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DEED OF TRUST
A. H. Idol and wife, Sarah L. Idol, TO W. C. IDOL Trustee for PIEDMONT BUILDING AND LOAN ASSOCIATION
[stamped Cancelled of Record R. H. WHARTON, Register of Deeds]
Consideration, $1500.00 Date January 26th, 1928.
Filed for registration on the 27 day of Jany 1928 at 4:10 o'clock P. M., and duly recorded in the office of Register of Deeds of Guilford County, N. C., in Book No. 563 Page 211, Etc. R. H. Wharton Register of Deeds.
Clerk's Fee $ 25 Record Fee $175 Total Pd $ 200
Record and mail to W. C. Idol, High Point N. C.
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State of North Carolina GUILFORD COUNTY
THIS INDENTURE, Made and entered into this 26th day of January 1928, by and between A. H. Idol and wife, Sarah L. Idol, parties of the first part; W. C. IDOL, Trustee, party of the second part; and PIEDMONT BUILDING AND LOAN ASSOCIATION, of High Point, a corporation, party of the third part; all of Guilford County and State of North Carolina;
WITNESSETH: That whereas, said parties of the first part, being the owners of 15 shares of the 30th series of the stock of said Association, have this day borrowed from said Association the sum of Fifteen Hundred ($1500.00) Dollars, and have executed and delivered to said Association their note of even date herewith in the sum aforesaid, payable whenever said series of stock shall be matured, with interest thereon from date until paid, at the rate of six per centum per annum, payable monthly on or before the fifteenth day of each month at the office of said Association; and whereas, it has been agreed that the payment of said note shall be secured by the collateral pledge of said stock, and also by the conveyance of the land hereinafter described:
NOW, THEREFORE, In consideration of the premises and for the purpose aforesaid, and for the sum of one dollar to them in hand paid by the party of the second part, the receipt whereof is hereby acknowledged, the said parties of the first part have bargained and sold, and by these presents do bargain, sell and convey unto said party of the second part, trustee as aforesaid, his heirs and assigns, a certain tract or lot of land lying and being in Guilford County and State of North Carolina, in High Point Township, and more particularly described and bounded as follows:
"BEGINNING at a stake in the West side of North Main Street, Bob Kiriakides' Northeast corner; thence West 150 ft. along Bob Kiriakides' line to a stake; thence North along A. H. Idol's line, 24 ft. to a stake; thence East, 150 ft. to a stake in West side of North Main Street; thence South along North Main Street, 24 ft. to the beginning. Being the South 24 ft. of the lot conveyed to A. H. Idol by J. M. [Stevenson] and wife, dated March 25th, 1913, and recorded in Book 256 at Page 567, in the office of the Register of Deeds of Guilford County."
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TO HAVE AND TO HOLD The aforesaid tract or lot of land, with all the rights, privileges and appurtenances thereunto belonging, unto said party of the second part, trustee as aforesaid, and his heirs and assigns forever, upon the trust and for the uses and purposes following, and none other, that is to say:
If the said parties of the first part shall fail or neglect to pay the interest on said note as the same may hereafter become due, or the principal thereof at the maturity of said note, or any amount expended for insurance or taxes, or other assessments, or to remove any incumbrances, as hereinafter provided; or shall fail or neglect to pay any dues or fines on the stock herein referred to as the same may hereafter become due, or shall cease to be a member of said Association, or shall fail or neglect to perform any duties imposed upon them by the by-laws, rules or regulations of said Association; then, upon default as to any of the foregoing things for a period of three months, it shall be lawful for, and the duty of the said party of the second part, trustee as aforesaid, on application of said Association, its assigns or other person who may be entitled to the moneys due on said note, to sell said land at public auction to the highest bidder for cash, after first advertising the same for a period of thirty days, by posting a notice thereof at the courthouse door, in Greensboro, and at three other public places in Guilford County, and also by publishing said notice at least once a week for four consecutive weeks in some newspaper published in said County, therein appointing a day and place of sale, and upon such sale to execute to the purchaser thereof a sufficient deed to said land. And the said party of the second part, first retaining out of the proceeds of such sale a five per centum commission, as compensation for making such sale, shall apply so much of the residue as may be necessary to pay off and discharge said note and all interest then accrued and due thereon, together with all necessary costs and expenses of such sale; and shall pay the surplus, if any remain, to the said parties of the first part.
