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Mortgaged Property, with interest thereon at the Default Rate provided by the Promissory Note from the date of advance by Beneficiary to the date of payment by Trustor. The indebtedness and the obligations secured by this Deed of Trust which are described in (i) through (iii) above may be referred to herein as the "Secured Obligations." The indebtedness secured hereby is further evidenced and secured by the following documents, executed by Trustor, dated of even date herewith, which, with this Deed of Trust, the Promissory Note and any amendments or supplements thereto or modifications thereof are hereinafter referred to collectively as the "Loan Documents ": (a) a Building Loan Agreement; (b) Notice of Commencement; (c) an Assignment of Rents and Leases; (d) an Assignment of Plans, Specifications and Construction Contracts and Agreements; (e) (f) (g) an Environmental Indemnity Agreement; a UCC Financing Statement; and such other documents as may be required by Lender or Lender's Counsel. and is further secured by the Guarantys of Payment executed jointly and individually by Jerome P. Gordman and Nelson T. Gordman dated of even date herewith. ARTICLE I REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS OF TRUSTOR Trustor hereby represents, warrants, covenants and agrees: 201300304 Section 1.01. Payment of Secured Obligations. Trustor hereby grants this Deed of Trust to secure the payment and performance when due of the Secured Obligations. The consideration received by Trustor to execute and deliver this Deed of Trust and the liens and security interests created herein are sufficient and will provide a direct economic benefit to Trustor. Section 1.02. Title of Trustor. Trustor has, subject to Permitted Encumbrances set forth in Exhibit `B" hereto, in its own right, good, marketable and indefeasible title in fee simple to the Mortgaged Property, which is free from encumbrance superior to the encumbrance of this Deed of Trust and has full right to make this conveyance. Section 1.03. Construction of Improvements. To complete in good and workmanlike manner any building or improvement or repair relating thereto which may be begun on the Property or contemplated by the loan secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any mechanic's or materialmen's lien against the Property. Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding: (a) to promptly commence work and to complete the proposed improvements promptly; (b) to complete same in accordance with plans and specifications as approved by Beneficiary; (c) to comply with all of the terms of any Building Loan Agreement between Trustor and Beneficiary; (d) to allow Beneficiary to inspect the Property at all times during construction; and 3