20051244 Ver 2_Foreclosure Paperwork_20110204

ass r2y?f vZ
N('f?
I?I?I,?II?I?Mw?
FOR REGISTRATION REGISTER OF DEEDS
JENNIFER H. MACNEIGH
NEW HANOVER COUNTY, NC
2011 FEB 04 04:28:35 PM
BK:5544 PG: 1153-1161 FEE: $40.N
K REV STAN44,431.00
1610131I N364
SUBSTITUTE TRUSTEE'S DEED
DRAWN BY AND MAIL TO:
Tax Parcel Nos.:
Grantee:
Excise Tax:
MCGujuWoow LLP
300 N. Third Street, Suite 400
P.O. Box 599 (28402)
Wilmington, NC 28401
R08514-003-010-000; R08514-003-011-000; R08514-003-012-000;
R08514-003.013-000; R08514-003-015-000; R08518-008-029-000;
R08318-008-030-000; R08518-008.031-000; R08518-008-032-000;
R08518-008-033-000; R08518-008-036-000; R08S18-008-037-000;
R08S18-008-038-000; R08518-008-039-000; R08S18-008-040-000;
R08518-008-041-000; R08518-008-042-000; R08S18-008-044-000;
R08518-008-045-000; R08518-008-045-000; R08518-008-047-000;
R08518-008-048-000; R08518-008-051-000; R08518-008-054000;
R08518-008-055-000; R08518-008-058-000; R08518-008-059-000;
R08518.008-060-000; R08518-008-061-000; R08518-008-063-000;
and R08518-008-064-000
First Troy SPE, LLC
34,431.00
THIS DEED, made this the 4h of February, 2011, 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 April 8, 2005, Sea Breeze Land Development, L.L.C., 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 April 8, 2005 in
Book 4752 at Page 424 (the "First Deed of Trust); and
WHEREAS, on March 13, 2008, Sea Breeze Land Development, L.L.C., 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 March 13, 2008 in
Book 5290 at Page 737 (the "Second Deed of Trust", together with the First Deed of Trust, the
"Deeds 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 Deeds 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
Deeds of Trust, and Grantor having been substituted as Trustee, as set forth in the Substitutions
of Trustee recorded in Book 5440 at Page 2529 and 5463 at Page 2312, 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 Deeds of Trust that he foreclose the said Deeds 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 Deeds
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 0131 and 10 SP 0132", and after due advertisement as in said Deeds 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 Orders Allowing Foreclosure Sale filed
April 5, 2010, authorized Grantor to proceed under said Deeds of Trust and sell the property as
hereinbelow described, and Grantor, at 11:00 a.m. on June 2, 2010, did expose the property
described in said Deeds 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 $2,215,122.88; 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 actions; 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 Deeds of Trust, Grantor does hereby bargain, sell, grant and convey unto Grantee and
its successors and assigns, all that 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 Exhibits A and B 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;
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 Giantor, Substitute Trustee, is authorized and
empowered to convey the same.
IN WITNESS WHEREOF, Grantor, Substitute Trustee of the aforesaid Deeds of Trust,
has hereunto set his hand and affixed his sea] the da and f st abo written.
/4--- (SEAL)
H. enneth Stephens II, Substitute Trustee
STATE OF N (M COUNTY OF? Q.Y
I, W_V , a Notary Public for the State County aforesaid, do
hereby certify that H. Kenneth Stephens II, Substitute Trustee, either 4Aeing personally known
to me or (ii) proven by satisfactory evidence (said evidence being
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
Notary Public
"E SOH?s? Print or Type
sdcojv y
?( J
tip
1hANOV
, 2011.
