Loading...
HomeMy WebLinkAbout15-08 Final PlatM - -� o o w 000 o O © O 0 � w 25 3 24 _8.6863 ACRES 4, PORTION NORTH OF o YARDMASTER COURT o C 1 YARDMASTER COURT VARIABLE WIDTH R/W �` Y1 INS No. 050017512 20 1 ��� 621 z 2 \ 14 15 16 I (� a 17 18 . ./ 12 RESIDUE OF 2 6011 < o 10 TAX PARCEL 11 44 -A -75 �? 28. 1055 ACRES (TOTAL) 19.4192 ACRES 5 ' a V o o . PORTION 5'DUTH OF `YARDMASTER COURT, 6 Q 1 2 1- OB ' V, C 75X SEE %HST, No. 030024641 250 0 250 LEGEND = CENTERUNf OF PAVEMENT GRAPHIC SCALE (IN FEET) R/W = RIGHT OF WAY O ADJOINING PROPERTY OWNER TAG NOTE REFERS TO KEY ON SHEET 2 SEE SHEET 2 FOR N07ES AND KEY TO ADJOINING PROPERTY OWNERS. �n CORNER MONUMENT TAG REFERS TO CORNER SEE SHEETS 3 & 4 FOR METES �� J7 DESCRIBED IN METES dt BOUNDS DESCRIP7ON AND BOUNDS DESCRIPTION, BOUNDARY SURVEY OF THE LAND OF L f ��� THE ADAMS DEVELOPMENT GROUP, INC. LL STONEWA MAG/STERAL DISTRICT, FREDt RICK COUNTY V/RG/N!A a e SCALE: 1" = 250' DATE: APRIL,24, 2007. GREENWAI( ENGINEERING, me. 151 W Lane Survm ors Winchester, Virginia 22602 4 ( q " eY Telephone: (540) 662 -4185 FAX: (540) 722.9528 3949 1 SHEET I OF 4 Founded in 1971 www.greenwayeng.com F O • W TAX MAP # 44 A 75/91 A 23 /9113 -A -53 070007323 Parcel Number: ❑ THIS IS A REFINANCE OF A DEED OF TRUST RECORDED IN THE CLERK'S OFFICE, CIRCUIT COURT OF ............................... ............................... VIRGINIA, IN DEED BOOK .................. ............................... PAGE ................. IN THE ORIGINAL PRINCIPAL AMOUNT OF $ ............ ............................... AND WITH THE OUTSTANDING PRINCIPAL BALANCE WHICH IS $ This document was prepared by: THE MARA77TON BANK Commonwealth of Vlrgiolat Space Above This Line For Recording Data THIS IS A CREDIT LINE DEED OF TRUST (W? Future Advance Clause) I. DATE AND PARTIES. The date of this Credit 1,me Deed of Trust (Security Instrument) is—M-93., .2.4.47............ and the parties, their addresses and tax identification numbers, if required, are as follows: GRANTOR: THE ADAMS DEVELOPMENT GROUP, INC. 156 BIG TIMBER DRIVE CROSS JUNCTION VA 22625 ❑ If checked, refer to the attached Addendum incorporated herein, for additional Grantors, the Signatures and acknowledgments. TRUSTEE: JAMS C. YOUNGBLOOD STEPHEN G BUTLER 4095 VALLEY PIKE 112 S CAMERON STREET WINCHESTER, VA 22602 WINCHESTER, VA 22601 LENDER: THE tNLRATBON BANK 4095 VALLEY PIKE WINCHESTER, VA 22602 2. CREDIT LINE DEED OF TRUST. THIS IS J. CREDIT LINE DEED OF TRUST within the meaning of Section 55 -58.2 of the Code of Virginia (1950), as amended. For purposes of such section, (i) the name of the noteholder secured by this Security Instrsimeat is .......... TH$.. MARtt? t? OI ......... ............................... .............................. . (ii) the address at which communications may be -mailed or delivered to the noteholder is .A44.S..K?4FkFiX..$K .......... w ?F?CE4$�THRr.. VA..$ ..................... ............................... . and (iii) the maximum aggregate principal amount ro be secured is .FS!9..?r . }� €.1}!it1jXf ;4..9.gwfiRK� . t?)4K @.�?lfl. f ;vS. h!?fl4 g .. .AR(. ?.QR... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made miler the terms of this Security Instrument to protect Lender's security and to perform say of the covenants contained in this Security Instrument. 3. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Grantor's perforulanee under this Security Instrument, Grantor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Lender, with power of sale, the following described Property: SEE ATTACHED SCHEDULE 'A' The property is located in... QERICIi ............ .......................1....... at ................... ............................... (County (or Ciry)) ... .2✓3.:. }DOS..AS..{a.1'QS7wAF,�, 7 �I . A�...$' FPFD3FIsoN/. M7 ,PRP.?'lXfdLl...., Virginia 27b56 /22645....... (Addrw) DP� 1 - (City) _ (ZIP Code) Together with all rights, casements, appurtenances royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments mTdt, to. crop " producers, all water and riparian rights, wells, ditches, reservoirs, and water stock and all existing and fU01? improvements, structures, fixtures, and rpelacements that may now, or at any time in the future, be part of the real estRic described above (all referred to as "Property ). 