NCG551791_Owner (Affiliation Change)_20241011

Register of Deeds
Sharon A. Davis
Durham County, NC
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DEED OF TRUST
When recorded, return to:
Bay Equity Home Loans
Attn; Final Document Department
c/o First American Mortgage Solutions
1795 International Way
Idaho Falls, ID 83402
This document was prepared by;
Chanel Smith
Bay Equity, LLC
2300 Clayton Road, Suite 1300
Concord, CA 94520
925-357-4415
Title Order No.: R24-0554
Escrow No.: 24HO6060PA
LOAN #: 2403050475
DEFINITIONS
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DT - DEED OF TRUST
Fee: $64.00 Excise Tax: $0
INSTRUMENT #2024095149
Tonya Redfearn
MIN 1006166-0004176603.2
MERS PHONE M 1.888-679.6377
Words used in multiple sections of this document are defined below and olher words are defined under the caption
TRANSFER OF RIGHTS IN THE PROPERTY and in Sections 3, 4, 10, 11, 12, 16, 19, 24, and 25. Certain rules regarding
the usage of words used in this document are also provided in Section 17.
Parties
(A) "Borrower' is KAREN HOOKER, AN UNMARRIED WOMAN
currently residing at 183 Reading Ave, Titusville, FL 32796.
Borrower is the trustor under (his Security Instrument.
(B) "Lender is Bay Equity LLC.
Lender is a California Limited Liability Company, organized and existing
under the laws of California. Lender's address is 770Tamatpals Drive, Suite 207,
Corte Madera, CA 04925.
The term "Lender• includes any successors and assigns of Lender.
(C) "Trustee" Is First American Title Insurance Company,
NORTH CAROLINA -Single Family- Fannie MaaMreddle Mac UNIFORM INSTRUMENT (SEAS) Form 3034 0112021
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Trustees address is 8605 Largo Lakes Dr. Suite 100, Largo, FL 33773.
The term "Trustee" includes any subsillute/successor Trustee.
(D) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a
non?nee for Lender and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument.
MERS Is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026,
Plint, MI 48501.2026, lei. (888) 6/9-MERS.
Documents
(E) "Note" means the promissory note dated May 3, 2024, and signed by each Borrower who is legally
obligated for the debt under that promissory note, that is in either (1) paper form, using Borrower's written pen and ink
signature, or (ii) electron€c form, using Borrowers adopted Flectronir, Signature in accordance with the UETA or E-SIGN,
as applicable, The Note evidences the legal obligation of each Borrower who signed tho Note to pay Lender THREE
HUNDRED FORTYTHOUSANDAND N01100'"I—. - I .--I-*****""'"**"*"* -" ...
....................... .Dollars (U.S. $340,000.00 ) plus interest. Each
Borrower who signed the Note has promised to pay this debt in regular monthly payments and to pay the debt in full not
later than June 1,2054.
(F) "Riders" means all Riders to this Security Instrument that are signed by Borrower. All such Riders are incorporated
into and deemed to be a part of this Security Instrument. The following Riders are to be signed by Borrower (check box
as applicable):
Ll Adjustable Rate Rider ❑ Condominium Rider Second Home Rider
❑ 1-4 Family Rider ❑ Planned Unit Development Rider ❑ V.A. Rider
❑ Other(s) [specify]
(G) "Security Instrument" means this document, which Is dated May 3, 2024, together with all Riders to
this document.
Additional Definitions
(H) "Applicable Law" means all controlling applicable federal, state, and local statutes, regulations, ordinances, and
administrative rules and orders (that have the effect of law) as well as all applicable final, non -appealable judicial opinions.
(1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments, and other charges
that are imposed on Borrower or the Property by a condominium association, homeowners association, or similar
organization.
(J) "Default" means: (i) the failure to pay any Periodic Payment or any other amount secured by this Security Instrument
on the date it is due; (11) a breach of any representation, warranty, covenant, obligation, oragreemant in this Security Instru-
ment; (Ili) any materially false, misleading, or inaccurate information or statement to Lender provided by Borrower or any
persons or entities acting at Borrower's direction orwilh Borrowers knowledge or consent, or failure to provide Lender with
material information in connection with the Loan, as described in Section 8; or (iv) any action or proceeding described in
Section 12(e).
(K) "Electronic FunclTransfer" means any transfer of funds, other than a transaction originated by eheck, draft, or similar
paper instrument, which is initiated through an electronic torminal, telephonic instrument, computer, or magnetic tape se
as to order, Instruct, or authorize a financial fnstitul€on to debit or credit an account. Such tern €nctudes, but is not limited
to, point -of -sale transfers, automated teller machine transactions, transfers initiated bytelephone or other electronic device
Capable of communicating with such financial institution, wire transfers, and automated clearinghouse transfers.
(L) "Electronic Signature" means an "Eleolronie Signature" as defined in the UETA or E-SIGN, as applicable.
(M) "E-SIGN" means the Electronic Signatures in Global and National Commerce Act (15 U.S.G. § 7001 of seq.), as it may
be amended from time to time, or any applicable additional or successor legislation that governs the same subject matter.
(N) "Escrow Items" means, (i) taxes and assessments and other items that can attain priority over this Security Instrument
as a Lien or encumbrance on the Property; (it) leasehold payments Or ground rents on the Property, if any; (iil) premiums
for any and all insurance required by Lender under Section 5; (iv) Mortgage Insurance premiums, If any, or any sums
payable by Borrower to Lender in lieu of the payment of Mortgage insurance premiums in accordance with the provisions
of Section 11; and (v) Community Association Dues, Fees, and Assessments if Lender requires that they be escrowed
beginning at Loan closing or at any time during the Loan term.
(0) "Loan" means the debt obligation evidenced by the Note, plus interest, any prepayment charges, costs, expenses,
and late charges due under [tie Note, and all sums due under this Security Instrument, plus interest.
(P) "Loan Servicer^ means the entity that has the contractual right to receive Borrower's Periodic Payments and any
other payments made by Borrower, and administers the Loan on behalf of Lender. Loan Servicer does not include a
suh-Servicer, which is an entity that may service the Loan on behalf of the Lear) Servicer.
(0) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third
party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction
of, the Property; (€I) condemnation or other taking of all or any part of the Property; (di) conveyance in tieu of condemna-
lion; or (iv) misrepresentations of, or omissions as to, the value andlor condition of the Property.
(R) "Mortgage Insurance" means insurance protecting Lender against the nonpayment at, or Default on, the Loan.
(S) "Partial Payment" means any payment by Borrower, other than a voluntary prepayment permitted under the Note,
which is less than a full outstanding Periodic Payment.
(T) "Periodic Payment" means the regularly scheduled amount due for (I) principal and interest under the Note, plus
(it) any amounts under Section 3.
(U) "Property" means the property described below under the heading "TRANSFER OF RIGHTS IN THE PROPERTY:'
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(V) "Rents" means all amounts received by or due Borrower in connection with the lease, use, and/or occupancy of the
Property by a party other than Borrower.
(W) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 at seq.) and its implementing regu-
lation, Regulation X (12 C.F.H. Part 1024), as they may be amended from time to time, or any additional or successor
federal legislation or regulation that governs the same subject matter. When used in this Security Instrument, "RESPA"
refers to all requirements and restrictions that would apply to a "federally related mortgage loan" even if the Loan does
not qualify as a "federally related mortgage loan" under RESPA.
(X) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party
has assumed Borrower's obligations under the Note and/or this Security Instrument.
(Y) "U£TA" means the Uniform Electronic Transactions Act, as enacted by tile jurisdiehon in which the Property is
located, as it may be amended from time to time, or any applicable additional or successor legislation that governs the
same subject matter.
