Deed of Trust Between Fountain Powerboats And Bank of America

EXHIBIT 10.14


Satisfaction : The debt secured by this Deed of Trust together with the note(s) or other obligations secured thereby have been satisfied in full.

This the day of , . Signed: Bank of America, N. A .

By:

Name:

Title:

FOR REGISTRATION REGISTER OF DEEDS

JENNIFER LEGGETT WHITEHURST

BEAUFORT COUNTY, NC

2003 Jul 17 11:25 24 AM

BK 1339 PG 924-932 FEE $35.00

INSTRUMENT #2003006655


Recording Time, Book and Page

Tax Lot No. Parcel Identifier No.

Verified By County on the day of , .

by


Mail to:

Bank of Ameirca, N.A. Prepared by: [Closer Name]

Attn: NC Lien Perfection

Bank of America, N.A.

P. O. Box 33562

P. O. Box 33562

Charlotte, NC 28233-3562 Charlotte, NC 28233-3562


_______________________________________________________________________________________________________

Customer # [Customer #]


North Carolina Deed of Trust


This Deed of Trust made as of this 17th day of July, 2003 by and between;

Grantor Trustee Beneficiary Fountain Powerboats, Inc ., a North Carolina corporation PRLAP, Inc. Bank of America , N.A. a national banking association with its principal office in Charlotte, Mecklenburg County, North Carolina.

Address: 1653 Whichards Beach Road

Washington, North Carolina 27889

Address: Portfolio Admin.

1400 Best Plaza Drive

P. O. Box 26865

Richmond, VA 23227 VA2-410-02-01

Address: NC7-002-02-01

One Hannover Square, Suite 201

Raleigh, North Carolina 27601

Attention: Commercial Loans


Enter in appropriate block for each party: name, address, and if appropriate, character of entity; e.g. corporation or partnership.


The designation Grantor, Borrower, Trustee, and Beneficiary as used herein shall include said parties, their heirs, successors, and assigns, and shall include singular, plural, masculine, feminine or neuter as required by context. Subject to the preceding sentence, Borrower means Fountain Powerboats, Inc.

Witness, That Whereas, Borrower is indebted or otherwise obligated to Beneficiary in the principal sum of Eighteen Million Dollars ($18,000,000), as evidenced by a promissory note (the " Note" ) of even date herewith (the principal of the Note and all present or future modifications, extensions, renewals or replacements thereof hereinafter referred to as the " Obligation" ), the terms of which are incorporated herein by reference.


Now Therefore, for valuable consideration, receipt of which is hereby acknowledged, and as security for the payment of the Obligation, together with interest thereon and any other amount payable in connection therewith, Grantor has bargained, sold, given, granted and conveyed and does by these presents bargain, sell, give, grant and convey to said Trustee, Trustee' s heirs, successors, and assigns, the parcel(s) of land (the " Land" ) situated in Township, County of Beaufort, State of North Carolina, more particularly described as follows:


See Exhibit A attached hereto and incorporated herein by reference.

EXHIBIT A

FOR DEED OF TRUST FROM FOUNTAIN POWERBOATS, INC. to PRLAP, Inc. Trustee and Bank of America, N.A., Beneficiary


TRACT I :

All that certain tract or parcel of land lying and being situate in Chocowinity Township, Beaufort County, North Carolina, and being more particularly described as follows:


