ond
moinloining the Property os required hereín.
lmpositions; Escrow Deposit. Gronlor will poy oll foxes, levies, ossessmenfs
ond olher fees ond chorges imposed upon or which moy become o lien upon
the Properly under ony low or ordinonce (oll of lhe'foregoing colleclively
"lmposilions") before they become delinquenl
ond in ony
fhe
colendor yeor in which lhey first become due. upon requesf of Bonk. some
"-u"nii., Grontor
sholl odd to eoch periodic poymenl required under lhe Note the
eslimoted by Bonk lo be sufficíenl to enoble Bonk to pqy, os lhey come omount
due, oll
lmposilions
ond insuronce premiums which Grontor ís requíred to
hereunder.
Poymenls requesled under this provísion sholl be supplemenledboy
or odjusled os
requíred by Bonk from lime to lime. Such funds moy be commingled
wilh lhe
)
cRP 961 8s9
generol funds of Bonk ond sholl not eqrn inleresl. Upon lhe occurrence
of o
Defoull. Bonk moy opply such funds to poy ony of tne bbligotions.
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Use of Property. Grontor sholl use ond operote, ond require
its lessees or
licensees lo use ond operote. the Properly in complionce w¡in qlt
opplicoble
lows {including, for exomple. the Americqns with Dísobilities Act ond
lhe
Housing Act) ond ordinonces. covenonts. ond restriclions, ond with Foir
opplicoble requÍrements of ony leose or subleose now or hereoffer offecting -oll
Properly' Grontor sholl not permil ony unlowful use of lhe property or ony in"
thot moy give rise lo o cloim of forfeiture of ony of the properiv. ôronlor use
sholl
nçl ollow chonges in the stoled use of Properly from thol disclosed to Bonk
ot
lhe iime of execulion hereof. Grontor sholl nol iníliole or ocquiesce to o
zoning
chonge of the Properly wilhout prior nolice lo, ond wriilen .onr"ni ãf, gonk.
Moinlenonce, Repoirs ond Alterolions. Gronlor sholt keep ond moinloin
lhe ProperÌy in good condilion ond repoir ond fully prolecled from lhe
elemenls
lo lhe sotísfqclion of Bonk. Grontor will not r.-oue, demolish or slrucÌurolly
oller
ony of the buildings or oiher improvements on lhe properly
fexcepr such
qllerolions os moy be required by lows, ordinonces
or regulotioni¡ without lne
prior writlen consenl of Bonk. Gronlor sholl promptly nolify
Bonk in writing of ony
moleriol loss, domoge or odverse condilion offecting lhe Þroperty.
Eminenl Domoin. Should the Property or ony inleresi therein be token
or
domoged by reoson of ony public use or improvement or condemnolion
proceeding ("Condemnotion"J. or should Gronlor receive ony nolice
or
ínformolion regording such Condemnolion; Gronlor sholl give prompf olher
wrilten
notice lhereof to Bqnk- Bqnk sholl be enlilled lo oll compensqlion, owords
olher poyments or relief gronted in conneclíon wilh such Condemnotion ond
ol ils oplion. moy commence, oppeor in ond prosecule in Íts own nomeond,
ony
oclion or proceedings reloling thereto. Bonk sholl be en¡lfed to moke ony
compromise or seltlement in connection wilh such foking or domoge. All
compensotion. owords, ond domoges oworded to Gronlor reloled lo ony
condemnolion (the "proceeds") ore hereby ossigned lo Bonk ond Gronfor
ogrees lo execute such furlher ossignmenls of lhe Proceeds os Bonk moy
require' Bonk sholl hove lhe oplion of opplying or poying lhe proceeds in the
some monner os insuronce proceeds os provided herein. Gronlor oppoinls
Bonk os ils ollorney-in-foct fo receive ond endorse the proceeds
to Bonk, whích
oppoinlmenl is coupfed wiih on ínlerest ond sholl be írrevocoble os long os
ony
Obligotions remoin unsotisfied.