TRANSFER OF HIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lenders successors and assigns)
and the successors and assigns of MERS. This Security Instrument secures to Lender (i) the repayment of the Loan, and
all renewals, extensions, and modifications of the Note, and (ii) the performance of Borrower's covenants and agreements
under this Security Instrument and the Note. For this purpose, Borrower Irrevocably grants and conveys to Trustee, in
trust, with power of sale, the following described property located In the County
of Durham:
SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS "EXHIBIT A".
APN 4: 160261
which currently has the address of 2219 Clements Dr, Durham [street] [Gtyl
North Carolina 27704 ("Property Address');
17P Cvdal
TO HAVE AND TO HOLD this property unto Trustee, forever, together with all the improvements now or subsequently
erected on the property, including replacements and additions to the improvements on such property, all property rights,
including, without limitation, all easements, appurtenances, royalties, mineral rights, oil or gas rights or profits, water
rights, and fixtures now or subsequently a part of the property. All of the foregoing is referred to in this Security Instru-
ment as the 'Property." Borrower understands and agrees that MERS holds only legal title to the interests gmnled by
Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for t ender and
Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the
right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing
and canceling this Security Instrument.
BORROWER REPRESENTS, WARRANTS, COVENANTS, AND AGREES that: (1) Borrower lawfully owns and
possesses the Property conveyed in this Security Instrument in fee simple or lawfully has the right to use and occupy
the Property under a feasehold estate; (if) Borrower has the right to grant and convey the Property or Borrower's lease-
hold Interest in the Property; and (ill) the Property is unencumbered, and not subject to any other ownership Interest In
Ilia Property, except for eneumbraria" and ownership interests of record. Borrower warrants generally the title to the
Property and novonants and agrees to defend the title to the Property against all claims and demands, subject to any
encumbrances and ownership interests of record as of Loan closing.
THIS SECURITY INSTRUMENT combines uniform covenants for national use with limited variations and non -uniform
covenants that reflect specific North Carolina state requirements to constitute a uniform security instrument covering
real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as fol'.ows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower will pay
each Periodic Payment when due. Borrowerwill also pay any prepayment charges, and late charges due undarthe Note,
unless prohibited by Applicable Law, and any other amounts due under this Security Instrument. Payments due under the
Note and this Security Instrument must be made in U.S. currency. If any check or other instrument received by Lender
as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all
subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms,
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as selected by Lander: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check, or cashier's check,
provided anysuch check is drawn upon an institution whose deposits are insured by a U.S. federal agency, instrumental-
ity, or entity; or (d) Electronic Fund Transfer.
Payments are deemed received by Lender when received at the location designated in the Note or at such other
location as may be designated by lender in accordance with the notice provisions in Section 46. Lender may accept or
return any Partial Payments in its sole discretion pursuant to Section 2.
Any offset or claim that Borrower may have now or in the future against Lender will not relieve Borrower from making
the full amount of all payments duo under the Note and this Security Instrument or performing the covenants and agree-
ments secured by this Security Instrument.
2. Acceptance and Application of Payments or Proceeds.
(a) Acceptance and Application of Partial Payments. Lender may accept and either apply or hold in suspense
Partial Payments in its sole discretion in accordanca with this Section 2. Lender is not obligated to accept any Partia) Pay-
ments or to apply any Partial Payments at the time such payments are accepted, and also is nol obligated to pay interest
on such unapplied funds. Lender may hold such unappifed funds unfit Borrower makes payment sufficient to cover a full
Periodic Payment, at which time the amount of the full Periodic Payment will be applied to the Loan. If Borrower does
not make such a payment within a reasonable period of time, Lender will either apply such funds in accordance with this
Section 2 or return them to Borrower. If not applied earlier, Partial Payments will be credited against the total amount
due under the Loan In calculating the amount due in connection with any foreclosure proceeding, payoff request, loan
modification, or reinstatement. Lender may accept any payment insufficient to bring the Loan current without waiver of
any rights under this Security Instrument or prejudice to its rights to refuse such payments in the future.
(b) Order of Application of Partial Payments and Periodic Payments. Except as otherwise described in this
Section 2, if Lender applies a payment, such payment will be applied to each Periodic Payment In the order in which it
became due, beginning with the oldest outstanding Periodic Payment, as follows: first to interest and then to principal
due under the Note, and finally to Escrow items. If all outstanding Periodic Payments then due are paid in full, any pay-
ment amounts remaining may be applied to late charges and to any amounts then due under this Security instrument. if
all sums then due under the Note and this Security Instrument are paid in full, any remaining payment amount may be
applied, in Lender's sole discretion, to a future Periodic Payment or to reduce the principal balance of the Note.
If Lender receives a payment from Borrower in the amount of one or more Periodic Payments and the amount of any We
charge due for a delinquent Periodic Payment, the payment may be applied to the delinquent payment and the late charge.
When applying payments, Lender will apply such payments in accordance with Applicable Law.
(c) Voluntary Prepayments. Voluntary prepayments will be applied as described in the Note.
(d) No Change to Payment Schedule. Any applicailon of payments, insurance proceeds, or Miscellaneous Proceeds
to principal due under the Note will not extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Funds for Escrow Items.
(a) Escrow Requirement; Escrow Items. Borrowe r must pay to Lender on the day Periodic Payments are due under
the Note, until the Note is paid in full, a sum of money to provide for payment of amounts due for all Escrow Items (the
"Funds'). The amount of the Funds required to be paid each month may change during the form of the Loan. Borrower
must promptly furnish to Lender all notices or invoices of amounts to be paid under this Section 3.
(b) Payment of Funds; Waiver. Borrower must pay Lender the Funds for Escrow Iterns unless Lender waives this
obligation in uniting. Lender may waive this obligation for any Escrow (torn at any time. In the event of such waiver, Bor-
rower must pay directly, when anti where payable, the amounts due for any Fscrow Items subject to the waiver. If Lender
has waived the requirement to pay Lender the Funds for any or all Escrow Items, Lender may require Borrower to provide
proof of direct payment of those items within such time period as Lender may require. Borrower's obligation to make
such timely payments and to provide proof of payment is deemed to be a covenant and agreement of Borrower under
this Security Instrument. if Borrower is obligated to pay Escrow Items directly pursuant to a waiver, and Borrower fails to
pay timely the amount due for an Escrow Ilem, Lender may exercise its rights under Section 9 to pay such amount and
Borrower will be obligated to repay to Lender any such amount in accordance with Section 9.
Lender may withdraw the waiver as to any or all Escrow Items at any time by giving a notice in accordance with
Section 16; upon Such withdrawal, Borrower must pay to Lender all Funds for such Escrow Items, and in such amounts,
that are then required under this Section 3.
(c) Amount of Funds; Application of Funds, Lander may, at any time, collect and hold Funds in an amount up to,
but not in excess of, the maximum amount a lender can require under RESPA. Lender will estimate the amount of funds
due in accordance with Applicable Law.
The Funds wil I be held in an institution whose deposits are insured by a U.S. federal agency, instrumentality, or entity
(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank, Lender
will apply the Funds to pay the Escrow Items no later than the time specified under RESPA, Lender may not charge
Borrower for: (I) holding and applying the Funds; (il) annually analyzing the escrow account; or (ill) verifying the Escrow
Items, unless Lender pays Borrower interest on the Funds and Applicable Lahr permits Lender to make such a charge.
Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on the Funds, Lender will
not be required to pay Borrower any interest or earnings on the Funds. Lender will give to Borrower, without charge, an
annual accounting of the Funds as required by HESPA.
(d) Surplus; Shortage and Deficiency of Funds, In accordance with RESPA, if there is a surplus of Funds held
in escrow, Lender will account to Borrower for such surplus. If Borrower's Periodic Payment is delinquent by more than
30 days, Lender may retain the surplus in the escrow account for the payment of the Escrow Items. If there is a shortage
or deficiency of Funds held in escrow, Lender will notify Borrower and Borrowerwill pay to Lender the amount necessary
to make up the shortage or deficiency in accordance with HESPA.