4, SECURED DEBT AND FUTURE ADVANCES. (he term "Secured Debt" is defused as follows: A. Debt incurred under the terms of all promissery mte(s), contract(s), guaranty(ies) or other evidence of debt described below and all their extensions, renewals, mchlifications or substitutions. (When referencing the debts below it is suggested that you includelitems such as borrowers' manes, note amou sts, interest rates, maturity dates, etc.) NOTE DATED MAY 02, 2007 IN THE AMOUNT OF $2,117,500.00 MATURITY DATE OF MAY 31, 2009 SAID IRAN IN THE NAME(S) OF THE ADAMS DEVELOPMENT GROUP, INC. VIRGINIA - AGRICULTURAWCOMMFJICIAL DEED OF TRUST NOT FOR FNW, FNUAC, FNA OR VALISE, AND UT NR CONSUMES PURPOSEa1 (page col 6) A 0 1094 SWIM" SWn roc., ac Cloud- MN Form AG/CG T -VA 016/2002 i.f/�„ /yNy — _ o CA) B. All future advances from Lender to Grantot yr other future obligations of Grantor to Lender under any promissory note, contract, guaranty, or other evidence or eebt existing now or executed after this Security Instrument whether or not this Security Instrument is specifically ieferenced. If more than one person signs this Security Instrument, each Grantor agrees that this Security htstnixent will secure all future advances and future obligations that are given to or incurred by any one or more Grantor, or any one or more Grantor and others. All fur= advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be :.greed to in a separate writing. C. All obligations Grantor owes to Lender, which now exist or may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Grantor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of the right of rescission. 5. PAYMENTS. Grantor agree, that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. WARRAN'T'Y OF TITLE. Grantor warrants that Grantor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey and sell the Property to Trustee, in trust, with power of sale. Grantor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Grantor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Grantor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any tote or agreement secured by the lien document without Lender's prior written consent. S. CLAIMS AGAINST TITLE. Grantor will pay all t axes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Grantor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Grantor's payment. Grantor will defend tide to the Property against any claims that would impair the i:eij of this Security Instrument. Grantor agrees to assign to Lender, as requested by Lender, any rights, claims or defense: Grantor may have against parties who supply labor or materials to maintain or improve the Property. 9. DUE ON SALE OR ENCUMBRANCE. Lender my, at its option, declare the entire balance;of the Secured Debt to be immediately due and payable upon the creation of, of contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall reiWin in effect until the Secured Debt is paid in full and this Security Instrument is released. NOTICE - THE DEBT SECURED HEREBY IS SUBJECT TO CALL IN FULL OR THE TERMS THEREOF BEING MODIFIED IN THE EVENT OF SALE OR CONVEYANCE OF THE PROPERTY CONVEYED. 10. TRANSM OF AN INTEREST IN THE GRANTOR. If Grantor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Grantor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is 'a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Security Instrument. 11. ENTITY WARRANTIES AND REPRESENTATIONS. If Grantor is an entity other than a natural person (such as a corporation or other organization), Grantor makes to Lender the following warranties and representations which shall continue as long as the'Secumd Debt remains outstanding: A. Grantor is duly, organized and validly existing in the Grantor's state of incorporation or organization. Grantor is in good 'standing in all:atates in which Grantor transacts business. Grantor has the power and authority to own the Property andto carry on its business as now being conducted and, as applicable, is qualified to do so in each state in which Grantor operates. B. The execution, delivery and performance of this Security Instrument by Grantor and the obligation evidenced by the Secured Debt anti within the power of Grantor, have been duly authorized, have received all necessary governmental approval, and will not violate bay provision of law, or order of court or governmental agency. C. Other than previously disclosed in writing to Lender, Grantor has not changed its name within the last ten years and has not used any other trade or fictitious name. Without Lender's prior written consent, Grantor does not and will not use any other [tame and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied. 12. PROPERTY CONDITION, ALTERATIONS ANA) INSPECTION. Grantor will keep the Property in good condition and make all repairs that are reasonably necessary Grantor shall not commit or allow any waste, impairment, or deterioration of the Property. Grantor will keep the lhoperty free of noxious weeds and grasses. Grantor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Grantor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Grantor will notify Lender of all demands, proceedings, claims, and actions against Grantor, and of any loss or damage to the Pro No portion of the Property will be removed, dem!ulished =or materially altered without Lender's prior written as except that Grantor has the right to remove items of personal property comprising a part of the Property that become worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the replaced personal property. free from any tine retortion device, security agreement or other encumbrance. Such replacement of personal property will be deemed` subject to the security interest created by this Security Instrument. Grantor shall not partition or subdivide the Property without Lender's prior written consent. c � Y 1p�9e 2 of 61 •-- �•I-�� � 0 1994 BFN,xF Syaoma Inc., St. Clpq. MN Form AG/CO -0T -VA e/52002 P�— o w Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property, lender shall dive Grantor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Grantor will in no way rely on Lender's inspection. 