Exhibit A
Parcel A-1:
Beginning at an existing iron pipe in the Northern line of Lot 10 of the Roscoe B. freeman
Division as recorded in map Book 14 at page 12 of the New Hanover County Registry, said pipe
being in the Southern line Lot 13 Lula F Hall, said pipe being South zero (00) degrees forty-eight
(48) minutes forty-five (45) seconds West twenty-three and ninety-three one-hundredths (23.93)
feet from an existing iron pipe that is North eighty-nine (89) degrees fourteen (14) minutes fifty-
three (53) Seconds Fast two-hundred eight and twelve one-hundredths (208.12) feet from an
existing iron pipe that is South sixty-one (61) degrees twelve (12) minutes zero (00) seconds East
six-hundred sixty-five and fourteen one-hundredths (665.14) feet from an NCGS monument
Freeman, running thence from said beginning North zero (00) degrees forty-eight (48) minutes
forty-five (45) seconds West two-hundred forty-four and eighty one-hundredths (244.80) feet to
an iron pipe, thence North eighty-nine (89) degrees (15) minutes eighteen (18) seconds East one-
thousand one-hundred ninety-one and thirty one-hundredths (),191.30) feet to an iron pipe,
thence South zero (00) degrees forty-nine (49) minutes fifty-six (56) seconds East one-hundred
thirty-two and twenty-seven one-hundredths (I32.27) feet to an iron pipe, said iron pipe being in
the Southern line of a 20 foot right-of-way, thence with said Southern line North eighty-nine (89)
degrees eleven (11) minutes fifty-one (51) seconds East six-hundred seventy-one and sixty-four
one-hundredths (671.64) feet to an existing iron pipe in the high water line of Myrtle Grove
Sound, thence with said high water line South twenty-one (21) degrees nine (09) minutes forty-
seven (47) seconds West eighty-two and fifty one-hundredths (82.50) feet, South thirty-seven
937) degrees twenty-four (24) minutes forty-three (43) seconds West forty-four and thirty-six
one-hundredths (44.36) feet, South fourteen (14) degrees thirty-eight (38) minutes fifteen (15)
seconds West two-hundred eighteen and fifty-three one-hundredths (218.53) feet to an existing
iron pipe, said pipe being in the Northern line of Lot 7 of the aforementioned Roscoe Freeman
Division and in the present high water line, thence South eighty-nine (89) degrees twelve (12)
minutes forty-three (43) seconds West four-hundred eleven and thirty-nine one-hundredths
(411.39) feet to an iron pipe, thence North zero (00) degrees forty-six (46) minutes thirty-five
(35) seconds West one-hundred forty-two and seventy-five one-hundredths (142.75) feet to an
iron pipe, thence North eighty-nine (89) degrees six (06) minutes ten (10) seconds East sixty-five
and ninety-eight one-hundredths (65.98) feet to an iron pipe, thence North zero (00) degrees
forty-six (46) minutes forty-five (45) seconds West sixty-five and fifteen one-hundredths (65.15)
feet to an iron pipe, thence South eighty-nine (89) degrees thirteen (13) minutes West eighty-
seven and fifty-five one-hundredths (87.55) feet to an iron pipe, thence North seven (07) degrees
twenty-six (26) minutes twenty-three (23) seconds East one and seventy-five one-hundredths
(1.75) feet to an iron pipe, thence South eighty-nine (89) degrees twelve (12) minutes fifty (50)
seconds West one-hundred twenty-two and fifty-four one-hundredths (122.54) feet to an existing
iron pipe in concrete, said pipe being the Northeastern corner of Lot 8 of the aforementioned
Roscoe B. Freeman Division and also being in the Western line of a 20' right-of-way, thence
South eighty-nine (89) degrees eleven (11) minutes fifty-eight (58) seconds West four-hundred
fifty-three and twenty-one one-hundredths (453.21) feet to an existing iron pipe marking the
Northwest corner of said Lot 8, thence South eighty-nine (89) degrees sixteen (16) minutes
fourteen (14) seconds West four-hundred forty-eight and seventy-six one-hundredths (448.76)
feet to an existing iron pipe marking the Northeastern corner of Lot 10 of said Division, thence
South eighty-nine (89) degrees fourteen (14) minutes two (02) seconds West two-hundred sixty-
nine and thirty-seven one-hundredths (269.37) feet to the point of beginning, containing 10.3802
acres more or less, and being part of Lots 12 and 13 of the Lena Freeman Hall Land, Lots 4 and
5 of the E.G. Story Development and the Joseph A. Baggett Sr. Tract.
