A.__The note, bond, debenture or other evidence of indebtedness is offered and sold with the mortgage or other security agreement as a unit;

B.__A general solicitation or general advertisement of the transaction is not made;

C.__A commission or other remuneration is not paid or given, directly or indirectly, to a person not licensed under this chapter as a broker-dealer or as an agent; and

D.__The outstanding principal amount of all notes or other evidence of indebtedness that is secured by the mortgage or other security agreement does not exceed the fair market value of the property at the time of the transaction, or the issuer otherwise proves that it relied on reasonable evidence that the fair market value was not so exceeded at the time of the transaction;

12.__Personal representative, guardian transactions.__A transaction by a personal representative, as defined in Title 18- A, section 1-201, subsection 30, executor, administrator of an estate, sheriff, marshal, receiver, trustee in bankruptcy, guardian or conservator acting in their official capacities;

13.__Transactions with specified investors.__A sale or offer to sell to:

A.__An institutional investor;

B.__A federal covered investment adviser; or

C.__Any other person exempted by routine technical rule, as defined in Title 5, chapter 375, subchapter 2-A, adopted or order issued under this chapter;

14.__Limited private offering transactions, any issuer.__A sale or an offer to sell securities of an issuer, if the transaction is part of a single issue in which:

A.__Not more than 10 purchasers are present in this State during any 12 consecutive months, other than those designated in subsection 13;