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MULTIFAMILY MORTG. TRUST v. CENTURY OAKS

No. COA99-715.

532 S.E.2d 578 (2000)

MULTIFAMILY MORTGAGE TRUST 1996-1, Plaintiff, v. CENTURY OAKS LIMITED, a North Carolina Limited Partnership, Defendant, v. Raymond W. Postlethwait, Jr., Substitute Trustee, Additional Plaintiff.

Court of Appeals of North Carolina.

July 18, 2000.

Attorney(s) appearing for the Case

Horack, Talley, Pharr & Lowndes, P.A., by James H. Pulliam, Charlotte, for plaintiff-appellee.

Michaux & Michaux, P.A., by H.M. Michaux, Jr., Eric C. Michaux, and Crystal S. Creech, Durham, for defendant-appellant.

WALKER, Judge.

On 10 July 1980, defendant Century Oaks Limited borrowed $5,935,200 from Trust Company Mortgage, evidenced by a non-recourse note and secured by a deed of trust. Defendant also executed a regulatory agreement with the Department of Housing and Urban Development (HUD) for a Multi-Family Housing Project. The loan was part of the Federal Housing Administration's (FHA) Multi-family Mortgage Insurance Program's credit enhancement devices designed to facilitate...

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