Parcel A-2:
Beginning at an old iron axle, said axle being the beginning point in a deed to E.W. Gordon
recorded in Deed Book 1456 at Page 1592, said axle being north thirteen (13) degrees twenty-
two (22) minutes and thirty (30) seconds east ninety-seven and eleven one-hundredths (97.11)
feet from an old iron pipe said pipe being south eighty-five (85) degrees forty-one (41) minutes
and thirty (30) seconds east one-hundred forty-two and sixty-seven one hundredths (142.67) feet
from an old iron pipe in concrete, said pipe being the northeast corner of Lot 8 of the Roscoe
Freeman Division as shown on a map recorded in Map Book 14 at Page 12 in the New Hanover
County Registry, ruining thence from said beginning with the northern line of the Gordon tract
south eighty-seven (87) degrees twenty-nine (29) minutes and thirty (30) seconds east five-
hundred fourteen and nineteen one-hundredths (514.19) to a point in the southern line of a
twenty foot road, said point being north eighty-five (85) degrees and forty (40) minutes west
twenty and ninety-eight one-hundredths (20.98) feet from an old iron pipe at the high water line
of Myrtle Grove Sound and in the southern line of said 20 foot road, running thence with the
southern line of said road north eighty-five (85) degrees and forty (40) minutes west five-
hundred eleven and thirty-three one-hundredths (511.33) feet to an iron pipe, thence south
thirteen (13) degrees twenty-two (22) minutes and thirty (30) seconds west sixteen and fifty-nine
one-hundredths (16.59) feet to the point of beginning, being part of Lot 13 of the Lena Hall
Division as shown on a map recorded in Map Book 2 at Page 109 of the aforementioned registry.
Parcel A-3:
Beginning at an old iron axle in the Eastern edge of an old dirt road which runs Southwardly
from the Seabreeze Road, said old axle being located South 65 degrees 00 minutes East 91.7 feet
South 43 degrees 56 minutes West 188.0 feet, South 09 degrees 28 minutes West 187.08 feet and
South 13 degrees 19 minutes West 89.5 feet from the intersection of the center lines of the
Seabreeze Road (SR#1531) and SR#1528; Running thence from said beginning point South 84
degrees 11 minutes East 533.96 feet to an old iron pipe in the Western edge of Myrtle Grove
Sound; Thence the same course continued South 84 degrees 11 minutes East 150.0 feet more or
less to a point at the low water mark of the Myrtle Grove Sound. Running thence southwardly
with the low water mark of Myrtle Grove Sound about 110 feet to a point which is located South
16 degrees 11 minutes West 99.06 feet South 82 degrees 25 minutes East 249.92 feet and South
82 degrees 54 minutes 30 seconds East from the point of beginning; running thence North 82
degrees 54 minutes 30 seconds West 150.0 feet more or less to an old iron pipe in the edge of
Myrtle Grove Sound; running thence North 82 degrees 54 minutes 30 seconds West 211.85 feet
to an old iron pipe; running thence North 82 degrees 25 minutes West 249.92 feet to an old iron
pipe in the Eastern edge of the above mentioned dirt road; running thence with the eastern edge
of said old dirt road, North 16 degrees 41 minutes East 99.06 feet to the point of beginning.
Parcel A-4:
TRACT I: BEGINNING at a stake at the North edge of Seabreeze Road said stake being 939
feet distant as measured along the North edge of Seabreeze Road from the Center of Carolina
Beach Highway also being Hazel Mitchell's Southwest corner and running thence North 25
degrees East to R.V. Freeman's Southward line thence Westwardly along and with R.V.
Freeman's line 200 feet to a stake thence South 25 degrees West to the North edge of Seabreeze
Road thence Eastwardly along and with the North edge of said Road 200 feet to the point of
beginning, containing one acre to be the same more or less.
TRACT lI: BEGINNING at an iron pipe where the Southern line of Tract #4 of the R.B.
Freeman Homestead Tract is intersected by the Southern line of State Road 1528 (60 feet in
width), said point being about 1275 feet Eastwardly as measured along said road from its
intersection with U.S. Highway 421; running thence North 86 degrees 24 minutes West with the
Southern line of said Tract #4, 573.37 feet to an iron pipe; thence North 3 degrees 36 minutes
274.78 feet to an iron pipe in the Southern line of said road; thence Eastwardly with said line of
said road as it curves to the South to an iron pipe at the end of said curve, said pipe being South
60 degrees 43 minutes East 157.36 feet from the preceding point; thence South 59 degrees 36
minutes East with said line of said road 319.1 feet to an iron pipe at the beginning of another
curve, thence with said line of said road as it curves to the North to the point of beginning. Said
beginning point being South 63 degrees 13 minutes East 159.6 feet from the preceding point.
The same containing 1.8 acres and being a portion of Tract #4 as shown on a map of Division of
R.B. Freeman Homestead Tract recorded in Book A at Page 500 of the Division of Lands and
Dowers of the New Hanover County Registry.
TRACT III: BEING all of Tract 5 and 6, as shown on the Map of Division of Land for Heirs
of Roland V. Freeman, dated October 1975, by Howard M. Loughlin, Registered Land Surveyor,
recorded in Map Book 17, Page 17, of the New Hanover County Registry.