Upon payment in full of all sums secured by this Security Instrument, Lender will promptly refund to Borrower any
Funds held by Lender.
4. Charges; Liens. Borrower must pay (a) all taxes, assessments, charges, lines, and imposifions attrlbulabla to
the Property which have priority or may attain priority over this Security Instrument, (b) leasehold payments or ground
rents on the Property, if any, and (c) Community Assaciallon Dues, Fees, and Assessments, if any. if any of these items
are Escrow Items, Borrower will pay them in the manner provided in Section 3.
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Borrower must promptly discharge any lien that has priority or may attain priority over this Security Instrument unless
Borrower: (aa) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender,
but only so long as Borrower is performing under such agreement; (bb) contests the lien in good faith by, or defends
against enforcement of the lien In, legal proceedings which Lender determines, in its sole discretion, operate to prevent
the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or
(cc) secures from the holder of the lion an agreement satisfactory to Lender that subordinates the lion to this Security
Instrument (collectively, the "Required Actions'). If Lender detemrines that any part of the Property is subject to a lien that
has priority or may attain priority over this Security Instrument and Borrower has not taken any of the Required Actions
in regard to such lien, Lender may give Borrower a notice identifying the lien. Within 10 days after the dale on which that
notice is given, Borrower must satisfy the lien or take one or more of the Required Actions.
5. Property Insurance.
(a) Insurance Requirement; Coverages. Borrower must keep the improvements now existing or subsequently
erected on the Property insured agains! loss by fire, hazards included within the term "extended coverage; and anyothar
hazards including, but not limited to, earthquakes, winds, and floods, forwhfch Lender requires insurance. Borrower must
maintain the types of insurance Lender requires in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan, and
may exceed any minimum coverage required by Applicable Law. Borrower may choose the insurance carrier providing
the Insurance, subject to Lender's right to disapprove Borrower's choice, which right will not be exercised unreasonably.
(b) Failure to Maintain insurance. If Lender has a reasonable basis to believe that Borrower has failed to maintain
any of the required insurance coverages described above, Lender may obtain insurance coverage, at Lender's option
and at Borrower's expense. Unless required by Applicable Law, Lender is under no obligation to advance premiums
for, or to seek to reinstato, any prior lapsed coverage obtained by Borrower. Lender Is under no obligation to purchase
any particular type or amount of coverage and may select the provider of such insurance in its sole discretion. Before
purchasing such coverage, Lender will notify Borrower if required to do so under Applicable Law. Any such coverage will
insure Lender, but might not protect Borrower, Borrowers equity in the Property, or the contents of the Property, against
any risk, hazard, or liability and might provide greater or lesser coverage than was previously in effect, but not exceeding
the coverage required under Section 5(a). Borrower acknowledges that the cost of the insurance coverage so obtained
may significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender
for costs associated with reinstating Borrower's insurance policy or with placing new insurance under this Section 5 will
become additional debt of Borrower secured by this Security Instrument. These amounts will bear interest at the Note
rate from the date of disbursement and will be payable, with such interest, upon notice from Lender to Borrower request-
ing payment.
(c) Insurance Policies. All insurance policies required by Lander and renewals of such policies: (i) will be subject to
Lender's right to disapprove such policies; (it) must include a standard mortgage clause; and (iii) must name Lender as
mortgagee and/or as an additional loss payee. Lender will have the right to hold the policies and renewal certificates. If
Lender requires, Borrower will promptly give to Lender proof of paid premiums and renewal notices. If Borrower obtains
any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such
policy must include a standard mortgage clause and must name Lenderas mortgagee and/oras an additional loss payee.
(d) Proof of Loss, Application of Proceeds. In the event of loss, Borrower must give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if riot made promptly by Borrower. Any insurance proceeds, whether
or not the underlying insurance was required by Vender, will be applied to restoration or repair of the Property, if Lender
deems the restoration or repair to be economically feasible and determines that Lender's security will not be lessened
by such restoration or repair.
If the Property is to be repaired or restored, Lender will disburse from the insurance proceeds any initial amounts
that are necessary to begin the repair or restoration, subject to any restrictions applicable to Lender. During the subse-
quent repair and restoration period, Lender will have the right to hold such insurance proceeds until Lender has had an
opportunity to inspect such Property to ensure the work has been completed to Lenders satisfaction (which may include
satisfying Lender's minimum eligibility requirements for persons repairing the Property, including, but riot limited to,
licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may
disburse proceeds toy the repairs and restoration in a single payment or in a series of progress payments as the work is
completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower
is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restor-
ing the Property, or payable jointly to both. Lender will not be required to pay Borrower any interest or earnings on such
insurance proceeds unless Lender and Borrower agree in writing or Applicable Law requires otherwise. Fees for public
adjusters, or other third parties, retained by Borrower will not be paid out of the Insurance proceeds and will be the sole
obligation of Borrower.
It Lender deems the restoration or repair not to be economically feasible or Lender's 5eeurity would be lessened
by such restoration or repair, the insurance proceeds will be applied to the sums secured by this Security Instrument,
whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds will be applied in the order
that Partial Payments are applied in Section 2(b).
(e) Insurance Settlements; Assignment of Proceeds. If Borrower abandons the Property, Lender may file, negoti-
ate, and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice
from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the cWm. The
30-day period will begin when the notice is given. in either event, or if Lender acquires the Property under Section 26
or otherwise, Borrower is unconditionally assigning to Lender (i) Borrower's rights to any insurance proceeds in an
amount not to exceed the amounts unpaid under the Nate and this Security Instrument, and (it) any other of Borrower's
rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering
the Property, to the extent that such rights are applicable to the coverage of the Property. If Lender files, negotiates, or
settles a claim, Borrower agrees that any insurance proceeds may be made payable directly to Lender without the need
to include Borrower as an additional loss payee. Lender may use the insurance proceeds either to repair or restore the
Property (as provided in Section 5(d)) or to pay amounts unpaid under the Note or this Securfly Instrument, whether or
not then due.
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6. Occupancy. Borrower must occupy, establish, and use the Property as Borrower's principal residence within
60 days after the execution of this Security Instrument and must continue to occupy the Property as Borrower's principal
residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent
vAll not be unreasonably withheld. or unless extenuating circumstances exist that are beyond Borrower's control.
7. Preservatlon, Maintenance, and Protection of the Property; Inspections. Borrower will not destroy, dam-
age, or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Whether or not Borrower
is residing in the Property, Borrower must maintain the Property in order to prevent the Property from deteriorating or
decreasing in value due to its condition. Unless Lender determines pursuant to Section 5 that repair or restoration Is not
economically feasible, Borrower will promptly repair the Property if damaged to avoid further deterioration or damage.
If insurance or condemnation proceeds are paid to Lender in connection with damage to, or the taking of, the Property,
Borrower will be responsible for repairing orrestoring the Propertyonlyff Lender has released proceeds for such purposes.
Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as
the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether
Borrower is fin Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or
restoring the Property, or payable jointly to bath. If the insurance or condemnation proceeds are not sufficient to repair or
restore the Property, Borrower reinalns obligated to complete such repair or restoration.
Lender may make reasonable entries upon and inspections of the Property. If Lender has reasonable cause, Lender
may inspect the interior of the Improvements on the Property. Lender will give Borrower notice at the time of or prior to
such an interior inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower will be In Default If, during the Loan application process, Borrower or
any persons of entities acting at Borrowers direction or with Borrowers knowledge or consent gave materially false,
mislead'ng, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in
connection with the Loan, including, but not limited to, overstating Borrower's income or assets, understating or failing
to provide documentation of Borrowers debt obligations and liabilities, and misrepresenting Borrower's occupancy or
intended occupancy of the Property as Borrowers principal residence.
