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<br />� Thie Deed o� �ru�� ehall eeoure: I�/- �v ��'X� -
<br /> (a) The payment of the pzineipal eum a�nd interest
<br /> evidenoed by Borrower's Conetruction Liae of Credit
<br /> Oraw Note dAted October 28 , 19 97 , bdvix�g a
<br />� maturity d�te of Auguet 1, 199 ,�n the o7, inat
<br /> prinaipal aRloutlt ot Three Hundred �ort Thausand 6 Nqtt��lart� �
<br /> t� 340�000.00) , and any an a mo aat one, exteneions
<br /> an renewa e thereof or thereto and any a�nd all future
<br /> advanaec And readvancee hereunder pareuan� to vne ox
<br /> more promieaory notes or credit agreements (hexein
<br /> aalled "Note") t
<br /> (b) The payment of other euma advdnoed by Lender
<br /> to.proteot the seau�ri�y of the Note1
<br /> (c) The performanae of all aovenan�s and nqres-
<br /> ments of Horrower set forth herein� and
<br /> (d) Al1 3ndebtedness and obligat3ons of Horrower
<br /> to Lender whether direct, indireet, abeolute or con-
<br /> tingent and whether arisinq by note, guaranty, over-
<br /> � draft or otherwiee advanced for the purpaee of making
<br /> improvements to the real eat�te hereinabove deacribed.
<br /> The Note, and any and all other doa�amentie that secure
<br /> the Note or otherwise executed in conneation therewith,
<br /> inc].uding, without limitation, guarantees, seaurity
<br /> agreementa and assignments of ].easea and rents, ehall
<br /> be referred to herein ae �he "Loan �nstruments."
<br /> Borrower� to proteat the securi�y or thie i�eed ot rrust�
<br /> covenante and agrees with Lender as follows:
<br /> 1. Pa ent of Princi al and xntereat. Borrower shall
<br /> promp�ly pay when due t e pr nc pA of an ntareat on, and any
<br /> fees or chargea provided in, the Note or in thie Deed of Trust.
<br /> 2. Title. Borrower is the owner c�f the Property �nd
<br /> has the riqht a�thority to convey the Property.
<br /> 3. Taxea Assessmente. Exaept when they are Qon�
<br /> tested in good �t t i, to pay�en due all taxee, epealal assess-
<br /> ments and all other charges against the Property and, npon
<br /> written demand by Lender, to pay to Lender euah amoun� ae may be
<br /> suffioient to enable the Lender to pay euah taxes, assessments or
<br /> other chargea �te they become due.
<br /> _ � 4. Inauraaae. At the beginaing of eona�ruation or
<br /> renovation of u�3c ng, to keep the Property inaured agnine�
<br /> damage by fire, hazard a included within the term "all riek
<br /> coverage", and such o�her hazarde as Lender may require, in
<br /> amounte and with aompar�is� aae�ptabl� �o Lend�r, including e
<br /> etandard mortqagee elause aith los• pnyable to the Lander. In
<br /> ceee of loes under euoh poliales, the I,ender ia authorized tio
<br /> ad3ust, oollect and aompromiee ail alaime thereunder aad shali
<br /> have the option of epplying all or par� of the ir�suranae pzoveeds
<br /> (i) to any indebtednese aecured �ereby dnd in auch order ds
<br /> Lender may determine, �ii) to the eorrower to be veed for the
<br /> �� repair or restoration of the Proparty or (iii) for any other
<br />:=� purpose or object satisfnctory to Lender without �ffea�ing the
<br />;.�: lien of thie Deed of Trus� for the full amount secured hereby
<br /> before such payment ever tovk place. Any appliaation of proaeeds
<br /> �' to indebtednesa ahall t�ot extend or postpone the due date of any
<br />`-� payments under the Note, or eure any defaul� thereunder or here-
<br /> under.
<br /> 5. Main�enanae Re aiz� aad Com lianae t��th Laa�.
<br /> ��� e�rrower shall eep e roper y a goo con on an zapa r=
<br /> ahall pramptly repair or repinoe any improvemer�t which m�y be
<br /> damaged or destiroyedt ahnll not coxnmit or permiti any waste or
<br /> deterioration of tt�e� Property� ahall not zemave, demolieh or
<br /> „ subatantially alter any of the improvemente • on the Proper�yj
<br />- ehall not commit, suffer or permiti Any act to be done in or upon
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