Environmenlol Condilion of Properfy ond lndemnity. Gronror worronls
ond
represents to Bonk, excepl os reporled by Gronfor to áonk in wriling,
thoÌ: (í)
Grontor hos inspecled <¡nd is forniliqr with the envíronmentol condition
of
Properfy; (ii) lhe Property ond Gronfor, ond ony occuponts of lhe property, lhe
ore
t
cRP 961 860
in complionce wilh ond sholl continue io be in complionce with oll opplicoble
federol, slote ond locol lows ond reguloiions inlended lo protecl the
environment ond public heollh ond sofety os lhe some moy be omended from
tíme_lo lime ("Environmeniol Lows"); {iii) lhe Properly is nol ond hos never
been
lo generote, hqndle, lreot, store or dispoie of, in ony quonlity, oil.
peiroleum producls, hozordous or toxic subsloncäs, hozordous *ãste,
reguloled
subslonces or hozordous oir pollulonts ["Hozordous Moleriols") in viololioñof
ony
Environrnenlql Lows; (iv| no Hozordous Mqteriots fincluding'osbestãs, mold
or
leod point in ony form) ore locoled on or under the propeity or emonote from
the Property; {v) there ore n9 unregislered underground sloroge lqnks
on lhe
Properly lhol ore subject lo ony underground storoge tonk regìstrofíon lows
or
regulolions; (vi) no notice hos been received wilh regord lo ony
Hozordous
Moleriol on the Properly; {vii} no oclion, invesligotion or proceeding is pending
or lo Gronlor's knowledge lhreolened which seeks lo enforc" ãny right or
remedy ogoinsl Gronfor or the properly under ony Environmenlol Low; qnfl (yiii¡
oll licenses, permits ond olher governmenlol or regulolory octions necessory
for
lhe Properly lo comply wilh Environmentol tõws sholl be obloined ond
mointoined ond Gronlor sholl ossure complionce therewifh.
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Furlher, Gronlor represents to Bonk lhol no portion of the properly
is o
prolecled wellond. Gronlor ogrees lo nolify Bonk immediotely upon
receipt
of
ony cifolions, wornings, orders, notices, consent ogreemenls, process or
cloims
ollegíng or relotíng to viololions of ony Envíónmentol Lows or lo lhe
environmenlol condilion of lhe Property ond sholl conducl ond complele
investigolions ond oil creonup octions necessory to compry wilh oll
the
Environmentol Lows ond lo remove, in occordonce with EnviroÅmentol
Lows,
ony Hozordous Moleriol from the properly.
Gronlor shollindemnify, hold hqrmless, ond defend Bonk ond Truslee from
ond ogoinst ony qnd oll domoges, penolties, fines, cloims, suits. liobililies, cosls,
iudgmenls ond expenses, including oltorneys'. consullonfs' or experfs' fees of
every kind ond nolure incurred. suffered by or osserled ogoinsl gónk or Trusiee
os o direcl or indirecl resull of: (i) represenlolions mode by Gronlor in lhis
Seclion beíng or becoming unlrue in ony moleriol respecl; (ii) Gronlor,s violotion
of or foilure lo rneet lhe requiremenls of ony EnvironmenÌol Lows; or
{¡¡i)
Hozordous Moleriqls which. while lhe Properly is subjecl lo this Deed
of Trusl,
exísf on lhe Properly. Bonk shqll hove lhe right to ononge for
or conduct
environmenlol inspecÌions of fhe Property from lime lo time
{iñcludinj the loking
of soil. woter, oir or moleriol somples). The cost of such inspeclions-mode
offer
Defoull (os hereínofler defined) or which ore required by lows or regulotions
opplicoble lo Bonk sholl be borne o-y Gronlor. úo*euer, Grqntor,s indemnily
sholl nol opply lo ony negligenl or inlenlionol ocl of Bonk which
lokes ploce
ofler foreclosure or sotisfoclion of this Deed of Trust- Ihese indemnificolion
obligolíons ore in odditíon lo Generol lndemnificolion provisíons
sel forÌh
!(
1
cRP 961 861
hereofler- Grontor's obligotions under lhis seclíon sholl conlinue,
survive qnd
rernoin in full force ond effecl notwithstonding lhe repoymenl
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of the
Obligotions, o foreclosure of or exercise of power of sole under
this ínslrument, o
delivsry of o deed in lieu of foreclosure, o êonceltotion or terminolion
of record
of this ínslrumenl ond the ironsfer of the property.