Parcel A-5:
BEING ALL of Lots 3, 4, & 5 according to map of Survey of Portion of Tract 6, R. B. Freeman
Division for Nathan Wade by Jack G. Stocks, dated May 1979, said map being recorded in Book
1179, Page 1768 '/z in the office of the Register of Deeds of New Hanover County.
Parcel A-6:
BEGINNING in the Northern line of a 30 foot access easement, said point being North 83 deg.
17 min. 30 seconds West 409.81 feet from the point of intersection of the Northern line of said
30 foot easement with South Seabreeze Road. Running thence with the Northern line of said 30
foot easement North 83 deg. 17 min. 30 seconds West 120.0 feet to a point. Thence South 6 deg.
35 min. 45 seconds West 457.68 feet to a point. Thence South 83 degrees 24 min. 15 seconds
East 120.00 feet to a point. Thence North 06 deg. 35 min. 45 sec. East 457.44 feet to the point of
beginning. The same being Lot 6 of the map dated May, 1979, of survey portion of Tract 6, R.B.
Freeman Division for Nathan Wade, containing 1.26 acres, more or less.
Excepting however, any of said property heretofore released from the Deed of Trust including,
but not limited to, the following:
• Being all of Lot 6, Seabreeze Sound, as the same is shown on a map thereof recorded in
Map Book 50 at Page 354 of the New Hanover County Registry, reference to which is
hereby made for a more particular description.
• Being all of Lot 7, Seabreeze Sound, as the same is shown on a map thereof recorded in
Map Book 50 at Page 354 of the New Hanover County Registry, reference to which is
hereby made for a more particular description.
• Being all of Lot 15, Seabreeze Sound, as the same is shown on a map thereof recorded in
Map Book 50 at Page 354 of the New Hanover County Registry, reference to which is
hereby made for a more particular description. Subject to declarations, covenants, and
restrictions for The Landing at Snow's Cut as recorded in Book 5320 Page 1596.
• Being all of Lot 21, Seabreeze Sound, as the same is shown on a map thereof recorded in
Map Book 50 at Page 354 of the New Hanover County Registry, reference to which is
hereby made for a more particular description..
• Being all of Lots 22 and 25, Seabreeze Sound, as the same is shown on a map thereof
recorded in Map Book 50 at Page 354 of the New Hanover County Registry, reference to
which is hereby made for a more particular description.
Being all of Lot 24, Seabreeze Sound, as the same is shown on a map thereof recorded in
Map Book 50 at Page 354 of the New Hanover County Registry, reference to which is
hereby made for a more particular description.
• Being all of Lot 28, Seabreeze Sound, as the same is shown on a map recorded in Map
Book 50 at Pages 354, New Hanover County Registry, reference to which is hereby made
for a more particular description.
• Being all of Lot 29, Seabreeze Sound as shown on map of same recorded in Map Book
50 at Page 354 of the New Hanover County Registry, reference to which is hereby made
for a more particular description.
• Being all of Lot 34, Seabreeze Sound as shown on map of same recorded in Map Book
50 at Page 354 of the New Hanover County Registry, reference to which is hereby made
for a more particular description.
• Being all of tract A known as the wellhead protection area of Wind Spray Subdivision as
the same is shown on a map of Wind Spray Subdivision in Map Book 51 at page 9 in the
Office of the Register of Deeds of New Hanover County.
Exhibit B
TRACT ONE: BEING ALL OF LOTS 1, 2, 3, 4, 5, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19,
20, 23, 26, 27, 30, 31, 32, 33, 35 AND 36, SEABREEZE SOUND, AS THE
SAME ARE SHOWN ON A MAP THEREOF RECORDED IN MAP BOOK
50 AT PAGE 354 OF THE NEW HANOVER COUNTY REGISTRY,
REFERENCE TO WHICH IS HEREBY MADE FOR A MORE PARTICULAR
DESCRIPTION.
TRACT TWO: BEING ALL OF LOTS 1, 2,3 AND 4, WIND SPRAY SUBDIVISION, AS
THE SAME ARE SHOWN ON A MAP THEREOF RECORDED IN MAP
BOOK 51 AT PAGE 4 OF THE NEW HANOVER COUNTY REGISTRY,
REFERENCE TO WHICH IS HEREBY MADE FOR A MORE PARTICULAR
DESCRIPTION.
