STATE OF NORTH CAROLINA )
) L E A S E
COUNTY OF XXX )
THIS LEASE, Made and entered into this 1st day of February, 1992, by and
between __________________, Incorporated, a North Carolina Corporation with its
principal office and place of business at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxx, Xxxxx
Xxxxxxxx, party of the first part, hereinafter called "LANDLORD"; and TRIANGLE
BANK AND TRUST COMPANY, with an office in Raleigh, Wake County, North Carolina,
party of the second part hereinafter called "TENANT";
WITNESSETH:
THAT subject to the terms and conditions hereinafter set for Landlord
hereby grants, leases, and demises to the Tenant, all of that certain building
and parcel of land in, the City of Xxxxxxx, WestSanford Township, Xxx County,
North Carolina, and more particularly described as follows, viz:
On the northeast side of Xxxxxx Street, on the Southeast side of a 16 foot
alley and east of Carthage Street, BEGINNING at the point of intersection
of the northeast line of Xxxxxx Street and the southeast line of a 16 foot
alley, said beginning point being 208 feet southeast of Cartage Street
measured along the northeast line of Xxxxxx Street from the point of
intersection of the northeast line of Xxxxxx Street and the southeast line
of Carthage Street, and runs thence with the southeast line of said 16
foot alley North 56 degrees 50 minutes East 100 feet to the intersection
of said alley with another alley; thence with the line of said second
alley. South 33 degrees 10 minutes East 40 feet 8-1/2 inches to a point in
the party wall; thence with the said party wall. South 56 degrees 50
minutes West 100 feet to the northeast line of Xxxxxx Street; thence with
said northeast line of Xxxxxx Street. North 33 degrees 10 minutes West 40
feet 8-1/2 inches to the BEGINNING. Being one of the tracts described in
deed dated November 30, 1965 to Southern National Realty Corporation
recorded in Xxx County Registry.
Together with all vaults and fixtures presently situate on said premises.
Together with the appurtenances thereunto belonging and Landlord's use,
right of access, ingress and egress in, to, from, and over any premises,
street or way abutting or adjacent to said property; and all of Landlord's
rights and easements appurtenant to or used in connection with said
premises.
TO HAVE AND TO HOLD said premises for the term and upon the conditions
hereinafter set forth:
ONE. DURATION OF LEASE
A. Term. The term of this lease shall be for one (1) year commencing on
the date of occupancy by Tenant and terminating twelve (12) months thereafter,
unless extended under the provisions here in.
B. Holdover. If the Tenant should remain in possession of the demised
premises after the expiration of said term, it shall be the Tenant's option to
renew the Lease for two (2) additional one (1) year terms and be subject to all
other terms and conditions of this lease, in the absence of a written agreement
to the contrary.
TWO. RENTAL
A. Amount. Tenant is to pay to the Landlord option money of ONE THOUSAND
($1,000.00) commencing on the date of execution of this Lease. This option
payment is non-refundable. Thereafter the rent shall be ONE THOUSAND FIVE
HUNDRED ($1,500.00) DOLLARS PER MONTH. Option money of ONE THOUSAND ($1,000.00)
DOLLARS shall be applied toward the first month rent if the lease is exercised
within 90 days from the date of signing of this lease.
B. Due Date. All rent hereunder shall be payable in advance on the fifth
(5th) day of each month for that month's rental, during the term of this lease.
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C. If Tenant exercises renewal provision, rent shall increase by Five Per
Cent (5%) per renewal period.
THREE. USE OF PREMISES
A. Authorized use. It is expressly agreed that the demised building shall,
during the term of this lease, be used exclusively for the operation of banking
operations.
B. Unauthorized Practices. Tenant covenants and agrees that it will make
no unlawful or immoral use of said premises,
FOUR. ASSIGNMENT AND SUBLETTING
Tenant shall not assign this lease or sublet any part of the demised
premises without the prior written consent of the Landlord.
FIVE. MAINTENANCE AND REPAIR
A. Tenant. Tenant covenants to return said building at the termination or
expiration of this lease in the same condition as at the time occupancy for
rental purposes begins, fair wear and tear excepted. Maintenance of equipment
and building shall be the responsibility of the Tenant.
