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� 200000390
<br /> TO PROTECT THE SECURITY OF THIS DEED OF TRUST
<br /> 1. PAYMENT OF INDEBTEDNESS. The Trustor shall pay when due the
<br /> principal of, and the interest on, the indebtedness evidenced by the
<br /> Note, charges, fees and all other sums as provided in the Loan
<br /> Instruments.
<br /> 2 . TAXES. Trustor shall pay each installment of all taxes and
<br /> special assessments of every kind, now or hereafter levied against the
<br /> Trust Estate or any part thereof, before delinquency, without notice
<br /> or demand, and shall provide Beneficiary with evidence of the payment
<br /> of same. Trustor shall pay all taxes and assessments which may be
<br /> levied upon Beneficiary's interest herein or upon this Deed of Trust
<br /> or the debt secured hereby, without regard to any law that may be
<br /> enacted imposing payment of the whole or any part thereof upon the
<br /> Beneficiary. The failure to pay such taxes shall be considered a term
<br /> of default hereunder. If said Trustor shall fail to pay such taxes,
<br /> the said Beneficiary may pay such taxes and the sum or sums so
<br /> advanced, together with interest at sixteen percent (16. 00°s) per annum,
<br /> shall be repaid by said Trustor, and this Deed of Trust shall stand as
<br /> security for the same.
<br /> 3 . INSURANCE AND REPAIRS. Trustor shall maintain fire and
<br /> extended coverage, windstorm, and other hazard and casualty insurance,
<br /> insuring the improvements and buildings constituting part of the Trust
<br /> Estate, for an amount no less than the amount of the unpaid principal
<br /> balance of the Note (co-insurance not exceeding 80% permitted) .
<br /> Further, Trustor shall maintain or purchase and keep at all times
<br /> current, flood insurance for an amount no less than the amount of the
<br /> unpaid principal balance of the note, providing the Trust Estate
<br /> securing this instrument is located in the Flood Plain as may be
<br /> established from time to time. Such insurance policies shall contain
<br /> a standard loss payee clause in favor of the Beneficiary and shall not
<br /> be cancellable, terminable or modifiable without ten (10) days prior
<br /> written notice to Beneficiary. Trustor shall provide Beneficiary with
<br /> a copy of said insurance policies yearly immediately after payment of
<br /> the premiums. At the option of the Beneficiary, the proceeds of loss
<br /> under any policy, whether endorsed payable to the Beneficiary or not,
<br /> may be applied in payment of the principal, interest, or any other sum
<br /> secured by this instrument whether due or not; or to the restoration
<br /> or replacement of any of the damaged property on said premises without
<br /> in any way affecting the lien of this instrument or the obligation of
<br /> the Trustor or any other person for payment of the indebtedness hereby
<br /> secured, whether such Trustor be the then owner of said premises or
<br /> not. If the Beneficiary determines that such property or premises
<br /> should be restored, Trustor shall promptly repair, maintain and replace
<br /> the Trust Estate or any part thereof so that, except for ordinary wear
<br /> and tear, the Trust Estate shall not deteriorate. In no event shall
<br /> the Trustor commit waste on or to the Trust Estate, nor permit waste
<br /> to occur on the Trust Estate. If the said Trustor shall fail to
<br /> procure such insurance as required herein, or procure the same as may
<br /> be later required, or keep said insurance in full force and effect
<br /> during the term of this indebtedness, the said Beneficiary may procure
<br /> such insurance, and pay such premiums, and the sum or sums so advanced,
<br /> with interest at sixteen percent (16. 00%) per annum shall be repaid by
<br /> said Trustor, and this Deed of Trust shall stand as security for the
<br /> same. The failure of the Trustor to procure such insurance or pay any
<br /> or all of such premiums shall be considered a term of default
<br /> hereunder.
<br /> 4 . ACCUMULATION FOR TAXES AND INSURANCE PREMIUMS. That if the �
<br /> Beneficiary should so require, at any time during the term hereof,
<br /> Trustor covenants and agrees that in order to more fully protect the
<br /> security of this Deed of Trust, together with and in addition to the
<br /> payments above provided, they will pay monthly during the life of this
<br /> indebtedness to the Beneficiary on the first day of each month until
<br /> the said principal amount and interest are fully paid, a sum equal to
<br /> one-twelfth (1/12th) of the known or estimated yearly taxes,
<br /> assessments and premiums for such insurance as may be required. The
<br /> Beneficiary shall hold such monthly payments, without obligation to pay
<br /> interest thereon, to pay such taxes, assessments and insurance premiums
<br /> when due. Trustor agrees that sufficient funds will be so accumulated
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