|
�
<br /> d .. . ` .t.,`� -
<br /> �'�'r".. . . . .. . . • � . ... _ . . .
<br /> �, � ..
<br /> . L . � . . .
<br /> 1 -
<br /> r .
<br /> : , 9?- 11��'734 �;_.::.
<br /> This Deed of Trust shall secure: ���y
<br /> (a) The payment of �he principal sum and interest �__
<br /> evidenced by Borrawer's Construction Line of Credit --
<br /> Uraw Note dated November 20 , 19 97 , having a
<br /> , � maturity date of Nov_ember 20t 1998 ,�n the original
<br /> ;. � pri.ncipal amount of 'lwo Hundred Twent -rivc Thousand--0ollars r- --
<br /> »�,,,,� (; 225.00Q.00) , and any and al mod f cat ons, extensiona
<br /> �.,,,,,,,,�; and renewals thereaf or therefio and any and all future
<br /> 4 advances and readvances horeunder pursuant to one or
<br /> � more promissory notea or credit aqr�emen�s (Yierein
<br /> called "Note") p
<br /> - (b) The payment of other sums advanced by Lender
<br /> � to protect the sscurity of i:he IVotej
<br /> d (c) The performance of al1 covenants and agree-
<br /> ments of Borrower set forth hereinj and
<br /> � � (d) All indebtedness and obligations of Sorrower --
<br /> y�t � to Lender whether direct, indixect, absolute c�r con-
<br /> 1��_ g y over-
<br /> ,, tingent and whether arisin b note, guaranty,
<br /> �. draft or othorwiae advanced for the purpose of making
<br /> improvements t.o the real estate hereinabove described.
<br /> The Note, and any and all o�he r documents that secure
<br /> �,. the Note or o�herwise executed in ua ant es n securityh�
<br /> including, without limitation, g
<br /> -. .�. agreements and assignments of leases and rents , shall
<br /> � be referred to herei.n as the "Loan Instruments. "
<br /> -�:
<br /> Borrower, to protect the security o� zliis Des� o� Trttst;
<br /> covenants and agrees with Lender as follows:
<br /> 1. Pa ent of Princi al and Interest. Borrower shall
<br /> � promptly pay when due the pr nc pal of and interest on► and any
<br /> fees oz charges provided in, the Note or in this Deed of Trust.
<br /> 2. Title. Florrower is the owner of. the Property and
<br /> , has the right and authority to convey the Property.
<br /> 3. Taxes, Asseasmentis. Except when they are con-
<br />` tested in good faith, to pay when due all taxes, special assess-
<br /> � ments and all o�her charges against tihe Property and, upon
<br /> written demand by Lender, to pay to Lender such amount as may be
<br /> sufficient to enable the Lender to pay such taxes, assessments or
<br /> I other charges as they become due.
<br /> � �
<br /> � � 4. Insurance. At the beginning of construction or
<br /> � i renovation of bui1T ding, to keep �he Property insu red against
<br /> damage by fire, hazards included within the term "all risk
<br /> � coverage", and such other hazards as Lender may require, in
<br /> � � � I amounts and with companies acceptable to Ler.der, including a
<br /> . I standard mortgagee clause with loss payable to the Lender. In =
<br /> ; case of loss undei such policies, the Lender is authorized to -
<br /> adjust, collect and compromise al]. claims thereunder and shall _
<br /> have �he option of applying all or part of L•he insu rance pxoceeds �_
<br /> (i) to any indebtedness s�cured hereby and in such order. as
<br /> Lender may determine, (ii) to the Borrower to be used for the
<br /> �. repair or restoration of the Prop�rty or (iii) for any o�.her
<br /> � purpose or object sa�isfactory to Zender withoui: affscting the
<br /> lien of this Deed of Trust for the £ull amount secured hereby
<br /> I before such payment ever �onk place. Any application of proceeds �.
<br /> to indebtedness shall not extend or postpone the due date ef any �
<br /> { payments under the Note, or cure any default �hereunder or here- �
<br /> 1 uncxer.
<br /> I
<br /> ; 5. Main�enance, Repair s and Com liance with Laws.
<br /> + Borrower shall keep the Property in good condit nn an rep��rt
<br /> ' shall promptly repair or replace any improvement which may be
<br /> clamaged or destroyed; sha11 noi: commiti or permit any waste or �
<br /> dzterioration of the Property; shall not remove, demolish or �
<br /> substantially al�er any o£ the improvements on the Property; I
<br /> ' shall not commit, suLfcr or permit any act to be d one in or upon
<br /> i
<br /> 4
<br /> -2� I
<br /> � _
<br />
|