13. AUTHORITY TO PERFORM. If Grantor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform tic cause them to be performed. Grantor appoints Lender as attorney in fact to sign Grantor's name or pay any amount necessary for performance. Larder's right to'perform for Grantor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all stets necessary to protect Lender's security interest in the Property, including completion of the construction. 14. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably grams, conveys and sells to Trustee, in trust for the benefit of the Lender, as additional security all the right, title and interest in and to say and all: A. Existing or future leases, subleases, Iicenses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreearemts (all referred to as "Leases'). B. Reny, issues and profits (all referred to as "Rents'), including but not limited to security deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other applicable faxes, insurance premium contributions, liquidated damages following default, cancellation premiums, loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Grantor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. In the event any item listed as Lasses or Rents is determined to be personal property, this Security Instrument will also be regarded as.a security agreement. Grantor will promptly provide Lender with titre and correct copies of all existing and future Leases. Grantor may collect, receive, enjoy and use the Ream so long as Grantor is not in default. Except for one lease period's rent, Grantor will not collect in advance any future Rents without Lender's prior written consent. Upon default, Grantor will receive Rents in trust for Lender and Grantor will not commingle the Rents with any other funds. Amounts collected shall be applied at Lender's discretion to payments on the Secured Ilebt as therein provided, to costs of managing, protecting and preserving the Property and to any other necessary related expenses including Larder's attorneys' fees and court costs. Grantor acknowledges that this assignment is imtutdiately effective between the parties to this assignment and effective as to. third parties on the recording of this Security Instrument. Grantor agrees that Lender is entitled to notify Grantor or Grantor's tenants to make payment of Rents due; or to become due directly to Lender after such recording, however, Lender agrees not to notifl Grantor's tenants until Grantor defaults and Lender notifies Grantor of the default and demands that Grantor and Grantors tenants pay all Rents due or to become due directly to Lender. On receiving the notice of default, Grantor will endorse and deliver to Lender any payments of Rents. Grantor warrants that no default exists under the :.eases or any applicable landlord law. Grantor also agrees to maintain, and to require the tenants to comply with, the Leases and any applicable law. Grantor will promptly notify Larder of any noncompliance. If Grantor neglects or refuses to enforce compliance with the terms of the Leases, then Lender or Trustee may opt to enforce compliance. Grantor will obtain Lender's written authorization before Grantor consents to sublet, modify, cancel, or otherwise alter the Leases, to incept the surrender of the Property covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future Rents. If Lander acts to manage, protect and preserve the Property, Lender does not assume or become liable for its maintenance, depreciation, or other losses or damages, except those due to Lender's gross negligence or Intentional torts. Otherwise, Grantor will hold Lender harmless and indemnify Lender for any and all liability, loss or damage that Lender may incur as a consequence of the assignment under this section. 15. LEASEH OLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Grantor agrees to comply with the provisions of any lease if this Security. Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Grantor will perform all of Grantor's duties [order the covenants, by -laws, or regulations of the condominium or planned unit development. 