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2 <br />201402551 <br />The TRUSTOR covenants and agrees with the said TRUSTEE and <br />BENEFICIARY that TRUSTOR is lawfully seized of said premises; that TRUSTOR has <br />good, right and lawful authority to sell and convey said premises, that said premises are <br />free and clear of all liens and encumbrances and that TRUSTOR will warrant and <br />defend the title to said premises unto the TRUSTEE and his successors and assigns <br />forever against the claims of all persons, <br />FOR THE PURPOSE OF SECURING performance of each agreement of <br />TRUSTOR herein contained and the payment of One Hundred Sixty Thousand and <br />no /100 Dollars ($160,000.00), as evidenced by a Promissory Note bearing even date <br />and any and all modifications, extensions and renewals thereof with interest at the rate <br />of three and one -half percent ( 3.5 %) per annum until paid; the principal sum and <br />interest, if not sooner paid, shall be due and payable on the 1st day of April, 2024. Any <br />installments paid prior to said due date shall be applied first on the payment of interest <br />computed monthly on the unpaid principal balance and the remainder of each <br />installment shall be applied to principal. All payments shall be made at the initial <br />address of the BENEFICIARY set forth above, or at such other place as the holder may <br />hereafter designate in writing. Prepayment in full or in part may be made by TRUSTOR <br />at any time without penalty. <br />It is agreed by and between the parties hereto that while title is vested in the <br />TRUSTEE and until filing of the Notice of Default, the TRUSTOR shall: <br />