Approisols. Gronlor ogrees thol Bonk moy obloin on opproisol
ol lhe
Properly when required by lhe regulolions of the iederol Reserve
Boord or lhe
office of rhe comprroiler of rhe cunency, or ony other regurotory
ogency or ot
such other limes os Bonk moy reosonobly require. such oppio¡sãr
sholl be
performed by on índependenl lhird porly opproiser selecled
by Bonk. The cosl
of such opproisols sholl be borne by Gronlor. 'tf regrrsled by Bonk.
Gronlor sholl
execute on engogemenl letler qddressed to the opproiser selected
by Bonk.
Gronlor's fqilure orrefusol lo sign such on engogemenl leller, however,
sholl not
ímpoir Bonk's right to oblqin such on opproisãl, Grontor ogrees
poy the cosi
lo
of such opproisol within l0 doys ofter receiving on ínvoice tór
rr.n oópro¡sol.
lnspections'. Bonk, or ils representolives or ogenls.
ore oulhorized lo enler
of ony reosonoble rime upon ony port of rhe Þroperry for the purpose
of
inspecting lhe Properly ond for lhe purpose of perforrning
ony of the octs il
oulhorized to perform under lhe ferms of lhÍs Deed of Trusl.
is
llens ond subrogolion. Gronlor sholl poy ond promplly dischorge
oll líens,
cloims ond encumbronces upon the Property. Gronlor sholl hove
tñe ríghl to
conlesl in good foith. the volidily of ony such lien. cloim
provided: liJ such conlesl suspends the colleclion thereof o, "n.r.bronce,
or fhere is
of the Properly being sold or forfeiled while such conlesi is pending; no donger
{ii) Gronfor
firsl deposils with Bonk o bond or other securiiy sotisfocläry
to ãonr in sucn
omounls os Bonk sholl reosonobly requíre: ono
liii¡ Gronlor
proceeds to couse such lien. cloím or encumóron." lhereofler dilígen¡y
lo be removed ond
dischorged.
Bonk sholl be subrogoted fo ony liens, cloims ond encumbronces
Gronlor or lhe properly thof ore poid or dischorged lhrough poyment ogoínsl
by Bonk
or with loon proceeds' notwithslonding the recðrd concellolion
or solisfoclion
lhereof.
woiver of Gronlor's Rights. To fhe fullesl extent permítted
woÍves lhe benefil of qll lows now exisling or thof hereofter by low, Gronfor
-oy u, enocled
providing for {i) ony opproisement before sote or
ony portion of lhe property, (ii)
in ony woy exlending the lime for the enforcemeni of
lhe colleclion of the Note
or onv.oilhe orher oblísoríont. onJ onv ríshis lo
i:i9^:*l^:'11"1:"1
heoring prior to the exercise by Bonk of ony ríghf.
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provided lo Bonk.
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GRP 961 862
To the full exlenl Gronlor.moy do so, Gronlor ogrees fhol
Gronlor wiil
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ol ony lime insist upon, pleod, cloim or seek to loke lhá benefit or odvonfogenol
of
ony low now or hereofler in force providing for ony exemptíon (inclùoing
homesleod exemplion),'opproisemenf, voluolion,' stoy,' exlens¡on
or
redempiion' ond Grontor for lhemselves ond lheir respeclive heirs, devísees,
representolives, successors ond ossigns, qnd for ony ond oll persons
cloiming
ony interesl in lhe Property, lo the exlenl permitted by low, håreby woive
ond
releose oll righls of voluotion. opproisemenl, redemplion, stoy of eiecution,
the
benefil of oll exemplíon lows, nolice of eleclion to moture or declore due
lhe
whole of the secured indebtedness ond morshotling in ihe evenl of forectosure
of the liens hereby creoted. Gronlor furlher vJo¡ves ony ond áll not¡ces
including, without limitolion, nolice of inlenlion to occeterote ond
of
occelerolion oT the Obligolions.
