|
201400095
<br />all payable according to the terms of the note(s), credit agreement(s), or other instrument(s) modifying
<br />the same.
<br />Date of Note(s) or Credit Agreement(s) Principal Amount
<br />12/27/2013 $450,000.00
<br />12/27/2013 150, 000.00
<br />Provided, however, that the total principal indebtedness outstanding and secured hereby at any one
<br />time will not exceed the sum of SIX HUNDRED THOUSAND, ($600,000.00), exclusive of interest and
<br />protective advances authorized herein or in the loan agreement(s); provided further, that THIS
<br />PARAGRAPH SHALL NOT CONSTITUTE A COMMITMENT TO MAKE FURTHER OR ADDITIONAL
<br />ADVANCES IN ANY AMOUNT AT ANY TIME, WHETHER OR NOT THE TOTAL PRINCIPAL
<br />INDEBTEDNESS ABOVE HAS BEEN ADVANCED.
<br />This Trust Deed will be due February 1, 2039.
<br />Trustor(s) hereby warrants that Trustor(s) holds fee simple title to the above described property, that
<br />Trustor(s) has good and lawful authority to deed and encumber the same, that the property is free and
<br />clear of all liens and encumbrances, except encumbrances of record, and that Trustor(s) will warrant
<br />and defend the property, at Trustor(s) expense, against all claimants whomsoever. Trustor(s) also
<br />hereby waives and relinquishes all rights of dower, homestead, distributive share, and exemption in and
<br />to the above described property.
<br />Trustor(s) and each of them further covenants and agrees with, or certifies to, Beneficiary
<br />as follows:
<br />1. To pay all liens, judgments, or other assessments against the property, and to pay when due all
<br />assessments, taxes, rents, fees, or charges upon the property or under any lease, permit, license, or
<br />privilege assigned to Beneficiary as additional security to this Trust Deed, including those in or on public
<br />domain.
<br />2. To insure and keep insured buildings and other improvements including fixtures and attachments
<br />now on or hereafter placed on the property to the satisfaction of Beneficiary. Such insurance will be
<br />endorsed with a loss payable clause to Beneficiary. On demand, Trustor will furnish said policies or
<br />proof of insurance to Beneficiary. Any sums so received by Beneficiary may be used to pay for
<br />reconstruction of the destroyed improvements or if not so applied may be applied, at the option of
<br />Beneficiary, in payment of any indebtedness matured or unmatured secured by this Trust Deed. Such
<br />insurance will be in an amount at least equal to the lesser of the loan balance, the actual cash value of
<br />the collateral, or the replacement cost of the property, and will at a minimum, cover losses caused by
<br />fire, lightning, explosion, riot, aircraft, vehicles, vandalism, civil commotion, smoke, windstorm, and hail.
<br />Trustor(s) will obtain and keep flood insurance in force to cover losses by flood as required by
<br />Beneficiary and by the National Flood Insurance Act of 1968, as amended, and by regulations
<br />implementing the same. Trustor(s) further agree that Beneficiary is not and will not be liable for any
<br />failure by Trustor(s) or by any insurer, for whatever reason, to obtain and keep this insurance in force.
<br />3. To keep all buildings, fixtures, attachments, and other improvements now on or hereafter placed on
<br />the property occupied and in good repair, maintenance, and condition and to neither commit nor permit
<br />any acts of waste or any impairment of the value of the property. Beneficiary may enter upon the
<br />property to inspect the same or to perform any acts authorized herein or in the credit agreement(s).
<br />4. In the event Trustor(s) fails to pay any liens, judgments, assessments, taxes, rents, fees, or charges
<br />or maintain any insurance on the property, buildings, fixtures, attachments, or improvements as
<br />provided herein or in the loan agreement(s), Beneficiary, at its option, may make such payments or
<br />provide insurance, maintenance, or repairs and any amounts paid therefor will become part of the
<br />principal indebtedness secured hereby, be immediately due and payable and bear interest at the
<br />default rate provided in the note(s) or credit agreement(s) from the date of payment until paid. The
<br />advancement by Beneficiary of any such amounts will in no manner limit the right of Beneficiary to
<br />declare Trustor(s) in default or exercise any of Beneficiary's other rights and remedies.
<br />App #: 5241186; CIF #: 105448; Note #: 205 220KS Legal Doc. Date: December 27, 2013
<br />FORM 5011, Trust Deed and Assignment of Rents Page 3 of 6
<br />
|