Common use of Maximum Principal Amount Secured Clause in Contracts

Maximum Principal Amount Secured. This is a Future Advance Deed of Trust subject to the provisions of Article 7 of Chapter 45 of the North Carolina General Statutes, as the same may be amended from time to time. This Deed of Trust is given wholly or partly to secure (i) Borrower's present obligations to Beneficiary identified in section 2A of this Deed of Trust, and (ii) Borrower's future obligations to Beneficiary which may, from time to time, be incurred hereunder. Future obligations secured by this Deed of Trust may be incurred by ▇▇▇▇▇▇▇▇ within a period of 15 years from the date of this Deed of Trust. The amount of present obligations secured by this Deed of Trust is the sum of those Secured Obligations identified in section 2A of this Deed of Trust. This Deed of Trust secures all of the Secured Obligations identified in section 2 of this Deed of Trust. However, if at any time the aggregate outstanding principal balance of the Secured Obligations exceeds the maximum principal amount that may be secured by this Deed of Trust at any one time as stated above, the excess shall be secured by this Deed of Trust. Nothing in this Deed of Trust shall be construed as a commitment to make additional or future loans or advances in any amount. Any such commitment shall require a separate writing signed by Beneficiary.