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200507874 Event of Default, Lender shall have the remedies of a secured party under the UCC. In exercising any of said remedies, Lender may proceed against the items of real property and any items of personal property specified above as part of the Property separately or together and in any order whatsoever, without in anyway affecting the availability of Lender's remedies under the UCC or of the remedies provided herein. THE COLLATERAL IS OR INCLUDES FIXTURES. The following information is provided in order that this Security Instrument shall comply with the requirements of the UCC as enacted in the State of North Carolina, for instruments to be filed as financing statements: (i) The name of the "debtor" is the same as that set forth for Borrower on page 1 hereof ; and the name of the "secured party" is the same as that set forth for Lender on page 1 hereof ; the mailing address of the "secured party" from which information concerning the security interests may be obtained and the mailing address of the "debtor" are as set forth in the preamble of this Security Instrument; and a statement indicating the types, or describing the items, of collateral is set forth hereinabove in the granting clauses; (ii) The record owner of the real property described on Exhibit A is the Fee Owner; (iii) Borrower's jurisdiction of organization is Delaware and Borrower's organizational ID number is set forth on the signature page hereof. (d) Future Advances. This Security Instrument secures all present and future loan disbursements made by Lender under the Note, and all other present and future obligations from time to time owing to Lender by the Borrower under the Loan Documents. The amount of the present obligations secured hereby is the Loan Amount, and the maximum principal amount, including present and future obligations, which may be secured hereby at any one time is two (2) times the Loan Amount, plus interest, costs and advances made by Lender to protect or preserve the Premises or the lien of this Security Instrument, or for taxes, assessments or insurance premiums as herein provided. The time period within which such future disbursements are to be made and other obligations are to be incurred is the period between the date hereof and the date FIFTEEN (15) YEARS from the date hereof. Disbursements secured hereby shall not be required to be evidenced by a "written instrument or notation" as described in Section 45 -68(2) of the North Carolina General Statutes, it being the intent of the parties that the requirements of Section 45 -68(2) for a "written instrument or notation' ' for each advance shall not be applicable to disbursements made under the Note. (e) Borrower hereby waives any rights or remedies on account of any extensions of time, releases granted or other dealings between Lender and any subsequent owner of the Property as said activities are contemplated or otherwise addressed in N.C. Gen. Stat. Sec. 45 -45.1 or any similar or subsequent law. The foregoing waiver shall not be construed as affecting or otherwise amending the covenants of Borrower contained in Article IX hereof. (f) The Maturity Date of the Note, upon which date the entire outstanding principal of the Note, to the extent not theretofore paid, together with all accrued and unpaid interest and any other amounts due under the Note, if not sooner paid shall be due and payable in full on the Payment Date occurring in the calendar month subsequent to the month in which the Closing Date occurs in 2015. (g) Any reference to reasonable attorneys' or legal fees in this Security Instrument or any other Loan Documents shall be deemed to be fees based on the amount of time actually expended in connection with such matters at the attorneys' hourly rate and expenses related thereto, notwithstanding the provisions of North Carolina General Statutes §6 -21.2. Section 18.45. Certain Matters Relating to Property Located in the State of Oregon. With respect to the Property which is located in the State of Oregon, notwithstanding anything contained herein to the contrary: (a) Borrower warrants that this Security Instrument is not and will at all times continue not to be a residential trust deed as the term is defined in ORS 86.705(3), or any successor to such provision. Vi!