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FOR REGISTRATION REGISTER OF DEEDS
NEW FIAINOVER C6 NCNTY, EISNC
2018 JUN 08 f 138 36 AM
8K 5498 PG 1552-1558 FEE $34 00
NC REV ST?Ip AM 00
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4SUBSTITUTE TRUSTEE'S DEED
DRAWN BY AND MAIL TO:
Tax Parcel No
Grantee
Excise Tax.
MCGUIREWOODs LLP
300 N. Third Street, Suite 400
P.O. Box 599 (28402)
Wilmington, NC 28401
See attached "EXHIBIT B" for complete listing
First Troy SPE, LLC
THIS DEED, made this the of June, 2010, by and between H Kenneth Stephens II,
an individual with an address of 701 Princess Street, Wilmington, NC 28401, Substitute Trustee
in the Deed of Trust hereinafter mentioned (hereinafter referred to as "Grantor"), and First Troy
SPE, LLC, a North Carolina limited liability company having an address of 341 North Main
Street, Troy, North Carolina 27371 (hereinafter referred to as "Grantee"),
WITNESSETH:
WHEREAS, on January 24, 2006, Colorado Coastal Development Company, as grantor,
delivered unto Frederick Willetts, III, as Trustee, a Deed of Trust which was duly recorded in the
Office of the Register of Deeds for New Hanover County, North Carolina on January 25, 2006 in
Book 4969 at Page 2270 (the "Deed of Trust") to which reference is hereby made, and
WHEREAS, Cooperative Bank was closed by the North Carolina Commissioner of
Banks and the Federal Deposit Insurance Corporation (the "FDIC") was appointed receiver of
Cooperative Bank on June 19, 2009, and
WHEREAS, the FDIC, as receiver for Cooperative Bank, has assigned Cooperative
Bank's rights and interests under the Deed of Trust and the indebtedness secured thereby to First
Bank pursuant to the terms of a Purchase and Assumption Agreement dated June 19, 2009
between the FDIC, as receiver for Cooperative Bank, and First Bank, as evidenced by that
certain Short Form Memorandum of Purchase and Assumption Agreement recorded in Book
5422 at Page 1021 in the New Hanover County Registry, and
WHEREAS, default having occurred in the payment of the indebtedness secured by said
Deed of Trust, and Grantor having been substituted as Trustee, as set forth in the Substitution of
Trustee recorded in Book 5438 at Page 2916, in the New Hanover County Public Registry, due
demand was made on the Grantor by the owner and holder of the indebtedness secured by said
Deed of Trust that he foreclose the said Deed of Trust and sell the property under the terms
thereof, and
WHEREAS, under and by virtue of the power and authority in him vested by said Deed
of Trust and according to the terms and the stipulations of the same, and having instituted a
special proceeding before the Clerk of Superior Court of New Hanover County with case number
"10 SP 0094", and after due advertisement as in said Deed of Trust provided and as by law
required, and due and timely notice having been given to the parties to said special proceeding,
and whereupon the Clerk of Superior Court of New Hanover County, North Carolina, by
Findings of Fact, Conclusions of Law and Order Allowing Foreclosure Sale filed April 5, 2010,
authorized Grantor to proceed under said Deed of Trust and sell the property as herembelow
described, and Grantor, at 11 00 a m on May 6, 2010, did expose the property described in said
Deed of Trust, and hereinafter described and conveyed, subject to prior liens, unpaid taxes,
restrictions, easements of records and assessments, for sale at public auction at the New Hanover
County Courthouse in Wilmington, North Carolina, when and where First Bank became the last
and highest bidder for the said property at the price of $1,954,163 00, and
WHEREAS, Grantor duly reported the property sale to the Clerk of Superior Court of
New Hanover County as by law required, and thereafter said sale remained open ten days and no
upset bid was placed thereon in the time allowed by law, and
WHEREAS, First Bank has assigned its bid to Grantee by virtue of an Assignment of
Debt, Deed of Trust and Bid filed in the above referenced special proceeding action, and
WHEREAS, said purchase price has now been fully paid by credit bid,
NOW, THEREFORE, in consideration of the premises and the payment of said
purchase price by credit bid by Grantee, and pursuant to the authority vested in him by the terms
of the said Deed of Trust, Grantor does hereby bargain, sell, grant and convey unto Grantee and
its successors and assigns, all those certain lots, parcels or tracts of land (including any
improvements thereon) lying and being in the County of New Hanover, State of North Carolina,
and being more particularly described on EXHIBIT "A" attached hereto and made a part hereof,
Pursuant to N C G S Section 105-317 2, the Grantor states that the real property
conveyed herein does not include his primary residence,
/11526028 1
I
TO HAVE AND TO HOLD the said land and other property, together with all
privileges and appurtenances as thereunto belonging unto the said Grantee, its successors and
assigns, forever, in as full and ample manner as Grantor, Substitute Trustee, is authorized and
empowered to convey the same
IN WITNESS WHEREOF, Grantor, Substitute Trustee of the aforesaid Deed of Trust,
has hereunto set his hand and affixed his seal the day and yea} first above written
H. Ke1?inetA StephagII, Substitute Trustee
STATE OF NORTH CAROLINA
COUNTY OF w; <-
(SEAL)
1, Arv-ijkV W. J?bkl iS , a Notary Public for the State and County aforesaid, do
hereby certify that 14. Kenneth Stephens II, Substitute Trustee, either (r) being personally known
to me or (u) proven by satisfactory evidence (said evidence being _____ _?nto?