B. Landlord. Landlord warrants all mechanical equipment to be operable and
in good condition as of the date of the commencement of this Lease.
C. Destruction by Fire. Should the demised building be destroyed or
rendered totally unfit for use and occupancy by fire or other casualty, this
lease shall thereupon terminate. Should the demised building be partially
destroyed or rendered partially unfit for use and occupancy by fire or other
casualty, the rental shall be reduced proportionately thereto until the same are
rendered for use and occupancy.
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D. Alterations, Additions and Improvements.
1) Subject to the limitations that no substantial portion of the
building on the demised premises shall be demolished or removed by Tenant
without the prior written consent of Landlord, and, if necessary, of any
mortgagee, Tenant may at any time during the lease term, subject to the
conditions set forth below and at its own expense, make any alterations,
additions, or improvements in and to the demised premises and the building.
Alterations shall be performed in a workmanlike manner and shall not weaken or
impair the structural strength, or lessen the value of the building on the
premises, or change the purposes for which the building, or any part thereof may
be used.
2) Conditions with respect to alterations or improvements are as
follows: Before commencement of any work all plans and specifications shall be
filed with and approved by all governmental departments or authorities having
jurisdiction and any public utility company having interest therein, and all
works shall be done in accordance with the requirements of local regulations.
3) All alterations, additions, and improvements on or in the demised
premises at the commencement of the term and that may be erected or installed
during the term, shall be part of the demised premises and sole property of the
Landlord, except that all movable trade fixtures installed by the Tenant shall
be and remain the property of the Tenant.
SIX. TAXES
A. Tenant. Tenant shall pay all ad valorem taxes and assessments imposed
on the demised premises.
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B. Tenant. Tenant shall pay all taxes and assessments imposed upon the
personal property maintained on the demised premises, and all business and
privilege licenses and taxes incidental to the operation of said business.
SEVEN. INSURANCE
A. Tenant. The Tenant, at its sole costs and expense, shall keep the
premises and the building and improvements thereon, insured to the extent of the
full replacement costs thereof against loss or damage by fire with extended
coverage.
B. Tenant. The Tenant will carry insurance on its personal property and
will carry public liability insurance. Tenant will upon request furnish proof of
public liability insurance to Landlord.
EIGHT. UTILITIES
Tenant shall provide and pay for all lights, water, heat, and utility
charges used in the operation of said business and the enjoyment of said
premises.
NINE. CONDEMNATION
If during the term of this lease or any extension thereof, the whole of
the demised premises shall be taken by condemnation or the threat of
condemnation by competent public authority, this lease shall terminate as of the
date of vesting of title. If a portion of the demised premises is taken by
condemnation or the threat of condemnation and the remaining portion cannot be
reasonably used by Tenant for the purpose for which they were leased, Tenant may
at its option, terminate this lease, or may continue this lease as to the
remaining portion on the same terms hereof, except the rental shall be reduced
in proportion to the reduction in area and in usefulness of the demised premises
by reason of such taking. All proceeds of any such taking shall belong solely to
Landlord.
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TEN. SUBORDINATION OF LEASEHOLD ESTATE
The rights of the Tenant hereunder are expressly subordinate to any
encumbrance that the Landlord now has or may hereafter place on said premises
during the life of this lease; provided, however, Tenant shall have the right of
paying such portion of said rental to the holder of said encumbrance as shall be
necessary to avoid forfeiture on the part of the Landlord.
ELEVEN. TERMINATION OF LEASE
A. Option of Landlord. The Landlord shall have the right and option to
declare this lease terminated and cancelled upon the happening of the following
(but failure to exercise said option shall not constitute a waiver thereof):
1) If any monthly installment of rent as herein called for remains
overdue and unpaid for ten (10) days;
2) If any Tenant shall fail, neglect, or refuse to do or perform any
matter or thing herein agreed to be done and performed by said Tenant;
3) If Tenant should be adjudged bankrupt or insolvent by any Federal
or State Court;
B. Rights Upon Termination. Upon termination or cancellation of this
lease, Landlord, without any other notice or demand, may require the Tenant to
vacate the premises and may enter the premises and expel the Tenant therefrom;
or the Landlord may in lieu of the above or in conjunction therewith, pursue any
other lawful right or remedy incidental to the relation-ship created by this
lease.
