§ 45-82.1. Extension of period for advances.
§45‑82.1. Extension of period for advances.
(a) The period foradvances agreed to pursuant to G.S. 45‑81(a)(1) may be extended bywritten agreement of the lender and borrower executed prior to termination ofthe equity line of credit or the borrower's obligation to repay any outstandingindebtedness. Any extended period shall not exceed 30 years from the end ofthe preceding period for advances.
(b) A mortgage or deedof trust that secures an equity line of credit to which the lender and borrowerhave agreed to an extended period for advances shall have priority with respectto advances made after the preceding loan period from a date not later than thedate of registration of the certificate described in subsection (c) of thissection.
(c) The priority providedin subsection (b) of this section shall be accorded only if the grantor of themortgage or the deed of trust securing the obligation, and other record ownersof the real property therein conveyed, execute a certificate evidencing theextension and register the certificate in the office of the register of deedswhere the mortgage or deed of trust is registered. The failure of any recordowner to execute the certificate shall affect only that record owner's interestin the property, and executions by other owners shall have full effect to theextent of their interests in the property. For purposes of this section, theterm "record owner" means any person owning a present or futureinterest of record in the real property which would be affected by the lien ofthe mortgage or deed of trust, but does not mean the trustee in a deed of trustor the owner or holder of a mortgage, deed of trust, mechanic's ormaterialman's lien, or any other lien or security interest in the realproperty.
(d) The certificatedescribed in subsection (c) of this section may be in any form that fulfillsthe requirements of subsection (c) of this section, including the following:
"Certificate of Extensionof Period for Advances Under Home Equity Line of Credit
Please take notice that theborrower and lender under the home equity line of credit secured by the (deedof trust) (mortgage) recorded on _______________ in Book _______________, atPage ________, records of this County, have agreed to extend the period withinwhich the borrower may request advances as set forth in G.S. 45‑82.1. The borrower's obligations to repay advances and related undertakings aresecured by the (deed of trust) (mortgage).
WITNESS the signatures andseals of the undersigned, this _______ day of _______________, __________.
(SEAL)
(Grantor(s))
(SEAL)
Otherrecord owner(s)
(SEAL)
(Mortgageeor Beneficiary)
(Acknowledgment as required bylaw)." (1995, c. 237, s. 2.)