9. Protection of Lender's Interest in the Property and Rights tinder this Security Instrument.
(a) Protection of Lender's Interest. If: (i) Borrower faits to perform the covenants and agreements contained in Ihis
Security Instrument; (H)there, is a legal proceeding or government order that might significantly affect Lender's interest in
the Property and/or rights under this Security instrument (such as a proceeding in bankruptcy, probate, for condemnation
or forfeiture, for enforcement of alien that has priority or may attain priority over this Security Instrument, or to enforce
laws or regulations); or (ill) Lender reasonably believes that Borrower has abandoned the Property, then Lender may do
and pay for whatever Is reasonable or approprlate to protect Lender's interest in the Property and/or rights under this
Security instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the
Property. Lenders actions may include, but are not limited to: (1) paying any sums secured by a lien that has priority or
may attain priority over this Security Instrument; (II) appearing in court; and (III) paying: (A) reasonable attorneys' fees
and costs: (B) property inspection and valuation fees; and (C) other fees incurred for the purpose of protecting Lender's
interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy pro-
ceeding. Securing the Property includes, but is not limited to, exterior and interior Inspections of the Property, entering
the Property to make repairs, changing locks, replacing or boarding up doors and windows, draining water from pipes,
eliminating building or other code violations or dangerous conditions, and having utilities turned on or off.Although Lender
may take action under this Section 9, Lender is not required to do so and is not under any duty or obligation to do so.
Lender will not be liable for not taking any or at[ actions authorized under this Section 9.
(b) Avoiding Foreclosure; Mitigating Losses. It Borrower is in Default, Lender may work with Borrower to avoid
foreclosure and/or mitigate Lender's potential losses, but is not obligated to do so unless required by Applicable Law.
Lender may take reasonable actions to evaluate Borrower for available alternatives to foreclosure, including, but not
limited to, obtaining credit reports, title reports, title insurance, property valuations, subordination agreements, and third -
party approvals. Borrower authorizes and consents to these actions. Any costs associated with such loss mitigation
activities may be paid by Lander and recovered from Borrower as described below in Section 9(c), unless prohibited by
Applicable Law,
(c) Additional Amounts Secured. Any amounts disbursed by Lender under this Section 9 will become additional
debt of Borrower secured by this Security Instrument. These amounts may bear interest at the Note rate from the date
of disbursement and will be payable, with such interest, upon notice from Lender to Borrower requesting payment.
(d) LeassholdTerms. If this Security Instrument is on a leasehold, Borrower will corplywith all the provisions of the
lease. Borrower will not surrender the leasehold estate and interests conveyed or terminate or cancel the ground lease.
Borrower will not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires
fee title to the Property, the leasehold and the fee litle will not merge unless lender agrees to the merger in writing.
10. Assignment of Rents.
(a) Assignment of Rents. If the Property is leased to, used by, or occupied by a third party ("Tenant"), Borrower is
unconditionally assigning and transferring to Lender any Rents, regardless of to whom the Rents are payable. Borrower
authorizes Lender to collect the Rents, and agrees that each Tenant will pay the Rents to Lender. However, Borrower will
ranaivn the Pont, until (i) Lender has givan Rerfower notice of Default por.miant to SPClion 26, and (tf) Lr7ndpr has givnrm
notice to the Tenant that the Rents are to be paid to Lender.This Section 10 constitutes an absoluie assignment and not
an assignment for additional security only.
(b) Notice of Default. If Lender gives notice of Default to Borrower: (i) all Rents received by Borrower must be held
by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument;
(if) Lender will be entitled to collect and receive all of the Rents; (iii) Borrower agrees to instruct each Tenant that Tenant
is to pay all Rents due and unpaid to Lender upon Lender's written demand to the Tenant; (iv) Borrower will ensure that
each Tenant pays all Rents due to Lender and will lake whatever action is necessary to collect such Rents if not paid to
Lender; (v) unless Applicable Law provides otherwise, all Rents collected by Lender will be applied first to the casts of
taking control of and managing the Property and collecting [lie Rents, including, but not limited to, reasonable attorneys'
fees and costs, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums,
taxes, assessments, and other charges on the Property, and then to anyother sums secured by this Security Instrument;
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(vi) Lender, or any judicially appointed receiver, vrill be liable to account for only those Rents actually received; and
(,At) Lender will be entitled to have a receiver appointed to take possession of and manage the Property and collect the
Rents and profits derived from the Property without any showing as to the inadequacy of the Property as security.
(c) Funds Paid by Lender. If the Rents are not sufficient to cover the costs of taking control of and managing the
Property and of collecting the Rents, any funds paid by Lender for such purposes will become indebtedness of Borrower
to Lender secured by this Security Instrument pursuant to Section 9.
(d) Limitation on Collection of Rents. Borrower may not collect any of the Rents more than one month in advance
of the time when the Rents become due, except for security or similar deposits.
(e) No Other Assignment of Rents. Borrower represents, warrants, covenants, and agrees that Borrower has not
signed any prior assignment of the Rents, will not make any further assignment of the Rents, and has not performed,
and will not perform, any act that could prevent Lender from exercising its rights under this Security Instrument.
(1) Control and Maintenance of the Property. Unless required by Applicable Law, Lender, or a receiver appointed
under Applicable Law, is not obligated to enter upon, take control of, or maintain the Property before or after giving notice
of Default to Borrower. However, Lender, or a receiver appointed under Applicable Law, may do so at any time when
Borrower is in Default, subject to Applicable Law.
(g) Additional Provisions. Any application of the Rents will not cure or waive any Default or invalidate any other
right or remedy of Lender. This Section 10 does not relieve Borrower of Borrower's obligations under Section 6.
This Section 10 will lermirate when all the sums secured by this Security Instrument are paid in full.
11. Mortgage Insurance.
(a) Payment of Premiums; Substitution of Policy; Loss Reserve; Protection of Lender. If Lender required
Mortgage Insurance as a condition of making the Loan, Borrower will pay the premiums required to maintain the Mort-
gage Insurance in effect. If Borrower was required to make separately designated payments toward the premiums for
Mortgage Insurance, and (i) the Mortgage Insurance coverage required by Lender ceases for any reason to be available
from the mortgage insurer that previously provided such Insurance, or (ii) Lender determines in Its sole discretion that
such mortgage insurer is no longer eligible to provide the Mortgage Insurance coverage required by Lender, Borrowerwill
pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in affect, at
a cost substantially equivalent to the cost to Borrower of the Mortgage insurance previously in effect, from an alternate
mortgage insurer selected by Lender.
If substantially equivalent Mortgage Insurance coverage is not available, Borrower will continue to pay to Lender
the amount of the separately designated payments that were due when the insurance coverage ceased to be In effecl.
Lender will accept, use, and retain these payments as a non-refundable loss reserve, if permitted under Applicable Law,
In lieu of Mortgage Insurance. Such less reserve will be nori-refundable, even when the Loan is paid in full, and Lender
will not be required to pay Borrower any interest or earnings on such loss reserve, if permitted tinder Applicable I.aw.
Lender will no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the
period that Lender requires) provided byan Insurer selected by Lender again becomes available, is obtained, and Lender
requires separately designated payments toward the premiums for Mortgage Insurance.
If Lender required Mortgage Insurance as a condition of making the Loan and Borrowerwas required to make sepa-
rately designated payments toward the premiums for Mortgage Insurance, Borrower will pay the premiums required to
maintain Mortgage Insurance In effect, if permitted under Applicable Law, or to provide a non-refundable lass reserve,
until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower
and tender providing for such termination or until termination is required by Applicable Law. Nothing In this Section 11
affects Borrower's obligation to pay interest at the Nate rate.