Beginning at a point in the southern right-of-way line of NCSR 1166 (Whichard' s Beach Road- 60 ft. right-of-way); said point being located the following courses and distances from a concrete monument located at the southeasterly corner of the subdivision known as Harbor Estates, as shown on a plat thereof recorded in Plat Cabinet A, Slide 113A in the office of the Register of Deeds of Beaufort County, North Carolina (said concrete monument also being the southwesterly corner of Tract II described below): South 35b0 52' 54" East 62.93 feet to a point; thence South 36b0 20' 33" West 30.61 feet to a point; thence South 64b0 01' 09" East 16.66 feet to the point of beginning. THENCE FROM SAID POINT OF BEGINNING SO LOCATED, along and with the southern right-of-way line of NCSR 1166 South 64b0 01' 03" East 132.39 feet to a point; thence along and with the southern right-of-way line of NCSR 1166 the following courses and distances: South 64 00' 52" East 49.07 feet to a point; thence South 64 01' 18" East 50.66 feet to a point; thence South 64 01' 12" East 220.27 feet to a point; thence South 64 01' 09" East 45.61 feet to a point; thence in a southeastern direction along a curve to the right having a chord bearing and distance of South 57 55' 13" East 341.99 feet to a point; thence South 51 52' 17" East 22.40 feet to a point; thence South 51 52' 17" East 300.00 feet to a point; thence leaving NCSR 1166 South 38 00' 08" West 140.26 feet to a point; thence South 51 52' 37" East 31.00 feet to a point; thence South 51 52' 19" East 131.00 feet to a point; thence South 38 00' 08" West 50.00 feet to a point; thence North 51 59' 55" West 21.00 feet to a point; thence South 37 59' 26" West 137.56 feet to a point; thence South 52 57' 27" East 107.66 feet to a point; thence South 35 48' 31" West 49.16 feet to a point; thence South 37 39' 39" West 149.73 feet to a point; thence South 37 39' 39" West 18.38 feet to a point in a ditch; thence along and with said ditch the following courses and distances: North 56 10' 32" West 114.97 feet to a point; thence North 57 56' 27" West 120.08 feet to a point; thence North 59 09' 12" West 105.20 feet to a point; thence North 57 02' 11" West 105.33 feet to a point; thence North 64 27' 40" West 506.54 feet to a point; thence North 56b0 33' 24" West 99.24 feet to a point; thence North 48 59' 54" West 220.23 feet to a point; thence North 47 02' 51" West 145.55 feet to a point in the eastern right-of-way line of a private road; thence along and with the eastern right-of-way line of said private road the following courses and distances: North 36 19' 37" East 158.65 feet to a point; thence North 36 20' 38" East 20.00 feet to a point; thence North 36 19' 33" East 51.10 feet to a point; thence North 36 20' 24" East 24.66 feet to a point; thence North 36 20' 20" East 100.34 feet to a point; thence North 36 20' 41" East 166.95 feet to a point; thence in a northeastern direction along a curve to the right having a radius of 20.00 feet an arc distance of 27.78 feet (said curve having a chord bearing and distance of North 76 08' 47" East 25.60 feet) to the point of beginning.


The above described Tract I is delineated as Tract A and Tract B on a survey prepared for Fountain Power Boats, Inc. by Carolina Benchmark, P.A. dated October 12, 1987.

Together with a perpetual non-exclusive easement for ingress, egress and regress across a 60-foot wide private right-of-way running southwardly from NCSR 1166 at point (C) in the Ottis M. Crisp line as shown on the plat entitled " Plan of Land surveyed for Jennis M. Crisp" recorded in Plat Cabinet A, Slide 42A, in the Beaufort County Registry.

1

SAVING AND EXCEPTING FROM THE ABOVE DESCRIBED TRACT I THE FOLLOWING:

EXCEPTION 1: All that certain tract or parcel of land lying and being situate in Beaufort County, North Carolina and being more particularly described in that certain Deed from Fountain Powerboats, Inc., as Grantor, to the City of Washington, North Carolina, as Grantee, recorded in the Office of the Register of Deeds of Beaufort County, North Carolina, in Book 1145, at Page 127.


EXCEPTION 2: All that certain tract or parcel of land lying and being situate in Chocowinity Township, Beaufort County, North Carolina, and being more particularly described as follows: All of Tract 2B as shown and delineated on the map entitled " Subdivision Map, Fountain Power Boats, Inc., Tracts 2A & 2B," prepared by Thomas W. Harwell, dated May 22, 2001, recorded in the office of the Register of Deeds of Beaufort County, North Carolina, in Plat Cabinet F, at Slide 83-6 (the " Subdivision Map" ), reference to said map being hereby made for a more particular description of the property.

TRACT II:

All that certain tract or parcel of land lying and being situate in Chocowinity Township, Beaufort County, North Carolina, and being more particularly described as follows:


Beginning at an existing concrete monument in the northern right-of-way line of NCSR 1166 (Whichard' s Beach Road- 60 ft. right-of-way), said concrete monument also being the southeasterly corner of the subdivision known as Harbor Estates, as shown on a plat thereof recorded in Plat Cabinet A, Slide 113A in the office of the Register of Deeds of Beaufort County, North Carolina. THENCE FROM SAID POINT OF BEGINNING SO LOCATED, North 30 36' 00" East 375.64 feet to a point; thence North 30 36' 00" East 17.00 feet to a point in a canal; thence along and with the canal the following courses and distances: North 48 42' 00" East 23.43 feet to a point; thence North 30 26' 00" East 476.44 feet to a point; thence leaving said canal North 31 42' 00" East 427.85 feet to a point in the mean high water line of the Pamlico River; thence along and with the mean high water line of the Pamlico River the following courses and distances: North 71 11' 00" East 88.88 feet to a point; thence North 78 57' 00" East 77.78 feet to a point; thence North 51 09' 00" East 53.88 feet to a point; thence South 21 39' 00" East 42.48 feet to a point; thence South 55 23' 00" East 82.19 feet to a point; thence North 65 06' 00" East 38.64 feet to a point; thence South 45 07' 00" East 146.64 feet to a point; thence South 59 32' 00" East 1 ...