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TWELVE. OPTION TO TERMINATE
It is understood and agreed that the Tenant shall have the right to
terminate this lease at the end of ninety (90) days; provided that the Tenant
has not received from all regulatory agencies the required permits authorizing
Tenant to operate a bank in Sanford, North Carolina. Such notice is to be given
in writing and shall be deemed received on the date same is mailed to Landlord
at the address as shown herein by certified mail postage prepaid. Such notice
may be given at any time during said ninety (90) day period and shall be
effective to terminate said Lease after the expiration of the ninety (90) day
period, then this lease shall extend for the one year period as set out herein.
THIRTEEN. NOTICES
All notices to be given with respect to this lease, shall be in writing
and shall be sent to the following addresses unless and until a party designates
a new address.
LANDLORD: Moretti Construction, Incorporated
P. 0. Xxx 000000
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
TENANT: Triangle Bank & Trust Company
P. 0. Xxx 00000
Xxxxxxx, Xxxxx Xxxxxxxx 00000
FOURTEEN. QUIET ENJOYMENT
Tenant, upon paying the rent, and subject to all of the terms and
covenants of this lease, on Tenant's part to be kept, observed, and performed
shall quietly have and enjoy the leased premises during the term of this Lease
without hinderance or melestation by any person. Landlord for itself, its
successors and assigns, agrees that Tenant, its successors and assigns, quiet
enjoyment of the entire premises during the term of this lease. The Landlord
covenants that
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at the time of the execution of this lease, Landlord is in 1egal possession of
the demised premises, has full right to lease the same for the term aforesaid ,
and will put Tenant in actual possession of the premises hereinbefore provided.
FIFTEEN. TOTAL AGREEMENT
This lease contains the entire agreement between the parties and cannot be
changed or terminated except by written instrument subsequently executed by the
parties hereto. This lease and the terms and conditions hereof apply to and are
binding on the heirs, legal representative successors and assigns of the
parties.
SIXTEEN. APPLICABLE LAW
This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina.
SEVENTEEN. PARAGRAPH HEADINGS
Paragraph headings are for convenience of reference and shall not limit
the content of such paragraphs nor in any way affect the interpretation thereof.
IN TESTIMONY WHEREOF, MORETTI CONSTRUCTION, INCORPORATED and TRIANGLE BANK
AND TRUST COMPANY, have each caused these presents to be signed in their
corporate names by duly authorized officers and their corporate seal to be
affixed, this Lease being executed in duplicate originals, one of which is
retained by each of the parties.
Accepted this 1st day of February, 1992.
---
MORETTI CONSTRUCTION, INCORPORATED
BY.___________/s/__________________________
President
(Corporate Seal)
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ATTEST :
BY:______/s/_______________
Secretary
TRIANGLE BANK AND TRUST COMPANY
BY:____________/s/_______________________
President
(Corporate Seal)
ATTEST:
By:__________/s/_________________
Secretary
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STATE OF NORTH CAROLINA
COUNTY OF Mecklenburg
I, Xxx Xxxxxx, a Notary Public, of the County and State aforesaid, certify
that Xxxx Xxxxxxx personally came before me this day and acknowledged that
he/she is SHE Secretary of MORETTI CONSTRUCTION, INCORPORATED, and that by
authority duly given and as the act of the corporation, the foregoing instrument
was signed in its name by its ____ President, sealed with its corporate seal and
attested by him/her as its Secretary.
WITNESS my hand and notarial seal, this the 1st day of February, 1992.
_________/s/____________________
NOTARY PUBLIC
My commission expires.
April 1992
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STATE OF NORTH CAROLINA
COUNTY OF XXX
I, Xxxxx X. Xxxxxxx, a Notary Public, of the County and State aforesaid,
certify that Xxxxxxx X. Xxxxxxxxx personally came before me this day and
acknowledged that he/she is Secretary of TRIANGLE BANK AND TRUST COMPANY, and
that by authority duly given and as the act of the corporation, the foregoing
instrument was signed in its name by its ____ President, sealed with its
corporate seal and attested by him/her as its _____ Secretary.
WITNESS my hand and notarial seal, this the 4th day of February, 1992.