personally appeared before me this day and acknowledged the voluntary due execution of the
foregoing instrument by him/her for the purposes stated therein
WITNESS my hand and notarial seal, this _4?n day of June, 2010
Notary Publ>
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EXHIBIT "A"
Beginning for reference at a Centerline Monument located at the intersection of the east line of
Myrtle Grove Road and the centerline of Shannon Drive, thence South 01 degrees 42 minutes 27
seconds West 552 61 feet to an Iron Pin Set this survey on the east line of Myrtle Grove Road
Said Iron Pin Set also being the corner common to that parcel conveyed to William J Bryan, Jr
et al, in Deed Book 1477, Page 741 (PID R07908-003-021-000) and that parcel conveyed to
Ronald Hughes et ux in Deed Book 2958, Page 792 (PID R07908-003-021-000) and being the
principal place of beginning for this survey
Thence leaving said east line of Myrtle Grove Road with that line common to said Bryan parcel
and said Hughes parcel, South 68 degrees 31 minutes 01 seconds East, 665 01 feet to an Iron Pin
Set this survey in the south line of said Hughes parcel
Thence leaving said south line of Hughes parcel and into said Hughes parcel North 21 degrees 28
minutes 59 seconds East 245 74 feet to an Iron Pipe Set this survey the north line of said Hughes
parcel and on the south line of that parcel conveyed to Victoria Bonner in Deed Book 4323 Page
243 (PID R07908-003-054-000)
Thence with the south line of said Bonner parcel and various parcels that front on Shannon
Drive, South 68 degrees 33 minutes 35 seconds East, 1016 23 feet to Concrete Monument Found
at the corner common to said Hughes parcel and that parcel conveyed to Daniel Bruton in Deed
Book 325 Page 51 (PID 807908-003-020-002) Said Concrete Monument Found also being on
the west line of that parcel conveyed to DYC, LLC as shown in Map Book 39, Page 199 (PID
R07908-003-071-000)
Thence with that line common to said DYC, LLC parcel and said Hughes parcel, South 01
degrees 09 minutes 43 seconds West 203 91 feet to an Iron Pipe Found at the comer common to
said Hughes and that parcel conveyed to Telfair Development, Inc, as shown as Tract "B", Salt
Marsh and Conservation Area in Map Book 39, Page 199 (PID R07908-003-072-000)
Thence with that line common to Hughes and Telfair parcels, South 01 degrees 09 minutes 43
seconds West 58 94 feet to a Concrete Monument Found at the comer common to said Hughes
and Bryan parcels
Thence leaving said Hughes parcel and continuing with that line common to Bryan and Telfair
parcels, South 01 degrees 12 minutes 26 seconds West, 262.99 feet to a Concrete Monument
Found at the southeast corner of said Bryan parcel and on the north line of that parcel know as
Lot 17, Windy Oaks Subdivision
Thence North 68 degrees 06 minutes 26 seconds West 1622 97 feet with the north line of said
Windy Hills Subdivision and the south line of said Bryan parcel to an Iron Pin Set this survey on
the north line of that parcel conveyed to Willie James Hobbs to Deed Book 2010 Page 725 (PID
R07908-003-023-000)
4 /11526028 1
i '1
Thence leaving said north line of Windy Hills Subdivision and into said Bryan parcel, North 21
degrees 28 minutes 59 seconds East, 175 09 feet to an Iron Pin Set this survey
Thence North 68 degrees 31 minutes 01 seconds West 218 91 feet to an Iron Pin Set this survey
on the east line of Myrtle Grove Road.