(b) Mortgage Insurance Agreements. Mortgage Insurance reimburses Lender for certain losses Lender may Incur
if Borrower does not repay the Loan as agreed, Borrower is not a party to the Mortgage insurance policy or coverage.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agree-
ments with other parties that share or modify their risk, or reduce losses. These agreements may require the mortgage
insurer to make payments using any source of funds that the mortgage insurer may have available (which may Include
funds obtained from Mortgage insurance premiums).
As a result of these agreements, Lender, another Insurer, any reinsurer, any other entity, or any affiliate of any of the
foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bor-
rower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage Insurer's risk, or reducing
losses. Any such agreements will not: (i) affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or
any other terms of the Loan; (ii) increase the amount Borrower will owe for Mortgage Insurance; (ill) entitle Borrower to
any refund; or (iv) affect the rights Borrower has, if any, with respect to the Mortgage Insurance under the Homeowners
Protection Act of 1998 (12 U.S.C. § 4901 at seq.), as it may be amended from time to time, or any additional or successor
federal legislation or regulation that governs Hie same subject matter ("HPA').These rights under the HPA may include the
right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned
at the time of such cancellation or termination.
12. Assignment and Application of Miscellaneous Proceeds; Forfeiture.
(a) Assignment of Miscellaneous Proceeds. Borrower is unconditionally assigning the right to receive all Miscel-
laneous Proceeds to Lender and agrees that such amounts will be paid to Lender.
(b) Application of Miscellaneous Proceeds upon Damage to Properly. If the Properly Is damaged, any Miscei-
laneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or repair to be
economically feasible and Lender's security will not be lessened by such restoration or repair. During such repair and
restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity
to inspect the Property to ensure the work has been completed to Lender's satisfaction (which may include satisfying
Lender's minimurn eligibility requirements for persons repairing the Property, including, but not limited to, licensing, bond,
and insurance requirements) provided that such inspection must be undertakers promptly. Lender may pay for the repairs
and restoration in a single disbursornenl or in a series of progress payments as the work is completed, depending on
the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan.
Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable
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jointiy to both. Unless Lander and Borrower agree in writing orApplicable Law requires interest to be paid on such Miscel-
laneous Proceeds, Lender will not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds.
II Lender deems the restoration or repair not to be economically feasible or Lender's security would be lessened by such
restoration or repair, the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether
or not then due, with the excess, it any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that
Partial Payments are applied in Section 2(b).
(c) Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the Property.
In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous Proceeds will be applied
to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, or loss In value of the Property (each, a "Partial Devaluatlon") where the
fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the amount of the
sums secured by this Security instrument immediately before the Partial Devaluation, a percentage of the Misceflaneous
Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in
wdtfng.The amount of the Miscellaneous Proceeds that will be so applied fs determined by multiplying the total amount of
the Miscellaneous Proceeds by a percentage calculated by taking (1) the total amount of the sums secured immediately
before the Partial Devaluation, and dividing it by (ii) the fair market value of the Property immediately before the Partial
Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower.
In the event of a Partial Devaluation where the fairmarket value of the Propertyimmediatety before the Partial Devalu-
allon is less than the amount of the sums secured immediately before the Partial Devaluation, all of the Miscellaneous
Proceeds will be applied to the sums secured by this Security Instrument, whether or not the sums are than due, unless
Borrower and Lender otherwise agree in writing.
(d) Settlement of Claims. Lender is authorized to collect and apply the Miscellaneous Proceeds either to the sums
secured by this Security Instrument, whether or not then due, or to restoration or repair of the Property, if Borrower
(i) abandons the Property, or (it) fails to respond to Lender within 30 days after the date Lender notifies Borrower that
the Opposing Party (as defined in the next sentence) offers to settle a claim for damages. "Opposing Party" means the
third party that owes Borrower the Miscellaneous Proceeds or the party against whom Borrower has a right of action in
regard to the Miscellaneous Proceeds.
(e) Proceeding Affecting Lender's Interest In the Property. Borrower will be in Default if any action or proceeding
begins, whether civil or criminal, that, in Lendei s judgment, could result in forfeiture of the Properly or other material impair-
ment of Lender's interest to the Property or rights under this Security Instrument. Borrower can cure such a Default and, if
acceleration has occurred, reinstate as provided in Section 20, by causing the action or proceeding to be dismissed with
a ruling that, in Lendersjudgment, precludes forfeiture of the Property or other material impairment of Lender's interest fn
the Property or rights under this Security instrument. Borrower is unconditionally assigning to I cinder the proceeds of any
award or claim for damages that are attributable to the impairment of lenders interest in the Property, which proceeds %rill
be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property will be applied
in the order that Partial Payments are applied in Section 2(b).
13. Borrower Not Rcleased; Forbearance by Lender Not a Waiver. Borrower or any Successor in Interest of Bor-
rower will not be released from liability under this Security Instrument if Lender extends the time for payment or modifies
the amortization of the sums secured by this Security instrument. Lender will not be required to commence proceedings
against. any Successor in Interest of Borrower, or to refuse to extend time for payment or otherwise modify amortization of
the struts sparred by this Security Instrument, by reason of any demand made by the original Berrower or any Successors
In Interest of Borrower.Any forbearance by Lender in exercising any right or remedy Including, without limitation, Lenders
acceptance of payments from third persons, entities, or Successors in Interest of Borrower or in amounts less than the
amount then due, will not be a waiver of, or preclude the exercise of, any right or remedy by Lender.
14. Joint and Several Liability; Signatories; Successors and Assigns Bound. Borrower's obligations and liability
under this Security instrument will be joint and several. However, any Borrower who signs this Security Instrument but
does not sign the Note: (a) signs this Security Instrument to mortgage, grant, and convey such Borrower's interest In the
Property under the terms of this Security Instrument; (b) signs this Security Instrument to waive any applicable inchoate
rights such as dower and curtesy and any available homestead exemptions; (c) signs this Security Instrument to assign
any Miscellaneous Proceeds, Bents, or other earnings from the Property to Lender; (d) is not personally obligated to pay
the sums due under the Note or this Security Instrument; and (a) agrees that Lender and any other Borrower can agree
to extend, modify, forbear, or make any accommodations with regard to the terms of the Note or this Security Instru-
ment without such Borrower's consent and without affecting such Borrower's obligations under this Security Instrument.
Subject to the provisions of Section 19, any Successor in interest of Borrower who assumes Borrower's obligations
under this Security Instrument in writing, and is approved by Lender, will obtain all of Borrower's rights, obligations, and
benefits under this Security Instrument. Borrower will not be released from Borrower's obligations and liability under this
Security Instrument unless Lender agrees to such release in writing.
15. Loan Charges.
(a) Tax and Flood Determination Fees. Lender may require Borrower to pay (i) a one-time charge for a real estate
tax verification and/or reporting service used by Lender in connection with this Loan, and (fi) either (A) a one-time charge
for flood zone determination, certification, and tracking services, or (B) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings orsimilar changes occur that reasonably might
affect such determination or certification. Borrower will also be responsible for the payment of any fees imposed by the
Federal Emergency Management Agency, or any successor agency, at any time during the Loan term, in connection with
any flood zone determinations.
(b) Default Charges. if permitted under Applicable Law, Lender may charge Borrower fees for services performed in
connection with Borraver's Default to protect Lender's interest in the Property and rights under this Security Instrument,
including: (i) reasonable attorneys' feas and costs; (ii) property inspection, valuation, mediation, and loss mitigation fees;
and (iii) other related fees.
(c) Permissibility of Fees. In regard to any other fees, the ahserloe of express authority in this Security instrument
to charge a specific fee to Borrower should not be construed as a prohibition on the charging of such fee. Lender may
not charge lees that are expressly prohibited by this Security Instrument or byAppficable Law.
