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Home My WebLink About07-11 DeedI w E Michael L. Bryan 116 S. Braddock St. 'Winchester, VA TrYIS DEED AND DEED OF ASSUMPTION (the "Deed"), made this 16`h day of June, 2011, between TURNER ENTERPRISES, L.L.C., a Virginia Limited Liability Company, hereinafter called the "Grantor"; STARLITE C 14PANIES, LLC, a Virginia Limited Liability Company, hereinafter called the "Grantee"; and BANK OF CLARK. COUNTY, a banking institution organized under the laws of the Commonwealth of Virginia, hereinafter called "Ban;". CONVEYANCE: WITNESSETH: That for and inconsideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Grantor does grant and convey, with General Warranty of Title, unto the Grantee, in fee simple, the following described real estates: All of that certain lot or parcel of land, together with all improvement thereon and all rights, rights of way and appurtenances thereunto belonging, lying and being situate in Shawnee Magisterial District, Frederick County, Virginia, fronting on the South side of Cedar Creek Grade (VA Sec. Route 622) , containing 1.000 acres, more or less, designated as "PIN 63 -A -2H Turner Enterprises, L.L.C. Instr. 4010001683" on that certain plat titled "Boundary Line Adjustment Plat Between the Lands of Turner Enterprises, L.L.C. and Greystone Properties, LLC", dated September 26, 2002, drawn by H. Bruce Edens, L.S,, a copy of which is attached to and made a part of that certain Deed of Exchange dated December 3, 2002, of record in the Clerk's Office of the Circuit Court of Frederick County, Virginia as Instrument No. 020020982; and being the same property which was conveyed to Turner Enterprises, L.L.C. by that certain Deed dated November 26, 2001, of record in the aforesaid Clerk's Office as Instrument No. 010016832, and by the aforesaid Deed of Exchange dated December 3, 2002, of record in the aforesaid Clerk's Office as Instrument No. 020020982. Reference is hereby made to the aforesaid instruments and the references therein contained for a more particular description of the property conveyed hereby. Tax Map No.: 63 -A -2H This conveyance is made subject to all easements, rights of way and restrictions of record affecting the aforesaid property; provided, however, that the foregoing shall not be deemed in any way to reinstitute or republish any restrictions of record that may have expired or lapsed. ASSUMPTION OF INDEBTEDNESS: A. This conveyance is made subject to the lien of that certain Credit Line Deed of Trust dated February 29, 2008 from Turner Enterprises, L.L.C. to Stephen L. Pettler, Jr. and 1 1Vlichael L. Bryan 116 S. Braddock St. Winchester, JA Michael L. Bryan, Trustees, given to secure the Bank of Clarke County up to but not exceeding in the aggregate, at any one time, the principal sum of $310,000.00, which Deed of Trust encumbers the hereinabove described property and is of record in the Clerk's Office of the Circuit Court of Frederick County, Virginia as Instrument No. 080002491, as corrected by that certain Correction and Amendment of Deed of Trust dated March 23, 2011, of record in the aforesaid Clerk's Office as Instrument No. 110002820 (the "Deed of Trust") B. As noted above, the Deed of Trust was initially given to secure that certain Universal Note and Security Agreement dated February 29, 2008 executed by Turner Enterprises, L.L.C., payable to Bank of Clarke County, in the original principal sum of $310,000.00 (the "h?ote"), which Deed of Trust encumbers the hereinabove described property. C. The Note has been renewed and is presently evidenced by that certain Renewal Note dated June 16, 2011 in the principal sum of $276,103.34 executed by Turner Enterprises, L.L.C., together with interest thereon as more fully set forth therein (the "Ren.ewai Note") D. The Deed of Trust secures the Renewal Note. E. Starlite Companies, LLC, Grantee herein, has agreed to assume the indebtedness evidenced by the Renewal Note and to comply with and to be bound by the terms of the Deed of Trust, as more fully set forth hereinafter. F. Turner Enterprises, L.L.C. shall remain liable under the terms fo the Note as evidenced by the Renewal Note and shall not be released from liability by the terms of this Deed and Deed of Assumption. NOW THER-E-1 1IZE FURTHEI ` ITNESSET;ti : That for and inconsideration of the sum of Ten Dollars ($10.00), cash in hand paid; and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: Starlite Companies, LLC, Grantee herein, as evidenced by its execution of this Deed, hereby specifically agrees to assume liability for the payment of all outstanding sums due under the Renewal Note in the original principal sum of $276,103.34, together with any and all renewals, extensions, modifications and/or substitutions thereof, as part of the consideration 2 Michael L. Bryan 116 S. Braddock St. Winchester, VA of this conveyance. The Grantee specifically agrees to be and to hereafter remain bound by all of the terms and conditions of the Renewal Note and the Deed of Trust securing the Renewal Note, and all other instruments executed in connection therewith (collectively, the "soar Documents"). The Grantor and Grantee further agree that there are no claims, offsets, defenses, or counterclaims whatsoever to the Loan Documents and/or the indebtedness evidenced thereby, and that the Loan Documents are valid, binding and fully enforceable in accordance with the terms thereof. 2. The Grantor and the Grantee herein further agree that there are no defenses, claims, offsets or counterclaims whatsoever pertaining to or arising from the Loan Documents or any of them. The Bank of Clarke County j oins in this Deed for the express purpose of and does hereby consent to the transfer of title to the hereinabove described Property, but expressly retains the right to demand payment in full in the event that the Property is again or hereafter transferred or conveyed by the Grantee. 4. Except as noted above, the Grantor does hereby covenant that it has the right to convey to the Grantee; that the Grantee shall have quiet and peaceable possession of the said property, free from all liens and encumbrances (excepting the lien of the Deed of Trust as referenced hereinabove); and it will grant such further assurances of title as may be requisite. WITNESS the following signatures and seals: TURNER ENTERPRISES, L.L.C. By: �"` % ,SEAL) R,urner, Manager STATE OF VIRGINIA, AT LARGE, CITY OF WINCHESTER, to -wit: The foregoing instrument was acknowledged before me this day of June, 2011, by Turner Enterprises, L.L.C. as Manager of Turner Enterprises, L.L.C., a Virginia Limited Liability Company. My commission expires 3 NOTARY PUBLIC STARLITE COMPANIES, LLC (SEAL) Jane E. Nelson, Manager STATE OF VIRGINIA, AT LARGE, CITY OF WINCHESTER, to -wit: The foregoing instrument was acknowledged before me this day of June, 2011, by Jane E. Nelson as Manager of Starlite Companies, LLC, a Virginia Limited Liability Company. My commission expires NOTARY PUBLIC BANK OF CLARKE COUNTY By: / / / (SEAL) ale L. Fritts, Senior Vice President STATE OF VIRGINIA, AT LARGE_, CITY OF WINCHESTER, to -wit: The foregoing instrument was acknowledged befog me this i L 4'day of June, 2011. by Dale L. Fritts, who is Senior Vice President of Bank y f�larke County. My commission expires -113111 MLB/pmn c:\Deeds\Starlite Deed of Assumption 6/13/11 Michael L. Bryan 116 S. Braddock St. Winchester, VA NOTARY PUBLIC E 62 FREDERICK COUNTY 53