_____Linda A. Fouchee_______________
NOTARY PUBLIC
My commission expires:
9/26/94
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Addendum to the lease made and entered into this 1st day of February, 1992, by
and between Moretti Construction, incorporated, a North Carolina corporation
with its principal office and place of business at 0000 Xxxxxxxx Xxxxx,
Xxxxxxxxx, Xxxxx Xxxxxxxx, party of the first part, hereinafter called
"Landlord"; and Triangle Bank and Trust Company, with an office in Raleigh, Wake
County, North Carolina, party of the second part, hereinafter called "Tenant";
Page 3
Section Five. Maintenance and Repair
B. Landlord.
Sentence to be added will be the following:
Landlord will keep all outside walls, including plate glass windows,
and roof of the building in proper and substantial repair.
Accepted this 7th day of February, 1992.
Moretti Construction, Incorporated by: (Corporate Seal)
__________/s/_______________ Attested by:
Xxxx Xxxxxxx, President
____/s/_______________
Xxxxxx Xxxxx
Triangle Bank and Trust Company by: (Corporate Seal)
___________/s/___________________ Attested by:
Xxxxxxx X. Xxxxxxxxx, President
______/s/___________________
Xxxxxxx X. Xxxxxxxxx, Secretary
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Check from Triangle Bank and Trust Company
No. 13793
Pay to the Order of: Moretti Construction, Inc.
$1,000.00
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RE: Lease, made and entered into the first day of February 1992 by and between
Moretti Construction, Inc. and Triangle Bank and Trust Company.
Whereas, the Triangle Bank and Moretti Construction have agreed to amend the
lease as follows:
ONE. Duration of Lease
A. Term.
The term of this lease shall be for two (2) years commencing on the date
of occupancy by tenant and terminating twenty four (24) months thereafter,
unless extended under the provision herein.
B. Hold Over.
Tenant's option to renew the lease for three (3) additional years.
TWO. Rental
A. Amount.
Tenant is to pay landlord $1,500.00 per month until and including March
1994.
The rent shall be $1,700.00 (One Thousand Seven Hundred dollars per month)
as of April 1, 1994.
The above amendments are subject to all other terms and conditions of lease
dated February 1, 1992.
Accepted By:
TRIANGLE BANK & TRUST COMPANY
___________/s/_____________________ 3/11/93
Xxxxxxx X. Xxxxxx, Xx. Date
MORETTI CONSTRUCTION, INC.
___________/s/_____________________ 9 March 93
Xxxx Xxxxxxx, President Date
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FIRST AMENDMENT OF LEASE AGREEMENT
THIS FIRST AMENDMENT OF LEASE AGREEMENT, made and entered into this the
22nd day of October , 1996 by and between MORETTI CONSTRUCTION INCORPORATED, a
North Carolina Corporation, (hereinafter referred to as "Lessor") and, TRIANGLE
BANK, a North Carolina Banking Corporation, (hereinafter referred to as
"Lessee"):
W I T N E S S E T H:
WHEREAS, Lessor and Lessee, entered into a Lease Agreement dated the 1st
day of February, 1992, for the lease of certain premises (the "Demised
Premises") located in 000 Xxxxx Xxxxxx Xxxxxx, in the City of Xxxxxxx, State of
North Carolina all as more particularly described in the Lease, and WHEREAS,
Lessor and Lessee now desire to amend the said Lease, NOW, THEREFORE, in
consideration of the premises and in consideration of the covenants and
conditions set forth herein and in the Lease Agreement, the parties hereby amend
and modify the aforesaid Lease Agreement as follows:
1. This amendment and its provisions shall be effective April 1, 1997.
2. Lessor elects to extend the term of the Lease through March 31, 1998.
3. Effective April 1, 1997, the rent shall be as follows:
$ 1,832.77 per month
$21,992.25 per annum
4. All other terms and conditions of the Lease Agreement dated February 1,
1992, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
duly executed the day and year first above written.