Poyments by Bonk. ln the ev_eni of Defoult fos hereinofter defined]
limely poymenl or performonce of ony-of the o'bligolions. Bonk, ot ils in the
option
ond wilhoul ony duty on its porl To deÌermine lhe ,rãtiOity o, n"..rrify lhereof,
moy poy the sums for which Grontor ís obligoted. Furlher, Bonk moy poy
such
sums os Bonk deems oppropriole for the prolecfion ond mointenonce
of ihe
Properly including. wilhoul limìlqlion. sums lo poy lmposilions ond
olher levies.
ossessmenls or liens, moinioin insuronce, moke repoírs. secure lhe property.
mointoin utility service, inlervene in ony condemnotion ond poy
qnd olher febs ond cosls lo enforce fhis Deed of Trust or proi"cl oltorneys, fees
lhe lien hereof
fincludlng foreclosure) or collect the Obligolions. wilhout limitolíon, including
lhose incurred in ony proceeding íncluding bonkruplcy or orbitroiion.
omounfs so poid sholl beor interest ot the defoult rote stoled ín lhe Note Any
ond
sholl be secured by lhis Deed of Trusl.
lndemnificolion- Grontor sholl protect. indemnífy ond sove horrnless Bonk
from ond ogoinst ott losses, liobililies, obligotions, clolms, oo.ogei. penoltíes.
fínes. couses of oclion. costs ond expãnses {including. wilhout limilotion,
reosonoþle oltorneys' fees ond expenses) (collectively, ,;Do-oges,') imposed
uÞon, incurred by or osserfed or ossessed ogoinsl Bonk on ocðounl of
or in
connection with (i) the Loon Documenls or ony foilure or olleged foílure
of
Grontor lo comply with ony of fhe terms of, or the inoccurocy or breoch
of ony
represenlotion in, the Loon Documents; (¡il the Colloferol or ony cloim
domoge lo lhe Property or ony injury or cloim of injury to. or deothof loss or
of, ony
person or properly thol moy be occosioned by ony couse wholsoever
perloining lo lhe Properly or the use. occuponcy or operolion thereof.
{iíí} ony
foilure or olleged foilure of Gronlor to comply with ony low, rule or
regulolion
opplicoble to il or to lhe Property or the use. occuponcy or operolion
the
Properly (including, withoul limilofion. the foilure fo poy ony loxes, fees of
or other
chorges), fívl ony Domoges whotsoever by r"or'on of ony olleged
ocfion,
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cRP 961 863
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obligotÍon or underloking of Bonk reloting in ony woy lo or ony motter
conlemplqted by the Loon Documents, lv) oñy cloim for biokeroge fees or such
other commissíons reloting lo the Properly or ony other Obligoilõns. or (vi)
ony
ond oll liobilily orising from ony leoses reloled to lhe p-roperty. Nothing
conloined herein sholl require Gronlor fo indemnify Bonk t"i âni Domoges
resullíng from Bonk's gross negligence or its willful ond wrongful ocls,
ond such
indemnily sholl be effeciive only lo lhe extenl of ony oomoges thol moy
be
susloined by Bonk in excess of ony net proceeds receiueo oy it from ony
insuronce of Gronlor (olher thon setf-insuroncet wiih respect lo such Dornoges.
The indemnity provided for herein sholl survive poymeni of lhe Obligofions
ond
sholl extend to lhe officers, directors, employees ond duly outhorizeã
ogents of
Bonk- ln lhe event the Bonk íncurs ony Domoges orîsing out of or in ony woy
reloling lo the tronsoclion conlemploled by lhe Loon Doãuments
{incluoing ony
of the mollers refened Ìo in this seclion), lhe omounls of such Domog*, sholl
odded to the Oblígolions, sholl beor inlerest, to lhe exlenl permitteã by tow, be
lhe inleresl role borne by lhe obligolions from lhe dote inèurred until poid ot
ond
sholl be poyoble on demond.
Assignmenl of Renls. Gronlor hereby obsolulely ossigns ond lronsfers lo
Bonk oll the leoses, rents, issues ond profíls of the Properly (éolleclively "Rents,.!.