16. DEFAULT. Grantor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false or incorrect in any material respect by Grantor or any person or entity obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a receiver for; or application of any debtor relief law to, Grantor or any other person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; P. A material adverse change in Grantor's business including ownership, management, and financial conditions, which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 17. REMEDIES ON DEFAULT. In some instances, :tdeml and state law will require Lender to provide Grantor with notice of the right to cure, or otter notices and may estatdish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt x. d foreclose this Security Instrument in a mamrer provided by law if Grantor is in default. Af the option ,of Lender, all or any part of the agned fees and charges, accrued interest and principal shall become immediately due and payable, after giving notip; if required by law, upon the occurrence of p a default or anytime thereafter. In addition, Lender and Trustee shall be entitled to all the remedies provided by law, the tetras of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to direct the Trustee to execute the trust created hereby and in so doing exercise all of the powers under applicable law and as set forth in Va. Code Section 55 -59 and 55 -59.1 through 55 -59.4, as in effect on the date of this Deed of Test. If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Lender, advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash at such time and place as Trustee designates. Trustrx. shall give notice of sale including the tune, terns and place of sale and a description of the IPepe 3 0{ 61 Cam/ " 0 1094 aeNen sy"Grm, Inc., St. Claud, MN Tam AG/CD -DT -VA e16/300I tT 18. 19. 20. Property to be sold as required by the applicable.law in effect at the time of the proposed sate. Advertisement required: Advertisement shall be sufficient if published in 4lzwspaper having a general circulation in the County or City where the Property or some part thereof is located either (.ai once a week for two weeks, or (b) once a day for three days, which may be consecutive days. Upon any sale of the Property. Trustee will make and deliver a special or limited warranty deed that conveys the property sold to the purchase or Purchasers. Under [his srzcial or limited warranty deed, Trustee will covenant that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that Trustee will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Trustee. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. Upon sale of the Property, Trustee shall apply the proceeds in the order prescribed by law. Lender may purchase the Alll�rem dies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are jfiled shall not constitute a waiver of lender's right to require full and complete cure of any existing default. By not�exercisiag any remedy on Grantor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. SECTION 5W OF THE CODE OF VIRGINIA. This Security Instrument shall be construed to impose and confer upon the parties hereto, and the beneficiaries bereunder, all duties, rights and obligations prescribed in Section 55-60 of the Code of Virginia (1950), as amended, and in effect on the date of this Security Instiument, and the following provisions of that section are incorporated in this Security Instrument by short form reference:' A.Exemptions waived. B. Subject to call upon default. C.Renewal, extension or reinstatement permitted. DAny Tn►stee may act. E. Substitution of Trustees permitted. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Grantor agrees to pay all of Lender's expanses if Grantor breaches any covenant in this Security Instrument. Grantor will also pay on demand any amount incurred by lender for insuring; inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the Payment until paid in full at the highest interest ;-cie in effect as provided in the terms of the Secured Debt. Grantor agrees to pay all costs and expenses incurred oy '_ender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amu:mnt may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This Security Instrument mail retrain in effect until released. Grantor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HAZARDGI!S SUBSTANCES. As used in this section, (1) Environmental Law means, without limitat ion, the Comprehensive Er.• ironmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 at seq.), all other federal, state ar:•.i local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters conceming the Public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste, "hazardous substance," or 'regulated substance" under any Environmental Law. Grantor represents, warrants and agrees that: A.Except as;previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located; transported, manufactured, treated, refined, or bandied by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B.ExcePt as previously. disclosed and acknowledged in writing to Leander, Grantor huts not and will not cause, contnbtue to, or pemir the release of any Hazardous Substance on the Property. C. Grantor will immediately >mtify lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or, imtigiates'or dmreatens to migrate from nearby property; or (2) them is a violation of any Enviromnerttal law coitceroing the Property. !n such an event, Grantor will take all necessary remedial action in accordance with Environmental Law. D.Except as previously disclosed and acknowledged in writing to