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LESSEE: TRIANGLE BANK
By:_______/s/___________________
__EV_____ President
ATTEST:
By: ____/s/__________________
_____ Secretary
LESSOR: MORETTI CONSTRUCTION
INCORPORATED
BY:_________/s/___________________
_____ President
ATTEST:
By: ________/s/______________
_____ Secretary
(Affix Corporate Seal)
STATE OF North Carolina
COUNTY OF Wake
I, Xxxxxxx X. Xxxxxxxxxxx, a Notary Public for said County and State, do
hereby certify that Xxxxx X. Xxxxxxx personally appeared before me this day and
being duly sworn, acknowledged that she is Secretary of TRIANGLE BANK, a North
Carolina Banking Corporation, and that by authority duly given and as the act of
the corporation, the foregoing instrument was signed in its name by its Exec.
V.P., and sealed with its corporate seal.
Witness my hand and notarial seal this the 22nd day of October, 1996.
(OFFICIAL SEAL) Xxxxxxx X. Xxxxxxxxxxx
Notary Public
My Commission Expires: 7-2-2000
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STATE OF North Carolina
COUNTY OF Mecklenburg
I, Xxxx Xxxxxxxxxx, a Notary Public for said County and State, do hereby
certify that Xxxx Xxxxxxx personally appeared before me this day and being duly
sworn, acknowledged that he is President of MORETTI CONSTRUCTION, INCORPORATION,
a North Carolina Corporation, and that by authority duly given and as the act of
the corporation, the foregoing instrument was signed in its name by its
Secretary, and sealed with its corporate seal.
Witness my hand and notarial seal this the 29th day of October, 1996.
---- -------
(OFFICIAL SEAL) Xxxx Xxxxxxxxxx
---------------
Notary Public
My Commission Expires: 9-1-98
------
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Prepared by and return to: Smith, Anderson, Xxxxxx, Xxxxxxx
Xxxxxxxx & Xxxxxxxx, L.L.P. (DSC)
P. 0. Xxx 0000, Xxxxxxx, XX 00000
XXXXX XXXXXXXX
XXX XXXXXX
ASSIGNMENT OF LEASE
THIS ASSIGNMENT OF LEASE ("Assignment") is made and entered into effective
as of June 20, 1997, by TRIANGLE BANK, a North Carolina banking corporation
("Assignor"), and CAPITAL BANK, a North Carolina banking corporation
("Assignee"), and joined in by MORETTI CONSTRUCTION, INCORPORATED, a North
Carolina corporation ("Landlord").
WITNESSETH:
WHEREAS, Landlord and Assignor have entered into a Lease dated February 1,
1992, as amended as of February 7, 1992, March 11, 1993 and October 22, 1996
(the "Lease"), a memorandum of which was recorded on __________, 199__, in Book
______, Page ____, Xxx County Registry, for premises located in Xxxxxxx, Xxx
County, North Carolina and specified in the Lease (the "Premises"); and,
WHEREAS, Assignor and Assignee have reached an agreement whereby Assignor
will assign the Lease, including without limitation all of Assignor's rights and
options contained therein, to Assignee, and Assignee will accept the Lease from
Assignor; and,
WHEREAS, Landlord has agreed to such assignment of the Lease by Assignor
to Assignee, subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Assignment of Lease, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee hereby agree as follows:
1. Assignor hereby assigns, transfers and conveys unto Assignee all of
Assignor's right, title and interest as tenant in, to and under the Lease, upon
the following terms and conditions.
A. The effective date of this Assignment shall be the date hereof
(the "Effective Date") and possession of the Premises will be
delivered by Assignor to Assignee as the Effective Date;
B. Assignee shall be liable for the payment of the monthly rent and
for the payment of any and all other costs and expenses which accrue
under the Lease from and after the Effective Date and continuing for
the remainder of the term of
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the Lease, provided, however, that it is expressly agreed by the
parties hereto that Assignor shall be and remain solely responsible
for all costs and expenses due Landlord under the Lease which are
due and owing as of the Effective Date, or which arise out of any
breach by Assignor of any terms or conditions of the Lease prior to
the Effective Date;
C. The Premises are subject to any easements, rights-of-way,
restrictions or other matters affecting title to the Premises.