Allhough lhis ossignmenl is effeclive immediotely, so long os no Defóult exisls,
Eonk gives lo ond confers upon Gronlor lhe privilege under o revocoble
license
lo collect os they become due, but nor prior rõ occruor, rhe Rents ond ro
demond. receive qnd enforce poymenl. give receípls, releoses ond
solisfoclions, ond sue in fhe nome of Gronloi for oll such RenlsGronlor
represenls lhere hos been no prior ossignmenl of leoses or Rents, ond
ogrees nol
lo furlher ossign such leoses or Rents. Upon ony occuu"n.r or oãioult, lhe
license gronted lo Gronlor hereín sholl be outomslicolly revoked wilhout further
nolice to or demqnd upon Gronlor, ond Bonk shon hove lhe righf, in ifs
discrelion. wilhoul notice. by ogenl or by o receiver oppointed by o ãourr,
ond
without regord to the odequocy of ony securily for ihe Obligolionr,
to enler
f¡)
upon ond toke possessíon of lhe Properly, {ii} notify tenonts. sublenonti ono
ony
property monqger lo poy Renls to Eonk or its desígnee. ond upon
receípl of
such nolice such persons ore oulhorized ond díreðteo to mok'e poyment os
specified in lhe nolice ond disregord ony controry direclion or inslrúction
by
Grontor, ond {íii) in its own nome, sue for or olherwíse coltect Renls. Íncluding
fhose posl due, ond oppry Renrs, less cosls ond expenses of operotion
ond
colleclion. includíng oltorneys' fees. to lhe Obligolíons in such order ond
monner os Bonk moy delermine or os olherwise provided for hereín. Bonk's
exercise of ony one or more of lhe foregoing rights sholl nol cure or woive
oñy
Defoulf or nolice of Defoult hereunder.
Due on Sole or Further Encumbronce or Tronsfer of on lnleresl in Gronfor.
wilhoul lhe prior wrilten consent of Bonk in eoch inslonce, Gronfor sholl
nol (í)
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cRP 961 864
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sell, convey, lronsfer or encumber lhe Properly, or ony port ihereof or
Ínlerest
therein, whelher legol or equitoble, (ii) couse or permit ony lronsfer of lhe
Properly or ony porl thereof, whelher voluntorily. involuntorily or by operolion
of
low. or (iii) enter inlo ony ogreemenl or trqnsoction to lronsfer, ol' o.äomplish in
form or subslonce o tronsfer, of lhe Property. A "tronsfe/' of the property
includes: (o) the direct or indirect sole. tronsfer or conveyonce of lhe property
or ony porlion lhereof or interest lherein: tb) the execution of on inslollmenl
sole
conlrocl or similor instrument offecting oll or ony portion of the properly;
tcl if
Gronlor or qny generol portner or rnember of Grontor, is o cbrporotion.
porlnership, limited.liobility compony, frust or olher business eniity, ¡re
tronsfer,
pledge, ossignmeni or encumbronce {whelher in one ironsoction or o series
of
lronsoclions) of .ony slock, porÌnership. límited liobilily compony or olher
ownership inlerests in such corporolîon, portnership, limiled liobility.b-pony
o¡.
entity including, without limitqlion, chonges in slockholders, portn'ers, members.
monogers, trustees, benefíciories, or their respecfive inferests; whether direclly
Índireclly; ld) ¡f Grqnlor, or ony generol porlner or member of Grontor, is or
o
corporofion, lhe creolion or issuonce of new slock by which qn oggregote
of
more lhon lO% of such corporolíon's slock sholt be vesled in o poriy-or poriies
who qre nol now stockholders; ond (e| on ogreemeni by Grontoi l.oiing qll
or o
substontiol port of the Property for olher thon ocluol occuponcy by o spoce
lenonl thereunder or o sole, ossignmenl or olher lronsfer oi or the gront of o
securily interest in ond lo ony Leoses.
Bonk's consent lo ony conveyonce or encumbronce mqy be condilioned
upon on increose ín lhe interesf roie specÍfied in lhe Note lor oiher Obligotions),
on exlension or curloilment of lhe moiurily of lhe Obligotions. or other
modificotion of lhe Note or lhis inslrumenl.