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(d) Savings Clause. if Applicable Law sets maximum loan charges, and that faw is finally interpreted so that the
interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then
(I) any such loan charge will be reduced by the amount necessary to reduce the charge to the permitted limit, and (ii) any
sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose
to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower, If a refund
reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
prepayment charge is provided for under the Note). To the extent permitted by Applicable Law, Borrower's acceptance of
any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have
arising out of such overcharge.
16. Notices; Borrower's Physical Address. All notices given by Borrower a Lender in Connection with this Security
Instrument must be in writing.
(a) Notices to Borrower. Unless Applicable Law requires a different method, any written notice to Borrower in con-
nection with this Security Instrument will be deemed to have been given to Borrower when (I) mailed by first class mail,
or (it) actually delivered to Borrower's Notice Address (as defined in Section 16(c) below) if sent by means other than first
class mall or Electronic Communication (as defined in Section 16(b) below). Notice to any one Borrower will constitute
notice to all Borrowers unless Applicable Law expressly requires otherwise. If any notice to Borrower required by this
Security Instrument is also required u rider Applicable Law, the Applicable Law requirement will satisfy the corresponding
requirement under this Security Instrument.
(b) Electronic Notice to Borrower. Uniessanother delivery method isrequired by Applicable Law, Lender may provide
notice to Borrower by e-mail or other electronic communication ("Electronic Communication") if: (1) agreed to by Lender
and Borrower in writing; (if) Borrower has provided Lender with Borrower's e-mail or other electronic address ("Electronic
Address"); (III) Lender provides Borrower with the option to receive notices by first class mail or by other non -Electronic
Communication instead of by Electronic Communication; and (iv) Lender otherwise complies with Applicable Law. Any
notice to Borrower sent by Electronic Communication in connection With this Security Instrument will be deemed to have
been given to Borrower when sent unless Lender becomes aware that such notice is not delivered. If Lender becomes
aware that any notice sent by Electronic Communication is not delivered, Lender will rosend such communication to
Borrower by first class mail or by other non -Electronic Communication. Borrower may withdraw the agreement to receive
Electronic Communications from Lender at any time by providing written notice to Lender of Borrower's withdrawal of
such agreement.
(0) Borrower's Notice Address. The address to which Lender will send Borrower notice ("Notice Address"} will be the
ProperlyAddress unless Borrower has designated a different address by written notice to Lender. If Lender and Borrower
have agreed that notice may be given by Electronic. Communication, them Borrower may designate an FlectrorticAddress
as Notfee Address. Borrower will promptly notify Lender of Borrower's change of Notice Address, including any changes
to Borrower's Electronic Address if designated as Notice Address. If Lenderspecifies a procedure for reporting Borrower's
change of Notice Address, then Borrower will report a change of Notice Address only through that specified procedure.
(d) Notices to Lender. Any notice to Lender will be given by delivering it or by mailing it by first class maf€to Lender's
address stated in this Security Instrument unless Lerder has designated another address (including an Electronic Address)
by notice to Borrower. Any notice in connection vAlh this Security Instrument will be deemed to have been given to Lender
only when actually received by Lender at Lender's designated address (which may include an Electronic Address). If any
notice to Lender required by this Security Instrument is also required under Applicable Law, the Applicable Law require-
ment will satisfy the corresponding requirement under this Security Instrument.
(e) Borrower's Physical Address. in addition to the designated Notice Address, Borrower will provide Lender with
the address where Borrower physically resides, if different train the Property Address, and notify Lender wherever this
address changes.
17. Governing Law; Severability; Rules of Construction. This Security instrument is governed by federal law
and the law of the State of North Carolina. All rights and obligations contained in this Security Instrument are subject to
any requirements and limitations of Applicable Law, Il any provision of this Security Instrument or the Note conflicts with
Applicable Law (i) such conflict will not affect other provisions of this Security Instrument or the Note that can be given
effect without the conflicting provision, and (it) such conflicting provision, to the extent possible, will be considered modi-
fied to comply with Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or
it might he Silent, but such silence should not be construed as a prohibition against agreement by contract. Any action
required under this Security Instrument to be made in accordance with Applicable Law is to be made in accordance with
the Applicable Law in effect at the time the action is undertaken.
As used in this Security Instrument: (a) words in the singular will mean and includa the plural and vice versa; (b) the
word "may" gives sole discretion without any obligation to take any action; (c) any reference to "Section' in this document
refers to Sections contained in this Security Instrument unless otherwise noted; and (d) the headings and captions are
Inserted for convenience of reference and do not define, limit, or describe the scope or intent of this Security Instrument
or any particular Section, paragraph, or provision.
18. Borrower's Copy. One Borrower will be given one copy of the Note and of this Security Instrument.
19. Transfer of the Property or a Beneficial interest in Borrower. For purposes of this Section 19 only, "Interest in
the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests
transferred in a bond for deed, contract for deed, installment sales contract, or escrow agreement, the Intent of which is
the transfer of title by Borrower to a purchaser at a future date.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural
person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may
require immediate payment in full of all sums secured by this Security Instrument. However, Lender will not exercise this
option it such exercise is prohibited by Applicable Law.
It Lender exercises this option, Lender will give Borrower notice of acceleration. The notice will provide a period
of not less than 30 days from the date the notice is given in accordance with Section 16 within which Borrower must
pay all surns secured by this Security Instrument. If Borrower fails to pay these sums prior to, or upon, the expiration
of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand
on Borrower and will be entitled to collect all expenses incurred in pursuing such remedies, including, but not limited
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to: (a) reasonable attorneys' fees and costs; (b) property inspection and valuation fees; and (c) other fees incurred to
protect Lender's interest in the Property and/or rights under this Security Instrument.
20. Borrower's Right to Reinstate the Loan after Acceleration. If Borrower meets certain conditions, Borrower will
have the right to reinstate the Loan and have enforcement of this Security instrument discontinued at anytime up to the later
of (a) five days before any foreclosure sale of the Property, or (b) such other pahod as Applicable Law might specify for the
termination of Borrowers right to refnstate.This right to reinstate will not apply in the rase of acceleration under Section 19.
To reinstate the Loan, Borrower must satisfy all of the following conditions: (aa) pay Lender all sums that then would
be due under this Security Instrument and the Note as 4 no acceleration had occurred; (bb) cure any Default of any
other covenants or agreements under this Security Instrument or the Nola; (cc) pay all expenses incurred in enforcing
this Security Instrument or the Note, including, but not limited to: (I) reasonable attorneys' fees and costs; (I!) property
inspection and valuation fees; and (iii) other fees incurred to protect Lender's interest in the Property and/or rights under
this Security Instrument orthe Note; and (dd) take such action as Lender may reasonably require to assure that Lender's
interest in the Property and/or rights under this Security instrument or the Note, and Rorrower's obligation to pay the
sums secured by this Security Instrument or the Note, will continue unchanged.
Lender may require that Borrower paysuch reinstatement sums and expenses in one or more of the following forms,
as selected by Lender: (aaa) cash; (bbb) money order; (oce) corliffed cheek, bank check, treasurer's cheek, or cashier's
check, provided any such check is drawn upon an institution whose deposits are insured by a U.S. federal agency; instru-
mentality, or entity; or (ddd) Electronic Fund Transfer. Upon Borrower's reinstatement of the Loan, this Security Instrument
and obligations secured by this Security Instrument will remain fully effective as if no acceleration had occurred.
21. Sale of Note. The Note or a partial interest in the Note, together with this Security Instrument, may be sold or
othenv so transferred one or more times. Upon such a safe or other transfer, all of Lender's rights and obligations under
this Security Instrument will convey to Lender's successors and assigns.
22. Loan Servicer. Lender may take any action permitted under this Security Instrument through the Loan Servicer
or another authorized representative, such as a sub-servicer. Borrower understands that the Loan Servicer or other
authorized representative of Lender has the right and authority to take any such action.