Lender, Grantor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Grantor or any tenant of an Environmental Law. Grantor will immediately notify Lender in writing as soon as Grantor has reason to believe there is any such Penning or threatened investigation, claim, or proceeding. In such an event, lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents [elating to such proceedings. E. Except as previously disclosed and acknowbedged in writing to Lender, Grantor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law. F. Except as previously disclosed and acknowledged in writing to lender, thee are no underground storage tanks, private dumps or open wells located on or L,nder the Property and no such tank dump or well will be added unless Lender first consents in writing. G.Grantor will regularly inspect the Property, annitor the activities and operations on the Property, and confirm that all Permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H.Grantor will permit, or cause any tenant to , ,vrmit, Lender or Lender's agent to enter and inspect the Property and review all records at any reasonable time n„ determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Grantor and any tenant are in compliance with applicable Environmental law. 1. Upon Lender's request and at anytime, Grantor agrees, at Grantor's expense, to engage a qualified environmental engineer to Prepare an environmental audit of the Property and to submit the results of such audit to lender. The choice of the environmental engineer who will Perfoint such audit is subject to Leader's approval. J. Lender has the right, but not the obligation, to perform any of Grantor's obligations under this section at Grantor's expense. A (psge 6 of al Ej fir'+ " O 1604 000"S SyNamr, Inc., St. Chd. MN Form AG/Cn '�VA 6!6/2002 • . CD _w v K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Grantor will indemnify and hold Lander and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, .response and remediation costs, penalties and expenses, including without limitation all costs of litigation and attortu;ys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security Instrument and in ietuun Grantor will provide Lender with collateral of at least equal value to the Property secured by this Security Instrument without prejudice to any of Leader's rights under this Secw,V. Instrument. L. Notwithstanding any of the language contkned in this Security Instrument to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Security Instrument regardless of any passage of tide to lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 21. CONDEMNATION. Grantor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condenmation, eminent domain, or any other means. Grantor authorizes Lender to intervene in Grantor's name in any of the above described actions or, claims. Grantor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrtunent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. i 22. INSURANCE. Grantor agrees to maintain insurance as follows: A. Grantor shall keep the Property insured against loss by fire, flood, theft and other Hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two 'sentences can change during the term of the Secured Debt. The insurance carrier providing the insurance shall be chosen by Grantor subject to Lender's approval, which shall not be unreasonably withheld. If Grantor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include alstandard "mortgage clause" and, where applicable, "loss payee clause.' Grantor shall immediately notify Lender of cancellation or termination Of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Grantor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Grantor shall give immediate notice to the insurance carrier a1d Lender. Lender may make proof of loss if not made immediately by Grantor, Unless otherwise, agreed in writing, all insurance proceeds shall be applied to restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of scheduled payment nor change the amount of any payments. Any excess will be paid to the Grantor. V the Property a acquired by Lender, Grantor's right to any insurance policies and Proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisi5on. B. Grantor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Grantor agrees to maintain rental lost or bu:biness interruption insurance, as required by Lender, in an amount equal to at least coverage of one year's debt se:�ice, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable io Lender. 23. ESCROWFOR' TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Grantor will not be required to pay to Lender funds for taxes and insurance in escrow. 24, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS: Grantor will provide to Lender upon request, any mu financial statement orinfoation Lender may deem reasonably necessary. Grantor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Lender's lien status on the Property. 