Remedies of Bqnk on Defoult. Foilure of Gronlor or ony other person liqble
to fimely poy or perform ony of lhe Obligotíons or o viotolion of th'e preceding
seclion ís o defoull {"Defoult"J under this Deed of Trusl. Upon the occlrrence of
Defoull ihe following remedies ore ovoiloble, withoul limitotion, lo Bonk: (í) Bonk
moy exercise ony or qll of Bonk's remedies under lhis Deed of Trusl or other Loon
Documents including, wilhout límitotion, occelerolion of lhe moturíty of oll
poymenls ond Obligotions, other fhon Obligolions under ony swop ogreements
(os defined ín I I U.S.C. g l0l, os in effect from time to lime)-w¡ttr gonf
or ony of
its offiliotes. which sholl be due in occordonce with onã gouurned by lhe
provisions of soid swop ogreemenls (os defined in ìl U.S.C. lOl.
os in effecl
$
from lime lo lime); (ii| Bonk moy loke immediole possession of lhe properly or
ony porl fhereof (which Grontor ogrees lo surrender to Bonk) ond monoge.
control or leose lhe some to such persons ond oi such rentol os il moy deem
proper ond collecl ond opply Rents io Ihe poymenl of: (o) the
obligolions,
fogether wíth oll cosls ond oltorneys' fees; (b) oll lmposifions ond ony
other
levies, ossessmenls or liens which moy be prior in lien or poyment to tt.,.
lt
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Obligotions, ond premiums for insuronce, wilh inleresl on oll such ilems; ond (c)
lhe cosl of ollollerolions. repoirs, replocements ond expenses ìncident to toking
ond retoining possession of lhe Properly ond the mqnogement qnd operofion
lhereof; oll in such order or priority os Bonk in ils sole discrelion moy determÍne.
The toking of possession sholl not prevenl concunenl or loter procu.'dings for the
foreclosure sole of lhe Property; {iii} Bonk moy opply lo ony courl of competent
jurisdiciion for lhe oppointment of o receiver for qll purposes including,
wilhout
limitolion, lo monoge ond operole the properly or ony porl lhereof, ond lo
opply lhe Rents therefrom os hereinobove provided. ln the evenl of such
opplicotíon, Grontor consenls lo lhe oppoinlmenl of o receiver, ond ogrees
lhot o receiver moy be oppointed wilhoul nolice lo Gronlor, wiihoul regord to
whelher Grqntor hqs commílted wosie or permilled deteriorolion of the
Property, wilhout regord lo the odequocy of ony securihi for lhe Obligolions.
ond without regord lo the solvency of Gronlor or ony other person. firm or
corporolion who or which moy be lioble for the poymenl of the Obligotions; (iv)
Upon opplicotion of Bonk, Truslee sholl sell the Properly ond poy lhã proceeds
of sqle occording to the following lerms ond condilions: ' (o) Trustee sholl
foreclose upon this Deed of Trusr ond sell lhe properly, or qny pqrt of lhe
Property, o1 public sole conducted occording lo opplicoble low (refened to os
'Trustee's Sole"); (bl Trustee sholl provide such nolice ond
sholl odvertise o
Ïrustee's Sole in The monner required by opplìcoble low; (c) Truslee sholl
conducl odditionol Trustee's Soles os moy be required unfil oll of the properly is
sold or the Obligotions ore sotisfied; (d) Trustee moy receive bids of Truslee's Sole
from lhe Bonk ond moy occepl from Bonk os successful bídder, credil ogoinsl
lhe Obligolions os poyment of ony porlion of the purchose príce; (e) Trusfee
moy receive o reosonoble fee for Truslee's services hereunder, noÌ io exceed
lhe rnoximum fee ollowed by gpplicoble low; ond (f) Truslee sholl opply lhe
proceeds of Truslee's Sole, firsl lo 'ony permitted Truslee's fee. second to
expenses of foreclosure ond sole. third to fhe Obligolions, ond ony remoining
proceeds os required by low; ond {v} With respect lo ony portíon of the property
governed by lhe UCC, Bonk sholl hove olt of the righis ond remedies of o
secured porty thereunder. Bonk moy elect lo foreclose upon ony property thot
is fixlures under low opplicoble lo foreclosure of inleresls in reol estote or low
opplícoble lo personol properly.