Excepting however, any of said property heretofore released from the Deed of Trust including,
but not limited to, the following:
Being all of Lot 15, Seabreeze Sound, as the same is shown on a map thereof recorded in Map
Book 50 at Page 354 of the New Hanover County Registry, reference to which is hereby made
for a more particular description. Subject to declarations, covenants, and restrictions for The
Landing at Snow's Cut as recorded in Book 5320 Page 1596.
?NTY,
? O I ?0
0
Z
x w
ti a?l
#####f##tRRR##atrRrRHrrR######RR#f#tfRf
Filed For Registration:
Book:
Document No.:
NC REAL ESTATE EXCISE TAX:
Recorder:

JENNIFER H. MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
?wrrwaaawarra+rrwrraraawrrarawawrrawaawarr#a?raaaar#rtaaaftaaaaraw#waaRtwrarwaw#raa
02104!2011 04:28:36 PM
RE 5544 Page: 1753-1761
2011003664
9 PGS $40.00
$4,439.00
CRESWELL, ANDREA
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2011003664*
2011003664

IFOR R jgN?IIfERI? rpLNEiSH OF DEED
NEB NgµpyER COUNTY NC
2011 F04
9K3544 ?V762-9A FEES"
w w I N110
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
Short Legal Description: Myrtle Grove Sound area
THIS INSTRUMENT made this'Jil day of February, 2011.
Name of all parties to the original instrument:
TRUSTEE'S NAME AND
GRANTOR ADDRESS BENEFICIARY
Sea Breeze Land Frederick Willetts, III, Original Cooperative Bank
Development, L.L.C. 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 Sea Breeze Land Development, L.L.C. (the
"Grantor"), in which Frederick Willetts, III was the original Trustee and Cooperative Bank was the
original Beneficiary dated April 8, 2005 and recorded on April 8, 2005 in Book 4752 at Page 424 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 June 2, 20 and the lands conveyed thereby to First Troy
SPE, LLC by Substitute Trustee's Deed dated February 20l 1.
The Substitution of Trustee for the Deed of Trust was recorded in Book 5440 at Page 2529 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 If, Substitute Trustee
STATE OF NORTH CAROLINA
t Qlr COUNTY
1, LB Q04 :? Oti1Y15i? a Notary Public for the State and County aforesaid, do
hereby certify that H. Kenneth Stephens II, Substitute Trustee, either (being personally known to me
or (ii) proven by satisfactory evidence (said evidence being ), 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,
My Cpmmission Expires:
(Affix Notarial Seal)
Notary Public
r+0 Print or Type 41N
soHNSI
, 2011.
)(' PXDOkt AdAt??
moO
\k._ A ?j
2
?ONTYO
} ti0
0
p
0
r
Bcsstt?n?
JENNIFER H. MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
###ifitf#i4Nit###fi#fiiiff###f#/M#iiiiiifiii##iii#iiiiittiitfii#\ii#!#ii\t#ifi#iM#Ki#\#!f\it#t###!!tilYf#ttli#tfi#ifi
Filed For Registration: 021041201104:28.-36 PM
Book: RE 5544 Page: 1762-1764
Document No.: 2011003665
3 PGS $17.00
Recorder: CRESWELL, ANDREA
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2011003665*
2011003665

1111111111111
FOR REGISTRATION REGISTER OF DEEDS
NENNNRN?OVER COMIgXJCfTdYY I SNC
20i 1 FEB 10 04,10,12 PM
BK:5545 PG, M-IM FEE417,00
I4IRIKNI 1101104157
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:
-0' McGuireWoods LLP
300 N. Third Street, Suite 400
P.O. Box 599 (28402)
Wilmington, North Carolina 28401
Short Legal Description: Myrtle Grove Sound area
THIS INSTRUMENT made this 41,"day of February, 2011.
Name of all parties to the original instrument:
TRUSTEE'S NAME AND
GRANTOR ADDRESS BENEFICIARY
Sea Breeze Land Frederick Willetts, III, Original Cooperative Bank
Development, L.L.C. Trustee (and H. Kenneth Stephens
II, Substitute Trustee)
The designation Grantor, Trustee and Beneficiary as used herein shall include said nartiec their hPirc
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 Sea Breeze Land Development, L.L.C. (the
"Grantor', in which Frederick Willetts, III was the original Trustee and Cooperative Bank was the
original Beneficiary dated March 13, 2008 and recorded on March 13, 2008 in Book 5290 at Page 737
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 June 2, 20 , and the lands conveyed thereby to First Troy
SPE, LLC by Substitute Trustee's Deed dated Februarys 2011.
