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<br /> � Thie l�eed of Trua� ghall secure: �/° ����'�
<br /> (a) The payment o� the principal sum and intereat
<br /> evidenced by Hoxra�ver's Conetruotion Line of Credit
<br /> . Dr:xw Note dated npril 1.1 0 19 97 , h�ving � "
<br /> . ';� ma�urity date of october 25► 1997 ,�'n iche or.3.c�iital
<br /> � principal amount of 7taentv Thoueand and_N�100-------Dollars -
<br /> .-���` (� 20,000.00) , and any anc� all mod f aat ona, ex�ensions
<br /> ��~ '''""o and xenewala th�reof or thereto and any and all future
<br /> :`�A
<br />' advances and readvances hereunder pursuan� to ona or •.-°r•�:
<br /> more promissory notea or credit agreemen�s (herein ��;,;;;`•.
<br /> called "Note") a �"'
<br /> (b) The payment of other sums advanced by i,ender �`�;i:
<br /> to .protec� the securitgr of the Notel �""'�"
<br /> �_�
<br />� � � �:- (c) The performance of all covenanta and agree- — _
<br /> • �� ments of Borrower se� forth herein j and —�
<br /> �� idD All indebtedness and obliqations of Boxrower � �
<br /> �o Lender whether directo indirect, absolute or con- °��
<br /> tinqent znd whe�her arising by note, g�aaranty, over- �-��.
<br /> dXaft or otherwise advanced for the purpose af making �"y--
<br /> improvements �o the real esta�e hereinabove d��cribed.
<br /> , � The Note, and any anfl all other docuznents that secure
<br /> - the Note or otherwi�e executed in connection th�erewith, ''-
<br /> ' inclnding, withou� l�lini�ation, guarantees, security �„=:=
<br /> agreementa and assignments of leases �nd rents� ahall ��'''!
<br /> be referred to herein as the "Loan Instruments. "
<br />, � Borrower, to protect the security of th�s De�d of Trust, -
<br /> :� covenants and agrees with Lendex as fal�ows:
<br /> p�_
<br />�' , -. , ,,, 1. Pa ent of Pr3nci at and Interes�. Horrower shall
<br /> promptly pay when due the pr nc pa af and interes� on, and any
<br />�`�„ �-- +r��;�: fees or charges provided in, the Nqte or in this Oeed of Trust.
<br /> = y •'�;,
<br /> �`��-' �-�•� 2. Title. Borrower is the own�r of. the Property and
<br />�''�t�`ni—
<br /> has the riyht and authority to convey �he Property.
<br /> R���� 3. Taxes, Assesaments. Excep� when they are con- �
<br />.'`''--�•� �estea in ood faith, to a when due all taxes, specia] assess-
<br />,.:-�-����'R'�` 9 P � -
<br /> �-.;,�K�... ments and all other charges agafnat the Property and. upon _:�:_��-
<br /> -�":t���i�' written demand by L•enr3er, to pay to Lender such amount as may be
<br />�;,�;:`�.,: sufficient to enable the Lender to pay such taxes, asseasments or —
<br /> ,;;;;;,�„. other charges as they become du�.
<br />�-?�,�:.'._
<br /> ==r�;��m. 4. Insurance. A� the bsginn3.ng of construction or
<br /> �;..�;� renowation of bu l�� to keep the Property ineured againat
<br /> -'.—,,,��;:�--� da�ac�e by fire, hazarcis included wi�hin the term "all risk
<br />'_'.��',���;s,� cov�rage , and such other hazards as Lender inay require, in
<br /> ,. : ��
<br /> � ��-'��.;; amountis and with companies acceptable to L�nd�r, itacluding a -
<br /> � � standard mortgagee clause with loss payable to the Lender. In -
<br /> ., case of loss under such policies, the Lender is author3zed to �-
<br /> = .. � adjust, collect and compromise a11 claims thereundsr and shall --
<br /> :::��.. ---
<br /> � ^.���,.� have th� option of applying all or part of the insurance proceeds �_�
<br /> ���"' fiD to any indebtedness securod hereby and in such order as
<br /> � L�nder may determine, (ii) to ths Borrower to be used for the
<br />_:�,�' � repair or restoration of the Property or (31i) far any o�.her
<br /> .,� �:;'�1 purposE or object satisfactory to L�nder without affecting the
<br /> '`�+' lien of this Deed of �r�ust for ths full amount secured hereby .
<br />� �• � � beforo such paycnent ever took place. Any applicat3on of proceeds
<br />��� to indobtedn�ss shall not ���tend or postpoxno the due date of any � �
<br /> -, ,
<br /> ; � payments under �ne ivo'te, or cure any dezau�.� cneseundsr or iaere- -
<br /> �.
<br /> under.
<br /> ' 5. t�iaintenance, Re airs and Com 13ance w3.th Laws.
<br /> Borrower shall keep ti e Proper y n goo cond t on an repa rf
<br /> shall promptly repair or replace any improvement which may be .
<br /> damaqed oz destroyed; shall no� commit or. permit any waste ox
<br /> deterioration of the Propertyt ahall not remove, demolish or
<br /> substantially alter any of the improvements �on the Property;
<br /> shall not commit, suffer or permi� any act to be done in ar upon
<br />. ` -2- y .
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