Substilule Truslee. Bonk moy, ot ony time ond from lime to lime. withoul
notíce, of lhe Bonk's discrelion. remove Truslee ond oppoint o subslitule truslee
{"Subslilute Trustee") by filing in fhe records where this Deed of Ïrusl is recorded
on ínstrument offecting such removol ond oppoÍnfmenl. A Substitute Truslee
sholl be vested with title lo ihe Properly ond wilh oll rights. powers, ond dufies of
the originol Trustee herein ond oll provisions hereof perloíning lo the Trusiee sholl
srmilorly offect ony Subslitute Trusiee. Any oolh or bond by the Truslee is hereby
woived-
I
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I
cRP 961 866
I
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Miscelloneous Provisions. Grontor ogrees lo lhe following: [i] All remedies
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ovoiloble lo Bonk wílh respecl lo lhis Deed of Trust or ovoiloble of tow or in
equily sholl be cumulolive ond moy be pursued concunently or successively.
No deloy þy Bonk ín exercising ony remedy sholl operote os o woiver of lhot
remedy or of ony Defoull. Any poyment by Bonk or occeplonce by Bonk of ony
portiol poymenl shollnot conslilule o woiver by Bonk of ony Defoult; (ii) Grontor
represenls lhol Gronlor {o} is ll} on odull individuol ond is sui iuris, or
12} o
corporolion, generol porlnership. limited porlnership. limited liobilily compony or
olher legol enlity. duly orgonized, vqlidly exísling ond in good slonding un'd.t
lhe lows of ils slole of orgonizotion, ond is oulhorized lo do business in eoch
other iurisdiclion wherein ils ownership of properly or conducl of business legolly
reguires such orgonizolion f b) hos the power ond oulhorily lo own ¡ts propert¡ei
ond qssets ond lo corry on its business os now being conducled ond os now
contemploled; ond lc) hos the power ond outhorily lo execute, deliver ond
perform, ond by oll necessory oction hos oulhorized lhe executíon. delivery ond
performonce oi. ollof ils obligolíons under lhis Deed of Trusl ond ony olher Loon
Document lo which il is o porly. {iä) The provisions hereof sholl be binding upon
Qnd inure lo lhe benefit of Gronfor. its heírs, personol represenlolives, successors
ond ossigns including, wilhoul limilolion. subsequent owners of lhe properiy or
ony porl thereof, ond sholl be binding upon ond inure to lhe benefil of Bqnk, its
successors ond ossigns ond ony fulure holder of lhe Nole or other Obligotions;
(iv) Any notices, demonds or requests sholl be sufficiently given Grontor if in
wriling ond moiled or delivered lo lhe oddress of Grontor shown obove or to
onolher oddress os provided hereín ond lo Bonk if in writing ond moíled or
delivered lo wochovio Bonk, Nolionol Associolion, Moil code velri.a, p. o. Box
13327. Roonoke, VA 24040 or Wochovio Bonk, Notíonol Associolion. Moil Code
vA7628' l0 Soufh Jefferson Slreel. Roqnoke, VA 2401 I. or such olher oddress os
Bonk moy specify from lime io lime ond in lhe event lhot Gronîor chonges
Gronlor's oddress ot ony lime prior lo lhe dote the Obligotions ore poid in iu¡,
thol porly sholl promplly gíve wrillen notice of such Chonge of oddress by
registered or cerlifíed moil, return receípl requested, oll ãhorges prepoid.
Nolices lo Bonk must include the moil code. (v) All poyrnenls shsll-be moiled lo
Commerciol Loon Services, P. O. Box 740502. Allonto. GA 30324-0502; or such
olher oddress os provided by Bonk ín wriling. (vi) This Deed of Trust moy be
lermínoted or modified only by on ínstrument in wríling signed by the Bonk ond
Gronlor ond moy be modified withoul lhe Truslee joining or signing such
instrument; {vii} All references lo "Bonk" sholl meon lo "Bonk lfor ilself ond ils
offiliole)"; (viii) The copfions or heqdings ol lhe beginning of eoch porogroph
hereof ore for lhe convenience of lhe porties ond ore nol o porl of lhís Deed of
Trusl; {ix) lf lhe lien of lhís Deed of Trusl is involid or unenforceoble os lo ony pori
of lhe Obfigotions, lhe unsecured porlíon of the Oblígofions sholl be compleiely
poid {ond oll poymenls mode sholl be deemed lo hove fírst been opplied fo
povment of the unsecured porlion of the Obligotíons) príor lo poyment of lhe
secured porlion of the Obligolions ond if ony clouse. provision or obligolíon
t3
\
cRP 961 867
hereunder is determined involid or unenforceoble lhe remoinder of lhis Deed
of
be construed ond enforced os if such clouse, provision or obligotion
hod nol been contoined herein; (x) This Deed of Trusl snoll oe goveined by ond
conslrued under the lows of lhe jurisdiction where lhis Deed of trusl is recorded;
[xi] Grontor by executìon ond Bonk by occeplonce of lhis Deed of Trust ogree
to be bound by the terms ond provisions hereof. FÌnol AgreemenÌ. This
Agreemenl ond lhe olher Loon Documenls represenl lhe finol ogreemenl
Trust sholl
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between lhe porlies ond moy not be controdicted by evidencJ of prior,
confemporoneous or subsequenl ogreements of the porties. There ore no
unwrillen ogreements belween the porties.