Thence North 01 degrees 30 minutes 30 seconds East to the pnnclpal place of beginning
Containing 15 033 acres or 654,837 Sq Ft , more or less.
The area contained within the above described parcel is derived from the following
All of PID R07908-003-022-000 9.033 acres
Part of PID R07908-003-021-000 6 00 acres
This description was based on an actual field survey performed in June 2004 by GeoInnovat>on
Survey Solutions, PLLC All pins referred to as set are 5/8' X 30" rebar with a yellow plastic cap
inscribed with "GEOINNOVATION SURVEY" Basis of bearing for this survey is NAD
1983/1986 All distances shown herein are ground US Survey Foot
5
\1 1526028 1
EXHIBIT "B"
Parcel ID Address
R07908-003-084-000 1617 Tall Ships Lane
R07908-003-085-000 1621 Tall Ships Lane
R07908-003-086-000 1625 Tall Ships Lane
R07908-003-087-000 1629 Tall Shi s Lane
R07908-003-088-000 1633 Tall Ships Lane
R07908-003-089-000 1637 Tall Ships Lane
R07908-003-090-000 1641 Tall Ships Lane
R07908-003-091-000 1717 Tall Mast Court
R07908-003-092-000 1721 Tall Mast Court
R07908-003-093-000 1725 Tall Mast Court
R07908-003-094-000 1729 Tall Mast Court
R07908-003-095-000 1733 Tall Mast Court
R07908-003-096-000 1732 Tall Mast Court
R07908-003-097-000 1736 Tall Mast Court
R07908-003-098-000 1740 Tall Mast Court
R07908-003-099-000 1744 Tall Mast Court
R07908-003-100-000 1728 Tall Mast Court
R07908-003-101-000 1724 Tall Mast Court
R07908-003-102-000 1720 Tall Mast Court
R07908-003-103-000 1716 Tall Mast Court
R07908-003-104-000 6015 Myrtle Grove Road
R07908-003-105-000 1708 Tall Mast Court
R07908-003-106-000 1704 Tall Mast Court
R07908-003-107-000 1664 Tall Ships Lane
R07908-003-108-000 1668 Tall Ships Lane
R07908-003-109-000 1656 Tall Ships Lane
R07908-003-110-000 1652 Tall Ships Lane
R07908-003.111-000 1648 Tall Ships Lane
R07908-003-112-000 - 1644 Tall Ships Lane
R07908-003-113-000 1640 Tall Ships Lane
R07908-003-114-000 1636 Tall Ships Lane
R07908-003-115-000 1632 Tall Ships Lane
R07908-003-116-000 1628 Tall Ships Lane
R07908-003-118-000 1620 Tall Ships Lane
R07908-003-119-000 1616 Tall Ships Lane
R07908-003-120-000 1612 Tall Ships Lane
R07908-003-121-000 1645 Tall Ships Lane
U 1526028 1
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JENNIFER H MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
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Filed For Registration
Book:
Document No.:
NC REAL ESTATE EXCISE TAX
Recorder
061081201011:38:36 AM
RE 5490 Page- 1552-1558
2010015645
7 PGS $34.00
$3,90900
CRESWELL, ANDREA
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2010015645*
2010015645
16 t
t ?.