IT IS UNDERSTOOD AND AGREED Between the parties to this deed, that the parties of the first part shall pay all taxes, or other assessments within the time prescribed by law, and shall keep the buildings on said premises insured in some reliable insurance company having an office in the said County of Guilford, in the sum of Fifteen Hundred Dollars, which said policy, or policies, shall be payable to said Association, as its interest may appear, and be deposited with said Association to be applied, in case of loss, as far as the same may extend or may be necessary to the satisfaction of this trust, and further, that the said parties of the first part shall keep the property herein conveyed free and clear of any and all incumbrances thereon which by law may have a priority over the lien created by this trust. And if the said parties of the first part shall fail to pay said taxes, or other assessments, or to effect said insurance, or shall fail to keep said property free and clear of said incumbrances, the said Association shall be at liberty to pay said taxes, or other assessments, or to effect said insurance, or to pay off and remove said incumbrances, as the case may be, and the amount so expended shall be deemed principal money, bearing interest at the rate of six per centum per annum, and be due and payable when the next ensuing installment of interest becomes due.
BUT IT IS FURTHER UNDERSTOOD AND AGREED, That if the said parties of the first part shall well and truly do and perform all things herein specified to be done by them, and shall fully discharge the trust herein declared, then the said land herein conveyed shall be reconveyed to said parties of the first part, or the title thereto revested in them according to law, free and discharged from the lien created by this trust.
AND THE SAID PARTIES OF THE FIRST PART DO COVENANT AND AGREE: That they are the owners in fee-simple of the land herein conveyed, and have the right to convey the same; that the same is free and clear of all incumbrances whatever, that they will forever warrant and defend the title to the same against the lawful claims of all persons whomsoever; and that they will execute such further assurances as may be necessary or proper to carry out the true intent and purposes of this trust.
IN TESTIMONY WHEREOF, The said parties of the first part have hereunto set their hands and seals the day and year first above written.
A. H. Idol (SEAL) Sarah L Idol (SEAL)
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STATE OF NORTH CAROLINA—GUILFORD COUNTY.
I, Aura G. Bales, a Notary Public, of said County, do hereby certify that A. H. Idol and his wife, Sarah L. Idol, grantors, personally appeared before me this day and acknowledged the execution of the foregoing Deed of Trust, and the said Sarah L. Idol being by me privately examined, separate and apart from her said husband, touching her voluntary execution of the same, doth state that she signed the same freely and voluntarily, without fear or compulsion of her said husband or any other person, and that she doth still voluntarily assent thereto. Let the said deed and this certificate be registered.
Witness my hand and seal, this the 26th day of January 1928. Aura G. Bales, N. P. My Com. Exp: 2/19/1928
STATE OF NORTH CAROLINA—GUILFORD COUNTY.
I, [blank] of said County, do hereby certify that [blank] grantor, personally appeared before me this day and acknowledged the execution of the foregoing Deed of Trust. Let the said deed and this certificate be registered.
Witness my hand and seal, this the [blank] day of [blank] 19[blank] [blank]
STATE OF NORTH CAROLINA—GUILFORD COUNTY.
The foregoing certificate of Aura G. Bales, N. P. of said County, is adjudged to be correct. Let the said deed and this certificate be registered.
Witness my hand, this the 27 day of Jany 1928 C. S. Lambeth, Asst C. S. C.
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Satisfied in full, this the 7th day of April 1931.
W. C. Idol Trustee.
Subscribed before me: [blank]