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MinÍmum Sfondords. ln oddilion to the requiremenls sel forlh in lhe Loon
Documents, oll surveys, insuronce, litle policies, conslruclion documenls.
environmenlol reporls, poymenf qnd performonce bonds, ond ony other due
dilígence or odditionol documenls required in connection wilh lhis Loon, sholl
comply wilh Bonk's minimum stqndords in ptoce from lime lo lime for such
documents. which sholl be provided in writing by Bonk to Bonower upon
requesl.
lN WITNESS WHEREOF, Gronlor hos duly signed ond seoled this insfrument
os ol the doy ond yeor first obove wrilten.
Signed, Seoled ond Delivered in the
Presence of:
GRANTOR
IAURET PRESERVE, L[C,
A Norlh Corolino Limiled Liobility
Compony
As its Monqger
{Wílness 2
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Printed-Nome)
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cRP 961 868
Slole of Norlh Corolino
Counly ol k,"a, *.À.e-
L t- C. Acknowledgmenl
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l, Loro#tt-K ù
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Ur¡-Kr- . Notory Public of lhe County ond Slole oforesoid,
certify lhqt Arthur Nodel either being personolly known Ìo me or proven by
solisloclory evidence (soíd evidence beíng pØfø¡tt,rtn.'-raf, who is the
Monoger of LAUREL PRESERVE, LLc, personoily opþeored-d;iàre;e rhis doy ond
ocknowledged lhol he/she is Member of IAUREL PRESERVE. u.c. o limited liobitity
Gompony. ond thot he/she. os Member being oulhorized to do so, voluntorily
execuled the foregoing on beholf of the compony for the purposes sloled
fherein.
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WITNESS
my hond ond officiolseql. mis r.l
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doy of
Officiol Signolure of Notorypublic
Prinled Nome: L- rr,'l*¿-P- Drø'K.
My commissíon expires: oY="o-lO
Clerk's Certificote
The forgoing certificote(s) of
cerlified to be correcl. This instrumenl ond lhis certificot" *" OulV regislered ol
lhe dofe ond time ond in the book ond poge shown on lhe tirst páge-hereof.
REGISTER
COUNTY
OF
DEEDS
FOR
By
Depuly/Assislo nl-Register of Deeds
V.\,cDovir\wochov¡o\CUÊNIS\Louretprererve\Mortgoge.doc
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GRP
961 869
EXHIBIT'A''
Leqal pescription
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Lying and being in Buncombe Count¡ North Carolina, and McDowell County, North Carolin4
and nrore parlicularly described as follows: Lyrng in Broad River -l-ownsirip of Buncombe
County and Crooked Creek Township of MeDowell County, being Lors 3 tnroulh t7, inclusive,
of PHASE I ol'LAUREL MOLTNTAIN PRESERVE, as showrr on thc plat thJreot'recorded in
Bunconrbe County Plat B_ook 96,
plar Book t l, at page
1t page 177, and in McDowelt County
13. and Lo¡s l8 through 25, inclusive, of PHASE tl of LAUREL MOUÑTAIN pRESERV-E
ãs
show¡¡ on the plat recorded in Buncombe County Plat Book 98, ar page 55, anrt in McDowelt
County Plat Book I l, at page 13.
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