25. JOINT AND INDIVIDUAL. LIABII.I ; CO SIGNERS• SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Grantor signs this Security Instrument but does not sign an evidence of debt, Grantor does so only to mortgage Grantor's interest in the Property to secure payment of the Secured Debt and Grantor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Grantor, Grantor agrees to waive any rights that may prevent Lender from bringing any action or claim against Grantor or any party, indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one - action laws. Grantor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the tetras of this security Instrument or any evidence of debt without Grantor's consent. Such a change will not release Grantor. from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Grantor and Lender. 26. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lander lis located except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Insrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that secdonwol be severed 'and will not affect the enforceability of the remainder of this Security Instntment. Whenever used, the singular shall' include the plural and the plural LI . singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not t ) be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 27. SUCCESSOR TRUSTEE. Lender, at Lender's option, may from time to time remove Trustee and appoint a successor or successors to any trustee without any other fmmaliVl than the designation in writing. The successor or any successors to any trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Instrument and applicable law. 28. NOTIClis, Puless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the'�p rglriaze party's atfdress out page 1 of this Security Instrument, or to any other address designated in writing. Notice '$raptor will be deemed to be notice to all grantors. VAZI— rte• C 1094Ypip awlpM, Inn., 06 C", MN rpm AG(CO -0T -VA 0/02002 t:a m 29. WAIVERS. Except to the. extent prohibited by,aw, Grantor waives the benefit of the homestead exemption as to this obligation and any rights of appraisement and rein:u:ement. GRANTOR HEREBY EXPRESSLY WAIVES AND RELEASES ANY REQUIREMENT OR OBLIGATION THAT THE LENDER OW THE TRUSTEE PRESENT EVIDENCE OR OTHERWISE PROCEED BEFORE ANY COURT, CLERK, OR OTHER JUDICIAL OR QUASI - JUDICIAL BODY BEFORE EXERCISE OF THE POWERS OF SALE CONTAINED IN THIS SECURITY:INSTRUMEh'T AND IN SECTION 55 -59 AND SECTIONS 55 -59.1 THROUGH 55 -59.4 Of THE CODE OF VIRGINIA (1950), AS AMENDED. 30. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Security Instrument: ❑ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement, on the Property. ❑ Fixture Filing. Grantor grants to Lender a security interest in all goods that Grantor owns now or in the future and that are or will become futures related to the Property. ❑ Crops; Timber; Minerais;.Rents, Issues, and Profits. Grantor grants to Lender a security interest in all crops, timber, and minerals located on the Property as well as all rents, issues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Property'). ❑ Personal Property. Grantor grams to Lender a security interest in all personal property located on or connected with the Property, including, all farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles,, and all other items of personal property Grantor owns now or in the future and that are used or useful in the construction, ownership, operation, management, or maintenance of the Property (all of which shall also be included in the term "Property "). The term "personal property" specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair acid deceptive credit practices. ❑ Filing As Financing Statement. Grantor agrees and acknowledges that this Security Instrument also suffices as a financing statement and any carbon, photographic or other reproduction may be filedlof record for purposes of Article 9 of the Uniform Commercial Code: 31. OTHER TERMS. If checked, the following are applicable to this Security lastrumem: ❑ Line of Credit. The Secured Debt includ s a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Iihtr ment will remain in effect until released. ❑ Agricultural Property. Grantor covenants And'warrams that the Property will be used principally for agricultural or fainting purposes and that Grantor is rw individual or entity allowed to own agricultural land as specified by law. ❑ Additional Terms. i SIGNATURES: B signing below, Grantor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Grantor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. Witness the following signatum and seals. Entity Name: AAJi t1 6lxt ACORPO.f wup (ilia+ OBERT C "ADAMS, PRESIDENT (Date) E ntity Nan: ......................................................... ............................. ............................... I.......... (Sign rte) (Date) .: ) ....................................... ............................... (Signtiue) ........ ............................... ......................... jDare) (Signature) (Date (Date) ACKNOWLEDGMENT: COMMONWEALTH OF ....... ............................... COUNTY (OR CITY) OF .............................) ss. mmVA.0 This instrument was acknowledged before me this .................... day of .................. ............................... by.....................................:................................................................. ............................... . My commission expires: (Seel) ..................................... ............................... \/ (Noy Public) ON COMMWEALTH OF ..1.t!G f .._., I e8UN K•(OR CITY) OF Ac G Aw..�....... } ss. This���ttu wa knowl gfore me �1>a.......... day of ...................... by 7m .... . ": / ( Qt� ................................................... ............................... A�'�IDau) .... ...... .. ............. ...................... ............................... . O'ekop of L Q/�1fAlN/W,e*7T�lAl .R�ltkfl�7 �riG .:....................... /•• ................. (N�or&amey or Fx'ry) a . A.: W#?T of �GTNTA . coRPgPAT; Qfr ........... ............................... on behalf of the business or entity. My commission expires: 9.31. 0711/0 Fj AR a O 1994 a"N.en SYSt", 1M., St. Clad, MN Fpm A=0 -0T-VA 0162002 6) J '003 +rw a �, w 0 0 0 8.6863 ACRES I 24 W FF PORTION NORTH OF o YARDMASTER COUR +� o YARDMASTER COURT VARWBLE WIDTH R/W 19 2 Y1 [ INST No. 050017512 i 62i m 2 �_JJ_ 2 -- O J t5O h 14 1 I a ��' '---- - . ✓�/ 12 RESIDUE OF 1 60 t g o 10 TAX PARCEL 11 44 -A -75 T e h ry� 283 1055 ACRES (TOTAL) (3 19.4192 ACRES 4 a o . PORTION SOUTH OF 7 / B h A 41 2 , `YARDMASTER COUREI 6 Q 2 7 Q�h h 9 j rAf.. 44 'AYN£, DS ET UX SEE °' 0300 24641 250 0 250 LEGEND ¢ = CENTERLINE OF PAVEMENT GRAPHIC SCALE (IN FEET) R/W = RIGHT OF WAY O ADJOINING PROPERTY OWNER TAG NOTE REFERS TO KEY ON SHEET 1 SEE SHEET 1 FOR N07ES AND KEY TO ADJOINING PROPERTY OWNERS i CORNER MONUMENT TAG REFERS TO CORNER SEE SHEETS 3 d: 4 FOR METES DESCRIBED IN METES & BOUNDS DESCRIPTION AND BOUNDS DESCRIPTION. BOUNDARY SURVEY OF THE LAND OF 'S ,J TH o THE ADAMS DEVELOPMENT GROUP, INC. STONEWALL MAGISTERUIL DISTRICT, FREDERICK COUNTY, VIRGINIA U RI CHARD ENS a No.002550 4 SCALE: 1" . 25 A A'1 24 22 D E� "E a : �7 � GREEN1>< A EY�.'J.100 EERING, INC. 751 Windy Ilill Lane Winchester, Virginia 22602 4 d SURF Surv ors ey Telephone: (540) 662 -4185 FAX: (540) 722 -9528 Founded in 1971 www.greenwayengcom 3949 SHEET 1 OF 4 C) GJ N O KEY TO ADJOINING PROPERTY 0 O T.M. 44 —A -70 k 71 SOUTH END HOSE CO." L.C. INST No. 040019121 © T.M. 44 —A -72 RICHARD D. DEMOREST INST No. 010008086 TM. 44 —A -73 © ELWOOD L. WHITE, ET UX INST No. 010003230 T.M. 44 —A -75F O EVANLYNN L.L.C. INST No. 060019998 O T.M. 44 —A -758 HARDY MANAGEMENT COMPANY, LLC INST. No. 050027277 O T M. 44 —A -76A DEBORAH A. MULLINS DB 647 PG 310 © T.M. 44 —A -76B FLORENCE H. CONARD DB 415 PG 490 T.M. 44 A -76C O ANN 111. WILDER DB 415 PG 443 T.M. 44 A -76D O EDWARD M. MAY ET UX INST No. 050012634 NOTfS I. THE BOUNDARY INFORMA77ON SHOWN HEREON /S BASED ON A CURRENT FIELD SURVEY BY THIS FIRM. 2. CURRENT OWNER OF RECORD: THE ADAMS DEVELOPMENT GROUP, INC. SEE INST. No. 030015420 FOR DEED AND INST. No, 040017467 FOR PLAT A NO 7I7LE REPORT FURNISHED. EASEMENTS MAY EXIST WHICH ARE NOT SHOWN HEREON. BOUNDARY SMIEY OF THE LAND OF H OFD, THE ADAMS DEVELOPMENT GROUP, INC. STONEWALL MAGISTER4LL DISTRICT, FREDERICK COUw VIRGINIA RICHA A. EDENS a N0.002550 4-- 2.4--07 SCALE: N/A DATE: APRIL 24, 2007 GREENWAY ENGINEERING,1NC. i 151 Windy 11ill Lane Engineers r s Winchester, Vuminia 22602 Sum Telephone: (540) 662 -4185 FAX. (540) 722 -9528 3949 SHEET 2 OF 4 Founded in 1971 www.greenwayeng.com CD W N METES AND BOUNDS DESCRIPTION The accompanying plat entitled "Boundary Survey of the land of The Adams Development Group, Inc." and dated April 24, 2007 represents a boundary survey of all of the remaining land conveyed to The Adams Development Group, Inc. by deed dated July 16, 2003 of record in the Frederick County Circuit Court Clerk's Office as Instrument No. 030015420. The grantee therein has subsequently made sundry outconveyances, all being matters of record in said Clerk's office, and the remainder of tt:e original grant now consists of two parts separated by a street now known �s Yardmaster Court however, the land currently represents one tax parcel among the Frederick County Tax Assessor's records. The said land now fronts the southwest and northwest quadrants of the intersection between Martinsburg Pike (U.S. Route 11) and Yardmaster Court (a duly dedicated public street not yet accepted for maintenance by the Virginia Department of Transportation), also lying opposite the intersection of Martinsburg Pike and Stephenson Road (Va. Secondary Route 664), in Stonewall Magisterial District, Frederick County, Virginia. All directions described herein are given by quadrant bearings expressed in degrees ( °), minutes ('), and seconds ( ") and all distances are expressed in feet ('). The surveyed premises is currently identified on the Frederick County Tax Assessor's Maps as Tax Parcel 44 -A -75 and is more particularly described by metes and bounds