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CONST DOT PG2
<br />201211074
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS:
<br />Title: That is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple
<br />and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever; that it
<br />will, at its expense, maintain and preserve the lien of this Deed of Trust as a first and paramount hen upon such
<br />property.
<br />Maintenance: To keep such property in good condition and repair; to complete or restore promptly and in good
<br />and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay, when due,
<br />all claims for labor performed and materials furnished therefor and for any alterations thereof; to comply with the
<br />provisions of all insurance policies covering said premises; to comply with all laws, ordinances, regulations, covenants,
<br />conditions and restrictions affecting such property; not to remove, demolish or materially alter any building, or the
<br />character or use thereof at any time thereon; not to drill or extract nor to permit the drilling for or extraction of oil, gas
<br />or other hydrocarbon substances or any mineral of any kind unless the written consent of Beneficiary is first had and
<br />obtained; not to commit or permit any waste thereof or any act upon such property in violation of law; to do all other
<br />acts in a timely and proper manner which from the character or use of such property may be reasonably necessary to
<br />protect and preserve said security, the specific enumerations herein not excluding the general.
<br />Construction of Improvements: To complete in good and workmanlike manner any building or improvement
<br />or repair relating thereto which may be begun on such property or contemplated by the loan secured hereby, to pay when
<br />due all costs and liabilities incurred therefor, and not to permit any construction lien against such property. Trustor also
<br />agrees, anything in this Deed of Trust to the contrary notwithstanding (a) to promptly commence work and to complete
<br />the proposed improvements promptly, (b) to complete the same in accordance with plans and specifications as approved
<br />by Beneficiary, (c) to comply with all of the terms of any building loan agreement between Trustor and Beneficiary, (d)
<br />to allow Beneficiary to inspect such property at all times during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary, within fifteen (15) days after written notice from Beneficiary of such fact, which notice
<br />may be given to Trustor by registered or certified mail, sent to his last known address, or by personal service of the same.
<br />Fire and Casualty Insurance: To keep such property insured against loss or damage by fire and other risk or risks
<br />which, in the opinion of Beneficiary should be insured against, under policies of insurance with loss payable to
<br />Beneficiary in form, amount, and companies acceptable to Beneficiary. Said policies shall be delivered to and remain in
<br />possession of Beneficiary as further security for the faithful performance of these obligations, which delivery shall
<br />constitute an assignment by Trustor to Beneficiary to all rights thereunder, including all return premiums; to deliver to
<br />Beneficiary a policy or policies renewing or extending any expiring insurance with a receipt showing premiums paid at
<br />least thirty (30) days before expiration. If Trustor fails to so deliver any renewal policies, Beneficiary may procure such
<br />insurance as it may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither
<br />Trustee nor Beneficiary shall be responsible for obtaining or maintaining such insurance. Beneficiary, from time to time,
<br />may furnish to any insurance agency or company, or any other person, any information contained in or extracted from
<br />any insurance policy theretofore delivered to Beneficiary pursuant hereto, and any information concerning the loan
<br />secured hereby. In no event and whether or not default hereunder has occurred shall Beneficiary, by the fact or
<br />approving, accepting or obtaining such insurance, incur any liability for the amount of such insurance, the form or legal
<br />sufficiency of insurance contracts, solvency of insurers, or payment of losses by insurers, and Trustor hereby expressly
<br />assumes full responsibility therefor and liability, if any, thereunder. In the event of loss, Trustor shall give immediate
<br />written notice to Beneficiary, and Beneficiary may, but is not obligated to, make proof of loss if not made promptly by
<br />Trustor. In case of any loss the amount collected under any policy of insurance on such property may, at the option of the
<br />Beneficiary, be applied by Beneficiary upon any indebtedness and/or obligation secured hereby and in such order and
<br />amount as Beneficiary may determine; or said amount or any opion thereof may, at the option of the Beneficiary, either
<br />be used in replacing or restoring the improvements partially or totally destroyed to a condition satisfactory to said
<br />Beneficiary, or said amount or any portion thereof may be released to the Trustor. In any such event neither the Trustee
<br />nor the Beneficiary shall be obligated to see to the proper application thereof; nor shall the amount so released or used be
<br />deemed a payment on any indebtedness secured hereby. Such application, use, and/or release shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act done pursuant to such notice. Any unexpired insurance and all
<br />returnable insurance premiums shall inure to the benefit of, and pass to, the purchaser of the property covered thereby at
<br />any Trustee's sale held hereunder. If said property is sold pursuant to the power of sale contained herein or pursuant to
<br />any decree of foreclosure, all right, title and interest of Trustor in and to the proceeds of fire and other insurance policies
<br />for damage prior to the sale, which proceeds are not received prior to the date of said sale, shall belong to Beneficiary.
<br />Taxes and Other Sums Due: To pay, satisfy and discharge, at least ten (10) days before delinquency, all general
<br />and special taxes and assessments affecting such property, and in no event later than the date such amounts become due,
<br />(1) all encumbrances, charges and liens, with interest, on such property, or any part, thereof, which are, or appear to
<br />Beneficiary to be prior to or superior hereto, (2) all costs, fees and expenses of this trust, whether or not described herein,
<br />(3) fees or charges for any statement regarding the obligation secured hereby in any amount demanded by Beneficiary,
<br />not to exceed the maximum amount allowed by law therefor at the time when such request is made, (4) such other
<br />charges as the Beneficiary may deem reasonable for services rendered by Beneficiary and furnished at the request of
<br />Trustor or any successor in interest to Trustor, (5) if such property includes a leasehold estate, all payments and
<br />obligations required of the Trustor or his successor in interest under the terms of the instrument or instruments creating
<br />such leasehold, Trustor hereby agreeing not to amend, change, or modify his leasehold interest or the terms on which he
<br />has such leasehold interest, or to agree to do so, without the written consent of Beneficiary being first obtained, and (6)
<br />all payments and monetary obligations required of the owner of such property under any declaration of covenants,
<br />conditions and restrictions pertaining to such property or any modification thereof. Should Trustor fail to make any such
<br />payment, Beneficiary, without contesting the validity or amount, may elect to make or advance such payment together
<br />with any costs, expenses, fees or charges relating thereto, including employing counsel and paying his reasonable fees.
<br />Trustor agrees to notify Beneficiary immediately upon receipt by Trustor of notice of any increase in the assessed value
<br />of such property and agrees that Beneficiary, in the name of Trustor, may contest by appropriate proceedings such
<br />increase in assessment.
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