2010015646
FOR REGISTRATION REGISTER OF DEEDS
JENNIFER H MACNEISH
NEW HANOVER COUNTY, NC
2010 JUN 08 11 38 36 AM
8K 5490 PG 1559-1562 FEE $20 00
MTRUMENI 1 2010015646
NOTICE OF FORECLOSURE OF A DEED OF TRUST
NEW HANOVER COUNTY, NORTH CAROLINA
N.C.G.S. § 45-38
DRAWN BY AND MAIL AFTER RECORDING TO:
McGuireWoods LLP
300 N Third Street, Suite 400
P O Box 599 (28402)
Wilmington, North Carolina 28401
Parcel Identifier No See "Exhibit A"
Short Legal Description 15 033 acres, more or less Myrtle Grove Sound and Shannon Drive
THIS INSTRUMENT made thls? day of June, 2010
Name of all parties to the original instrument
TRUSTEE'S NAME AND
GRANTOR ADDRESS BENEFICIARY
Colorado Coastal Frederick Willetts, III, Original Cooperative Bank
Development Company Trustee (and H. Kenneth Stephens
II, Substitute Trustee)
The designation Grantor, Trustee and Beneficiary as used herein shall include said parties, their heirs,
successors, and assigns, and shall include singular, plural, masculine, feminine or neuter as required by
context
The undersigned Substitute Trustee hereby files this Notice of Foreclosure on that debt or other
obligation secured by a. Deed of Trust executed by Colorado Coastal Development Company (the
"Grantor"), in which Frederick Willetts, III was the original Trustee and Cooperative Bank was the
original Beneficiary dated January 24, 2006 and recorded on January 25, 2006 in Book 4969 at Page
2270 of the New Hanover County Public Registry (the "Deed of Trust") pursuant to the provisions of
G S § 45-38
Said Deed of Trust was foreclosed on May 6, 2010, and the lands conveyed thereby to First Troy
SPE, LLC by Substitute Trustee's Deed dated June ?W 2010
The Substitution of Trustee for the Deed of Trust was recorded in Book 5438 at Page 2916 of the
New Hanover County Registry
IN WITNESS WHEREOF the Substitute Trustee has set his hand the day and year first above
written ,
H Kenneth Stephens ILAubstitute Trustee
STATE OF NORTH CAROLINA
.1 r?U C.Lj! COUNTY
I>?_ (1 ?_, a Notary Public for the State and County aforesaid, do
hereby certify that H Kenneth Stephens 11, Substitute Trustee, either (i) being personally known to me
or (ii) proven by satisfactory evidence (said evidence being {?.?ne ), personally
appeared before me this day and acknowledged the voluntary due execution of the foregoing
instrument by him/her for the purposes stated therein
WITNESS my hand and notarial seal, this y day of June, 2010
Notary Public
Print or Type Namel ; .?
My Commission Expires
(Affix Nq al)
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"Exhibit A"
Parcel ID Address
R07908-003-084-000 1617 Tall Ships Lane
R07908-003-085-000 1621 Tall Ships Lane
R07908-003-086-000 1625 Tall Ships Lane
807908-003-087-000 1629 Tall Shi s Lane
R07908-003-088-000 1633 Tall Ships Lane
R07908-003-089-000 1637 Tall Ships Lane
R07908-003-090-000 1641 Tall Ships Lane
R07908-003-091-000 1717 Tall Mast Court
R07908-003-092-000 1721 Tall Mast Court
R07908-003-093-000 1725 Tall Mast Court
R07908-003-094-000 1729 Tall Mast Court
R07908-003-095-000 1733 Tall Mast Court
R07908-003-096-000 1732 Tall Mast Court
R07908-003-097-000 1736 Tall Mast Court
R07908-003-098-000 1740 Tall Mast Court
R07908-003-099-000 1744 Tall Mast Court
R07908-003-100-000 1728 Tall Mast Court
R07908-003-101-000 1724 Tall Mast Court
R07908-003-102-000 1720 Tall Mast Court
R07908-003-103-000 1716 Tall Mast Court
R07909-003-104-000 6015 Myrtle Grove Road
R07908-003-105-000 1708 Tall Mast Court
R07908-003-106-000 1704 Tall Mast Court
R07908-003-107-000 1664 Tall Ships Lane
R07908-003-108-000 1668 Tall Ships Lane
R07908-003-109-000 1656 Tall Ships Lane
R07908-003-110-000 1652 Tall Ships Lane
R07908-003-111-000 1648 Tall Ships Lane
R07908-003-112-000 1644 Tall Ships Lane
R07908-003-113-000 1640 Tall Ships Lane
R07908-003-114-000 1636 Tall Ships Lane
R07908-003-115-000 1632 Tall Ships Lane
R07908-003-116-000 1628 Tall Ships Lane
R07908-003-118-000 1620 Tall Ships Lane
R07908-003-119-000 1616 Tall Ships Lane
R07908-003-120-000 1612 Tall Ships Lane
R07908-003-121-000 1645 Tall Ships Lane
-.
\1 1526223 1
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JENNIFER H MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
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Filed For Registration. 06/081201011 38.36 AM
Book. RE 5490 Page, 1559-1562
Document No. 2010015646
4 PGS $20.00
Recorder CRESWELL, ANDREA
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2010015646*
2010015646