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To have and to hold the said tract or parcel of land and all the privileges and appurtenances thereunto belonging to the said party of
the second part and its successors and asisgns [assigns] forever.

And the said parties of the first part do covenant that they are seized
of the said premises in fee and have the right to convey the same in fee simple; that the same are free from incumbrances; and that
they will warrant and defend the said title to the same against the claims ofall persons whatsoever.

Provided always, and these presents are upon the express condition that if the said parties of the first part shall well and
truly pay or cause to be paid to the said party, of the second part whenever it shall be ascertained by the Board of Directors of the said
First Series The Piedmont Building and Loan Association that the value of each share of stock in said
First Series The Piedmont Building and Loan Association, amounts to the sum of one hundred dollars,
according to its plan of organization, and operations as appears in the constitution and by-laws of the said First
Series The Piedmont Building and Loan Association which are made part of this deed, the sum of ($500.00)
Five Hundred Dollars,
evidenced by a bond bearing even date herewith, with interest thereon at the rate of six per cent. per annum, payable in monthly installments
until the principal money shall all be paid according to the terms of said bond and constitution and by-laws aforesaid then these presents and
the said bond shall determine and be void.

It is understood and agreed that the said parties of the first part shall keep the buildings on said premises insured in
some reliable insurance company having an agency in the county of Guilford in the sum of $500.00 and if
any loss or damages should occur the same shall be payable to the said First Series The Piedmont Building
and Loan Association, its successors or assigns, to be applied to the satisfaction of this mortgage; and if the mortgagor shall fail to insure said
buildings for two hours, the mortgagee shall be at liberty to effect such insurance, and the amount so expended shall be deemed principal
money bearing interest at six per cent. per annum, and be payable when the next monthly installment is due.

It is further understood and agreed, That the mortgagors shall pay all taxes within the time prescribed by law, and in case the mort-
gagee shall have said taxes to pay, the amount so expended shall be deemed principal money, bearing interest at six per cent, per annum,
and be payable when the next monthly installment is due.

But if default of the payment of the principal sum of $500.00
Five Hundred Dollars
or any part thereof shall be made at the time above specified, then in such case the said parties of the first part do
hereby authorize and empower the said First Series The Piedmont Building and Loan Association, its
agent or attorney to sell said premises hereby conveyed, at public outcry, at the or on the premises after first advertising the same in some
newspaper published in the County of Guilford and four public places in the
County of Guilford, and convey the same to the purchaser in fee simple absolute, or if default shall be
made of the payment of the monthly installments of interest at the rate of six per cent. per annum, for three successive months, than the
said principal money of the sum of $500.00
Five Hundred Dollars
shall become due with all the accrued interest unpaid thereon, and in such case the paid parties of the first part do
authorize and empower the said First Series The Piedmont
Building and Loan Association to make sale of the said premises as upon failure to pay the principal sum of ($500.00)
Five Hundred Dollars, and shall execute and deliver to the purchaser a good and suf-
ficient deed and retain the principal money and interest unpaid together with all costs and charges paid for insurances and taxes by the said
First Series The Piedmont Building and Loan Association of the sale, and the registration of
this deed and pay the surplus, if any, to the parties of the first part or their legal representatives.

In testimony whereof the said parties of the first part have hereunto set their hands and seals the
day and year first above written.

John Reid (Seal)
Flossie Reid (Seal)