The Substitution of Trustee for the Deed of Trust was recorded in Book 5463 at Page 2312 of the
New Hanover County Registry.
IN WITNESS WHEREOF the Substitute Trustee has set his hand the day and year first above
written.
H. Kenn 6th Stephens II, S stitute Trustee
STATE OF NORTH CAROLINA
t vi .?oyar COUNTY
a Notary Public for the State and County aforesaid, do
hereby certify that H. Kenneth Stephens II, Substitute Trustee, either (i)being personally known to me
or (ii) proven by satisfactory evidence (said evidence being ), personally
appeared before me this day and acknowledged the voluntary due execution of the foregoing
instrument by him/her for the purposes stated theAn. f "- , --
WITNESS my hand and notarial
(Affix Notarial Seal)
2

?NTY.
0 I ?°
2 y
Q p
o
3
•" ?
M?B?ISIiEQ?
JENNIFER H. MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
#}###}N####iii*##N#Ni#######*###A*iiiN###i}iN###f###N###}}##RN#N11}f N}###}#}}}}#}f#}f}Ni#i#N#######}*}######N
Filed For Registration: 021101201104:10:12 PM
Book: RE 5545 Page: 1282-1284
Document No.: 2011004157
3 PGS $17.00
Recorder: CARTER, CAROLYN
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2011004157*
2011004157
NN
I201,100366,I11a1111
FOR REGISTRATION REGISTER OF DEEDS
JENNIFER H. MACNEISH
NEW HRNOVER COUNTY, NC
2011 FEB 04 04:28:36 PM
BK:5544 K: 1746-1752 FEE: $29.00
109112911RMO
PREPARED BY AND RETURN TO:
McGuireWoods LLP (PJM)
300 North Third Street, Suite 400
Wilmington, NC 28401
NORTH CAROLINA SECOND AMENDMENT TO DECLARATION
OF CHANGE OF NAME OF PUD AND
NEW HANOVER COUNTY AMENDED AND RESTATED DECLARATION
OF COVENANTS, CONDITIONS AND
RESTRICTIONS FOR THE LANDING AT
SNOW'S CUT
This SECOND AMENDMENT TO DECLARATION OF CHANGE OF NAME OF PUD
AND AMENDED AND RESTATED DECLARATION OF COVENANTS, CONDITIONS AND
RESTRICTIONS FOR THE LANDING AT SNOW'S CUT (this "Amendment") is made this the
130i day of January 2011 by SEA BREEZE LAND DEVELOPMENT, LLC, a North Carolina limited
liability company ("Declarant");
WITNESSFTH-
WHEREAS, Declarant and Seabreeze Sound Homeowners Association, Inc executed a
Declaration of Change of Name of PUD and Amended and Restated Declaration of Covenants,
Conditions and Restrictions for The Landing at Snow's Cut recorded June 5, 2008 in Book 5320,
Page 1596 (as amended by that certain Amendment to Declaration of Covenants, Conditions and
Restrictions for The Landing at Snow's Cut, the "Declaration") in the New Hanover County Public
Registry (the "Registry"); and
WHEREAS, the Declaration subjected the real property described therein (the "Property") to
the terms of the Declaration; and
WHEREAS, the Declaration provides in Article III that Declarant may unilaterally amend
this Declaration to conform the Declaration to the requirements of any law or governmental agency
having legal jurisdiction over the Property upon written request from such agency; and
WHEREAS, Declarant has received such a request from the United States Army Corps of
Engineers; and
WHEREAS, the Declarant desires therefore to amend the Declaration as more particularly set
forth herein.