as follows: Portion Lying South of Yardmaster Court i Beginning at (1) a %2" iron rebar found in the western boundary of Martinsburg Pike (U.S. Route 11) opposite the intersection with Stephenson Road (Va. Secondary Route 664) and in a line of South End Hose Co., L.C.; thence with South End Hose Co., L.C. for the following two courses: N 71 0 44'45" W - 166.18' to (2) a corner force post; thence S 18 0 23'07" W - 165.49' to (3) a comer fence post, corner to Richard D. Demorest thence with Demorest for the following two courses: S 19 0 55'27" W - 47.75' to (4) a Y? iron rebar found; thence S 61 0 00'47" W - 94.54' to (5) a '' /z' iron rebar found, comer to Elwood L. White, et ux; thence with White for the following three courses: S 60 0 41'27" W - 40.60' to (6) a'' /x" iron rebar found; thence S 66 0 45'27" W - 73.30' to (7) a'' /2" iron rebar found; thence S 74 0 37'25" W - 524.70' to (8) a %" iron rebar found in a line of O.L. Payne, et ux; thence with Payne N 63 0 05'13" W - 640.91' to (9) a V" iron rebar found, corner to JRE Winchester, LLC; thence with JRE Winchester, LLC N 43 0 28'26" E - 700.67' to (10) a'h" iron rebar found in the southern boundary of Yardmaster Court; thence with said road boundary for the following eight courses:: S 62 0 56 1 54" E - 24.97' to (11) a %' iron rebar & cap set at the point of curvature of a curve to the left; thence 260.59' along the arc of said curve, having a radius of 275.00' and a chord bearing N 89 °54'17" E for a distance of 250.95 t (12) a'' /s" iron rebar & cap set at the point of tangency; thence N 62 0 45'27" E - 135.31' to (13) a'' /z" iron.: -,gar & cap set at the point of curvature of a curve to the right; thence (Continued on sheet 4) File 3949 Sheet 3 of 4 a w N N 181.14' along the arc of said curve, having a radius of 225.00' and a chord bearing N 85 °49'15" E for a distance of 176.29'; to (14) a %2" iron rebar & cap set at the point of tangency; thence S 71 0 06'58" E - 274.34' to (15) a %2" iron rebar & cap set; thence S 66 0 32'32" E - 150.48' to (16) a %' iron rebar & cap set; thence S 71 0 06'58" E - 129.41' to (17) a %2" iron rebar & cap set; thence S 25 0 21'37" E-50.15' to (18) a %2" iron rebar & cap set on curve in the westem boundary of Martinsburg Pike (U.S. Route 11); thence 264.24' along the arc of a curve to the rig};( (being nontangent to the preceding course), having a radius of 2,764.79' and a chord bearing S 23 1 08'00" W for a distance of 264.14', to (1) the beginning. Containing................................................................. ............................... '19.4192 Acres. Portion Lying North of Yardmaster Court Beginning at (19) a',x' iron rebar found in the western boundary of Martinsburg Pike (U.S. Route 11) at its intersection with the northern boundary of Yardmaster Court; thence with the northern boundary of Yardmaster Court for the following four courses: S 63 W - 49.54' to (20) a %2" iron rebar found; thence N 71 0 06'58" W - 554.61' to (21) a'' /2" irm. rebar found at the point of curvature of a curve to the left; thence 221.39' along the are of said curve, having a radius of 275.00' and a chord bearing S 85 °49'15" W for a distance of 215.46 to (22) a'' /2" iron rebar found at the point of tangency; thence S 62 0 45'27" W - 53.31' to (23) a' /2" iron rebar found, comer to Evanlynn L.L.C.; thence with Evanlynn L.L.C. N 10 °21'35" W - 510.07' to (24) a'' /2" iron rebar found, a corner common to Hardy Management Company, LLC and Deborah A. Mullins; thence with Mullins, then Florence H. Conard, then Ann H._ Wilder and then Edward M. May, et ux S 75 0 57'36" E - 1,077.21' to (23) a %2" iron rebar found in the western boundary of Martinsburg Pike (U.S. Route 11); thence with said road boundary S 18 0 47'31 1 ' W - 378.13' to (19) the beginning. Containing ............... . ....... . ....................... I ...... I .................... .............. 8.6863 Acres. Containing a Total Area in Aggregate of 28.1055 Acres. Surveyed .......... ............................... April 24, 2007. RICffAf�D A DENS a No. 002550 r 4 -24-07 ,_A File 3949 Sheet 4 of 4 s CD GJ N) CA) I, Richard A: Edens, IS, on this the 19 day of April, 2007 do herby certify that the plat entitled "Boundary Survey of the Land of Adams Development Group, Inc." and description attached hereto is a true copy of a boundary survey made by me on March 22, 2007, being a portion of the land conveyed to Adams Development Group, Inc. by deed dated November 25, 2003 recorded as Instrument No. 030027076. The said land lies in the Town of Middletown, Back Creek Magisterial District, Frederick County, Virginia `c�-� ✓� -f� (SEAL) Land Surveyor COMMONWEALTH OF VIRGINIA COUNTY OF FREDERICK, TO WIT: 1, e a Notary Public in and for the Commonwealth of Virginia and County of Frederick, do hereby certify that this day personally appeared before me Tic /d " ff P I S , whose name is signed to the foregoing instrument dated day of L 20( Given under my hand this A day of 2007 My commission expires ILI Not Public •.. �,.• 1 � i ,