2. Assignee hereby agrees as follows:
A. Assignee accepts the assignment of the Lease, assumes and agrees
to perform directly any and all of the duties and obligations of
Assignor as tenant under the Lease which accrue from and after the
Effective Date, and agrees to abide by the terms and conditions of
the Lease; and
B. Assignee agrees to defend, indemnify and hold harmless Assignor
from and against any and all claims, damages and liabilities arising
from or relating to the Lease as to matters occurring after the
Effective Date.
3. Assignor hereby confirms and agrees as follows:
A. Assignor is the sole tenant under the Lease and is the sole owner
of the tenant's interest thereunder, and Assignor has not previously
assigned the Lease or any interest therein or sublet the Premises,
or otherwise encumbered Assignor's leasehold interest thereunder, in
whole or in part;
B. The Lease has not been modified or amended except as noted above,
and the Lease is in full force and effect as of the date hereof;
C. Assignor is not in default under any of the terms, covenants or
conditions of the Lease, and all rent and other payments due and
payable under the Lease as of the date hereof have been paid; and
D. Assignor agrees to defend, indemnify and hold harmless Assignee
from and against any and all claims, damages and liabilities arising
from or relating to the Lease as to matters occurring prior to and
as of the Effective Date.
4. Landlord hereby agrees to and accepts the assignment of the Lease by
Assignor to Assignee and hereby releases and discharges Assignor from any
duties and obligations as tenant under the Lease which accrue from and
after the Effective Date.
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5. This Assignment shall not be changed, modified, discharged or
terminated orally or in any other manner other than by a written agreement
signed by the parties hereto or their respective successors or assigns.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals
effective as of the date first above written.
LANDLORD: MORETTI CONSTRUCTION,
INCORPORATED
BY:_________/s/_________________________
____________ President
(CORPORATE SEAL)
ATTESTED:
BY: /s/ Xxxx X. Xxxxxxx
---------------------
____________ Secretary
ASSIGNOR: TRIANGLE BANK
BY:_______/s/____________
_Senior Vice__ President
(CORPORATE SEAL)
ATTESTED:
BY: ___/s/_________________
__Asst._____ Secretary
ASSIGNEE: CAPITAL BANK
BY:________/s/___________________
_________ President
(CORPORATE SEAL)
ATTESTED:
BY:________/s/______________
_________ Secretary
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STATE OF NORTH CAROLINA
COUNTY OF Mecklenburg
I, Xxxxxxx X. Xxxxx, a Notary Public for said County and State, do hereby
certify that Xxxx Xxxxxxx personally appeared before me this day and being duly
sworn, acknowledged that he/she is ____ President of Moretti Construction,
Incorporated, a North Carolina corporation, and that by authority duly given and
as the act of the corporation, the foregoing instrument was signed in its name
by its President, and sealed with its corporate seal.
Witness my hand and notarial seal this the 13th day of June, 1997.
----
(OFFICIAL SEAL) /s/ Xxxxxxx X. Xxxxx
---------------------
Notary Public
My Commission Expires: 3/28/98
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STATE OF NORTH CAROLINA
COUNTY OF Wake
I, Xxxxx X. Xxxxxxx, a Notary Public for said County and State, do hereby
certify that Xxxxxxx X. Xxxxxxxxx personally appeared before me this day and
being duly sworn, acknowledged that he/she is Assist. Secretary of Triangle
Bank, a North Carolina banking corporation, and that by authority duly given and
as the act of the corporation, the foregoing instrument was signed in its name
by its Senior Vice President, and sealed with its corporate seal.
Witness my hand and notarial seal this the 9th day of June, 1997.
(OFFICIAL SEAL) /s/ Xxxxx X. Xxxxxxx
--------------------
Notary Public
My Commission Expires: 11-29-97
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STATE OF NORTH CAROLINA
COUNTY OF Wake
I, Xxxxx Xxxxxx, a Notary Public for said County and State, do hereby
certify that Xxxxx X. Xxxxx personally appeared before me this day and being
duly sworn, acknowledged that he/she is Secretary of Capital Bank, a North
Carolina banking corporation, and that by authority duly given and as the act of
the corporation, the foregoing instrument was signed in its name by its
President, and sealed with its corporate seal.
Witness my hand and notarial seal this the 20th day of June, 1997.
----
(OFFICIAL SEAL) /s/ Xxxxx Xxxxxx
----------------
Notary Public
My Commission Expires: 3-24-2007
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