1W
,•
NOW, THEREFORE, pursuant to Article III of the aforesaid Declaration, Declarant does
hereby amend the Declaration to add the following provisions:
1. Article IX, Section 1 of the Declaration is hereby amended and restated in its entirety
as follows:
"SECTION 1. Conservation Restrictions
(a) The restrictions contained in this Section have been included in order to maintain
wetland and/or riparian resources and other natural values of those certain 4.5 acres of
undisturbed "Wetlands", more particularly shown on the Plat recorded in Book 50 at Page 254 of
the New Hanover County Registry (the "Conservation Property"), and prevent the use or
development of the Conservation Property for any purpose or in any manner that would conflict
with the maintenance of the Conservation Property in its natural condition. The preservation of
the Conservation Property in its natural condition is a condition. of Department of the Army
permit Action ID 200400941 issued by the Wilmington District Corps of Engineers (Corps),
required to mitigate for unavoidable impacts to waters of the United States authorized by that
permit, and the provisions of this Section may therefore be enforced by the United States of
America. Declarant hereby unconditionally and irrevocably declares that the Conservation
Property shall be held and subject to the following restrictions, covenants and conditions as set
out herein, to run with the subject real property and be binding on all parties that have or shall
have any right, title, or interest in said property:
1. Any activity on, or use of, the Conservation Propertys inconsistent with
the purposes of this Section is prohibited. The Conservation Property shall be
maintained in their natural, scenic, and open condition and restricted from any
development or use that would impair or interfere with the conservation purposes
of this Section set forth above. Without limiting the generality of the foregoing,
the following activities and uses are expressly prohibited or restricted:
i. Disturbance of Natural Features. Any change disturbance, alteration or
impairment of the natural features of the Conservation Property or any
introduction of non-native plants and/or animal species is prohibited.
ii. Construction. There shall be no constructing or placing of any
building, mobile home, asphalt or concrete pavement, billboard or
other advertising display, antenna, utility pole, tower, conduit, line,
pier, landing, dock or any other temporary or permanent structure or
facility on or above the Conservation Property.
iii. Industrial, Commercial and Residential Use. Industrial, residential
and/or commercial activities, including any right of passage for such
purposes are prohibited on the Conservation Property.
iv. A&ricultural. Grazing and Horticultural Use. Agricultural, grazing,
animal husbandry, and horticultural use of the Conservation Property
is prohibited.
2
v. Vegetation. There shall be no removal, burning, destruction, harming,
cutting or mowing of trees, shrubs, or other vegetation on the
Conservation Property.
vi. Roads and Trails. There shall be no construction of roads, trails or
walkways on the Conservation Property.
vii. Signage. No signs shall be permitted on or over the Conservation
Property, except the posting of no trespassing signs, signs identifying
the conservation values of the Conservation Property, signs giving
directions or proscribing rules and regulations for the use of the
Conservation Property and/or signs identifying the Declarant as owner
of the Conservation Property.
viii. Dumping or Storage. Dumping or storage of soil, trash, ashes, garbage,
waste, abandoned vehicles, appliances, machinery or hazardous
substances, or toxic or hazardous waste, or any placement of
underground or aboveground storage tanks or other materials on the
Conservation Property is prohibited.
ix. Excavation. Dredging or Mineral Use. There shall be no grading,
filling, excavation, dredging, mining or drilling; no removal of topsoil,
sand, gravel, rock, peat, minerals or other materials, and no change in
the topography of the land in any manner on the Conservation
Property, except to restore natural topography or drainage patterns.
x. Water Quality and Drainage Pattern. There shall be no diking,
draining, dredging, channeling, filling, leveling, pumping, impounding
or related activities on or upon the Conservation Property, or altering
or tampering with water control structures or devices, or disruption or
alteration of the restored, enhanced, or created drainage patterns on the
Conservation Property. In addition, diverting or causing or permitting
the diversion of surface or underground water into, within or out of the
easement area by any means, removal of wetlands, polluting or
discharging into waters, springs, seeps, or wetlands, or use of pesticide
or biocides is prohibited on the Conservation Property.
xi. Development Rights. No development rights that have been
encumbered or extinguished by this Section shall be transferred
pursuant to a transferable development rights scheme or cluster
development arrangement or otherwise.
xii. Vehicles. The operation of mechanized vehicles, including, but not
limited to, motorcycles, dirt bikes, all-terrain vehicles, cars and trucks,
upon the Conservation Property, is prohibited..
3

xiii. Other Prohibitions. Any other use of, or activity on, the Conservation
Property which is or may become inconsistent with the purposes of
this grant, the preservation of the Conservation Property substantially
in its natural condition, or the protection of its environmental systems,
is prohibited.
2. This Section is intended to ensure continued compliance with the
mitigation condition of authorizations issued by the United States of America,
U.S. Army Corps of Engineers, Wilmington District, and therefore may be
enforced by the United States of America. This covenant is to run with the land
and shall be binding on all parties and all persons claiming under the Declarant.
3. U.S. Army Corps of Engineers, Wilmington District, its employees and
agents and its successors and assigns, have the right, with reasonable notice, to
enter the Property at reasonable times for the purpose of inspecting the
Conservation Property to determine whether the Declarant, Declarant's
representatives, or assigns are complying with the terms, conditions and
restrictions of this Section.