The Loan Servicer may change one or more times during the term of the Note. The Loan Servlcer may or may not
be the holder of the Note. The Loan Servicer has the right and authority to: (a) collect Periodic Payments and any other
amounts due under the Note and this Security Instrument; (b) perform any other mortgage loan servfcing obligations;
and (c) exercise any rights under the Note, this Security Instrument, and Applicable Law an behalf of Lender. If there is a
change of the Loan Servicer; Borrower will be given written notice of the change which wffl state the name and address
of the new Loan Servicer, the address to which payments should be made, and any other information RESPA requires
in connection wilh a notice of transfer of servicing.
23. Notice of Grievance. Until Borrower or Lender has notified the other party (in accordance with Section 16) of
an alleged breach and afforded the other party a reasonable period after the giving of such notice to take corrective
action, neither Borrower nor Lender may commence, Join, or be joined to any judicial action (either as an individual
litigant or a member of a class) that (a) arises from the other party's actions pursuant to this Security instrument or the
Note, or (b) alleges that the other party has breached any provision of this Security Instrument or the Note, If Applicable
Law provides a time period that must elapse before certain action can be taken, that time period will be deemed to be
reasonable for purposes of this Section 23. The notice of Default given to Borrower pursuant to Section 26(a) and the
notice of acceleration given to Borrower pursuant to Section 19 will be deemed to satisfy the notice and opportunity to
take corrective action provisions of this Section 23.
24. Hazardous Substances.
(a) Definitions, As used in this Section 24: (i)'Enviromneniai Law' means any Applicable Laws where the Property
is located that relate to health, safety, or environmental protection; (€i) "Hazardous Substances" Include (A) those sub-
stances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law, and (B) the following
substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile
solvents, materials containing asbestos or formaldehyde, corrosive materials or agents, and radioactive materials;
(iii) "Environmental Cleanup' includes any response action, remedial action, or removal action, as defined in Environ-
mental Law; and (iv) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger
an Environmental Cleanup.
(b) Restrictions on Use of Hazardous Substances. Borrowerwill not cause or permit the presence, use, disposal,
storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property.
Borrower will not do, nor allow anyone else to do, anything affecting the Property that- (i) violates Environmental Law;
(11) creates An Environmental Condition; or (iii) due to the presence, use, or release of a Hazardous Substance, creates a
condition that adversely affects or could adversely affect the value of the Properly. The preceding two sentences will not
apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally
recognized to be appropriate to normal residential uses and to maintenance (if the Property (including, but not limited to,
hazardous substances in consumer products).
(c) Notices; Remedial Actions. Borrower will promptly give Lender written notice of: (i) any investigation, claim,
demand, lawsuit, or other action by anygovernmental or rogulatoryagencyor private party involving the Property and any
Hazardous Substance or Environmental Law of which Borrower has actual knowledge; (ii) any Environmental Condition,
including but not limited to, any spilling, leaking, discharge, release, or threat of release of any Hazardous Substance; and
(iii) any condition caused by the presence, use, or release of a Hazardous Substance that adversely affects the value of
the Properly. If Borrower learns, or is notified by any governmental or regulatory authority or any private party, that any
removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower will promptly
take all necessary remedial actions in accordance with Environmental Law. Nothing in this Security lnstrument will create
any obligation on Lender for an Environmental Cleanup,
25. Electronic Note Signed with Borrower's Electronic Signature. 14 the Note evidencing the debt for this Loan
is electronic, Borrower acknowledges and represents to Lender that Borrower; (a) expressly consented and intended to
sign the electronic Note using an Electronic Signature adopted by Borrower ('Borrower's Electronic Signature") instead
of signing a paper Note with Borrower's written pen and ink signature; (b) did not withdraw Borrower's express consent
to sign the electronic Note using Borrower's Electronic Signature; (c) understood that by signing the electronic Note using
NORTH CAROLINA— Sngie Family— Fannie Maa/Freddie Mao UNIFORM INSTRUMENT (MERS) Form 3034 0712021
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LOAN 4: 2403050476
Borrower's Electronic Signature, Borrower promised to pay the debt evidenced by the electronic Note In accordance with
its terms; and (d) signed the electronic Note with Borrowers Electronic Signature with the intent and understanding that
by doing so, Borrower promised to pay the debt evidenced by the electronic Note in accordance with its terms.
NON -UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
26. Acceleration; Remedies.
(a) Notice of Default. Lender will give a notice of Default to Borrower prior to acce€erafion fallowing Borrower's
Default, except that such notice of Default will not be sent when Lender exercises its right under Section 19 unless
Applicable Law provides otherwise -The notice will specify, In addition teeny other information required by Applicable Law:
(I) the Default; (it) the action required to cure the Default; (iii) a date, not less than 30 days (or as otherwise specified by
Applicable Law) from the date the notice is given to Borrower, by which the Default must be cured; (Iv) that failure to cure
the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security
Instrument and sale of the Property; (v) Borrower's right to reinstate after acceleration; and (vl) Borrower's right to deny in
the foreclosure proceeding the existence of a Default or to assert any other defense of Borrower to acceleration and sale,
(b) Acceleration; Power of Sale; Expenses. If The Default is not cured on or before the date specified in the notice,
Lender may require immediate payment in full of all sums secured by this Security Instrument without further demand
and may invoke the power of sale and any other remedtes permitted by Applicable Law. Lender will be entitled to collect
all expenses incurred In pursuing the remedies provided In this Section 26, including, but not limited to: (i) reasonable
aYorneys' fees and costs; (k) property inspection and valuation fees; and (III) other fees incurred to protect Lenders inter-
est in the Property and/or rights under this Security Instrument,
(c) Notice of Sale; Sale of Property. If Lender invokes the power of sale, and if it is determined in a hearing held
In accordance with Applicable Law that Trustee can proceed to sale, Trustee will take such action regarding notice of sale
and will give such notices to Borrower and to the other required recipients. At a time permitted, in accordance with Appli-
cable Law, and after publication of the notice of sale, Trustee, without further demand on Borrower, will sell the Property
at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one
or more parcels and in any order Trustee determines. Lender or its designee may purchase the Property at any sale.
(d) Trustee's Deed; Proceeds of Sale. Trustee will deliver to the purchases aTrustee's deed conveying the Property
without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed will be prima facie evidence of
the truth of the statements made in that deed. Trustee will apply the proceeds of the sale in the following order: (i) to all
expenses of the sale, Including, but not limited to, Trustee's fees of 0.00 °h of the gross sale price;) (ii) to all sums
secured by this Security Instrument; and (ill) any excess to the person or persons legally entitled to it. The interest rate
set forth in the Note shall apply whether before or after any judgment on the indebtedness evidenced by the Note.
2Z Release. Upon payment of all sums secured by this Security Instrument, Lender or Trustee wall cancel this Secu-
rity instrument. if Trustee Is requested to release this Security Instrument Lender will surrender all Notes evidencing the
debt secured by this Security Instrument to Trustee. Borrower will pay any recordation costs associated with such release.
Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for
services rendered and the charging of the fee is permitted under Applicable Law,
28. Substitute Trustee. Lender may, from time to time, by itself or through the Loan Servicer, remove Trustee and
appoint a successor trustee to any Trustee appointed under this Security Instrument by an instrument recorded in the
county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee will suc-
ceed to all the rights, title, power, and duties conferred upon Trustee in this Security Instrument and by Applicable Law.
29. Attorneys' Fees. Attorneys' fees must be reasonable.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instru-
ment and in any Rider signed by Borrower and recorded with it.
0
State of NORTH CAROLiNA
County of GI&H`AW VJA-l(4
I certify that the following person(s) personally appeared before me this day, each acknowledging to me
that he or she voluntarily signed the foregoing document: KAREN HOOKER.