4. Nothing contained in this Section shall be construed to entitle U.S. Army
Corps'of Engineers, Wilmington District to bring any action against Declarant for
any injury or change in the Conservation Property caused by third parties,
resulting from causes beyond the Declarant's control, including, without
limitation, fire, flood, storm, and earth movement, or from any prudent action
taken in good faith by the Declarant under emergency conditions to prevent,
abate, or mitigate significant injury to life, damage to the Conservation Property
or harm to the Conservation Property resulting from such causes.
(b) No Public Access. This Section does not convey to the public the right to enter
the Conservation Property for any purpose whatsoever.
(c) Conservation Property Condition. The Declarant represents and acknowledges
that the Conservation Property is currently undeveloped land, with no improvements other than
any existing utility lines, declarations and rights of way other than that shown on the property
survey.
(d) Title. The Declarant covenants and represents that, with the exception of any Lots
conveyed by Declarant subsequent to the recording of the original Declaration, it is the sole
owner and is seized of the Property in fee simple and has good right to make the herein
Declaration; that there is legal access to the Property, that the Property is free and clear of any
and all encumbrances, except declarations and other matters of record.
4
(e) Miscellaneous.
1. Conservation Pmose. Declarant, for itself, its successors and assigns,
agrees that the Conservation Property shall be held exclusively for conservation
purposes.
2. Entire Agreement. This instrument sets forth the entire agreement of the
parties with respect to the Conservation Property and supersedes all prior
discussions, negotiations, understandings or agreements relating to the
Conservation Property. If any provision is found to be invalid, the remainder of
the provisions of this Section, and the application of such provision to persons or
circumstances other than those as to which it is found to be invalid, shall not be
affected thereby.
3. Recording. Declarant shall record the Declaration of which this Section is
a part and any amendment hereto in timely fashion in the official records of New
Hanover County, North Carolina, and may re-record it at any time as may be
required to preserve its rights.
4. Environmental Condition of Conservation Property. The Declarant
warrants and represents that to the best of its knowledge after appropriate inquiry
and investigation: (a) the Conservation Property is and at all times hereafter will
continue to be in full compliance with all federal, state and local environmental
laws and regulations, and (b) as of the date hereof there are no hazardous
materials, substances, wastes, or environmentally regulated substances (including,
without limitation, any materials containing asbestos) located on, in or under the
Conservation Property or used in connection therewith, and that there is no
environmental condition existing on the Conservation Property that may prohibit
or impede use of the Conservation Property for the purposes set forth herein."
2. Terms not defined in this Amendment shall have the meaning given them as first set
forth in the Declaration. The Declaration, as amended herein, shall remain in full force and effect.
(SIGNATURES TO APPEAR ON FOLLOWING PAGE(S)]
5
.t
IN WITNESS WHEREOF, Declarant has executed this document, by and through its authorized
party, as of the day and year first above written.
SEA BREEZE LAND DEVELOPMENT, LLC,
a North Carolina limited liability company
B y:
Name: 1.1F e? Q- l-
Its: a? .E
STATE OF
COUNTY OF Z?Ijlj1
I certify that the following person(s) personally appeared ore met is day, each ac wl d ing
to met t he or she signed the foregoing document: GC /?L
/
No Public
[Official Seal) Pri t Name:
My commi 1KJO
NOTARY PUBLIC
mr?
OTATE OF COLORADO
Mp Go
aar+isdon Egins t t-
V
O?NTY.
t ?0?
0
z J?j

low
11?'-ABt1SHEOP
JENNIFER H. MACNEISH
REGISTER OF DEEDS, NEW HANOVER
216 NORTH SECOND STREET
WILMINGTON, NC 28401
tttii*###tif?f?ifift?M'ifitf#ffft#Rit#R#f#fiff##?#Rff?i##Mti#tfii#R##i#RtA1i##N#f##tif#titR##iitil#iA#####tit##i#Riiii
Filed For Registration: 02!04/201104:28:36 PM ,
Book: RE 5544 Page: 1746-1752
Document No.: 2011003663
7 PGS $29.00
Recorder: CRESWELL, ANDREA
State of North Carolina, County of New Hanover
PLEASE RETAIN YELLOW TRAILER PAGE WITH ORIGINAL DOCUMENT.
*2011003663*
s
2011003663