Da : 1 (Official Seal)
I Offi la Signature of No
KARA D HAND
Notary's printed or typed name, Notary Public Y PUBLIC
WAi(6 COUNTY, NORTH OAROLINA
My COMMI$510n E yeses 06.07-202b
My commission expires:
NORTH CAROLINA —single Family— Fannie Maeff reddle Mac UNIFOR14 INSTRUMENT (LIERS) Form 3034 07l2021
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,

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LOAN #: 2403050475
Lender: Bay Equity LLC
NMLS ID: 76988
Loan Orlglnator: Mark Egufa
NMLS ID: 1289252
NORTH CAROLINA — Singlo Family— Fannie hlaelFreddle Mac UNIFORM INSTRUMENT (R1ERS) Form 3034 07/2021
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1

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ATTACHMENT
LYING ON THE NORTH SIDE OF CLEMENTS DRIVE AND BEING ALLOF LOT 17, BLOCK C, COLONIALACRES AS
SHOWN ON PLATAND SURVEYTHEREOF RECORDED IN THE OFFICE OF REGISTER OF DEEDS FOR DURHAM
COUNTY, NORTH CAROLINA IN PLAT BOOK 36,AT PAGE 50, REFERENCE TO WHICH PLAT IS MADE FOR AMORE
PARTICULAR DESCRIPTION,
PARCEL ID:160261
24HO6060PA
2210 CLEMENTS DRIVE, DURHAM, NC 27704

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LOAN #: 2403050475
MIN:1006166-0004176603-2
SECOND HOME RIDER
THIS SECOND HOME RIDER is made this 3rd day of May, 2024 and
is incorporated into and amends and supplements the Mortgage, Mortgage Deed,
Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by
the undersigned (the "Borrower;' whether there are one or more persons undersigned)
to secure Borrower's Note to Bay Equity LLC, a California Limited Liability
Company
(the "Lender")
of the same date and covering the Property described in the Security Instrument (the
"Property'), which is located at:2213 Clements Or, Durham, NC 27704.
In addition to the representations, warranties, covenants, and agreements made in
the Security Instrument, Borrower and Lender further covenant and agree that Sections
6 and 8 of the Security Instrument are deleted and are replaced by the following:
6. Occupancy. Borrower must occupy and use the Property as Borrower's
second home. Borrower will maintain exclusive control over the occupancy of
the Property, including short-term rentals, and will not subject the Property to
any timesharing or other shared ownership arrangement or to any rental pool or
agreement that requires Borrower either to rent the Property or give a manage-
ment firm or any other person or entity any control ovor tho occupancy or use of
the Property. Borrower will keep the Property available primarily as a residence
for Borrower's personal use and enjoyment for at least one year after the date
of this Security Instrument, unless Lender otherwise agrees in writing, which
consent will not be unreasonably withheld, or unless extenuating circumstances
exist that are beyond Borrower's control.
8. Borrower's Loan Application. Borrower will be in Default if, during the
Loan application process, Borrower or any persons or entities acting at Bor-
rower's direction or with Borrower's knowledge or consent gave materially false,
misleading, or inaccurate information or statements to Lender (or failed to pro-
vide Lender with material information) in connection with the Loan, including,
but not limited to, overstating Borrower's income or assets, understating or fall-
ing to provide documentation of Borrower's debt obligations and liabilities, and
MULTISTATE SECOND HOME RIDER —Single Family— Fannle h1aelFreddie Mac UNIFORM INSTRUMENT
Fw.n 3890 0712021
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LOAN #: 2403050475
misrepresenting Borrower's occupancy or Intended occupancy of the Property
as Borrower's second home.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants
contained in this Second Home Rider.
` _-.
���" 3�(Seal)
KARE HOOKER DAT
MULTISTATE SECOND HOME BIDER— Single Family— Fannie MaefFreddle lilac UNIFORM INSTRUMENT
Farm 3890 OTl2021
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NORTH CAROLINA DEPARTMENT OF
ENVIRONMENTAL QUALITY
INVOICE 2 0 2 4 P R 0 1 0 2 4 3
Annual Permit Fee Open
This annual fee is required by the North Carolina Administrative Code. It covers the administrative costs associated
with your permit. It is required of any person holding a permit for any time during the annual fee period, regardless
of the facility's operating status. Failure to pay the fee by the due date will subject the permit to revocation.
Operating without a valid permit is a violation and is subject to a $10,000 per day fine. If the permit is revoked and
you later decide a permit is needed, you must reapply, with the understanding the permit request may be denied
due to changes in environmental, regulatory, or modeling conditions.
Invoice Number: 2024PRO10243
Permit Number: NCG551791
Durham County
2219 Clements Drive
Koneru R. Rao
1423 Broad St
Durham, NC 27704
Annual Fee Period: 11/01/2024 to 10/31/2025
Invoice Date: 10/08/2024
Due Date: 11/07/2024
Annual Fee: $60.00
Notes:
1. You may pay either by mail with check/money order OR by electronic payment (eCheck or Credit Card).
2. If payment is by check/money order, please remit payment to:
NCDEQ - Division of Water Resources
Attn: Animal/Discharge/Non-Discharge Billing
1617 Mail Service Center
Raleigh, NC 27699-1617
3. If payment is electronic, please see https://epay.deg.nc.gov/wq-epayments.htmi to pay electronically. Payments by eCheck will
debit your checking account. Credit card transactions will incur a convenience fee.
4. Please include your Permit Number and Invoice Number on all correspondence.
5. A $35.00 processing fee will be charged for returned checks in accordance with North Carolina General Statute 25-3-506.
6. The Department cannot accept checks older than 6 months under Uniform Commercial Code 4-404.
7. Non -Payment of this fee by the payment due date will initiate the permit revocation process.
8. Should you need to update any Owner/Permit/Contact information or have any questions regarding this invoice, please send
email to dwgepayOdeg.nc.goy or you may also contact the following:
- NPDES WW Program Administrative Contact at 919-707-3601 or
- Annual Administering and Compliance Fee Coordinator at 919-707-3698
(Return This Portion With Check)
* 2 0 2 4 P R 0 1 0 2 4 3
ANNUAL PERMIT INVOICE
Open
Invoice Number: 2024PRO10243
Permit Number: NCG551791
Durham County
2219 Clements Drive
Koneru R. Rao
1423 Broad St
Durham, NC 27704
Annual Fee Period: 11/01/2024 to 10/31/2025
Invoice Date: 10/8/2024
Due Date: 11/7/2024
Annual Fee: $60.00
Check Number:

Durham County Property Record Card
Property Summary
Tax Year: 2024
REID 160261
PIN
0833-93-4548
Property Owner HOOKER, KAREN
2219 CLEMENTS
COLONIAL ACRES/BLK:C/LT#1 7
183 READING
Location DR
Property
PL:000036-000050
Owner's Mailing AVE
Address
Description
Address TITUSVILLE FL
32796
Administrative Data
Transfer Information
Property Value
Plat Book & Page
000036-000050
Deed Date
5/6/2024
Total Appraised Land Value $32,827
Old Map #
Deed Book
010097
Total Appraised Building Value $120,272
Market Area
R843A
Deed Page
00551
Total Appraised Misc
Township
NONE
Revenue Stamps
$850
Improvements Value
Planning Jurisdiction
DURHAM COUNTY
Package Sale Date
5/6/2024
Total Cost Value $153,099
City
Package Sale Price
$425,000
Total Appraised Value -Valued By $153,099
Cost
Fire District
REDWOOD-FD
Land Sale Date
Other Exemptions
Spec District
CAPITAL FINANCE
Land Sale Price
Exemption Desc
Land Class
RES/ 1-FAMILY
Use Value Deferred
History REID 1
Improvement Summary
Historic Value Deferred
History REID 2
Total Buildings
1
Total Deferred Value
Acreage
0.46
Total Units
0
Total Taxable Value $153,099
Permit Date
Total Living Area
1,473
Permit #
Total Gross Leasable Area
0