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FOR THE PURPOSE OF SECURING: 2 O O O O 1 O O 1 (a) the payment of indebtedness evidenced by Trustor' s note of even date herewith in the prin- cipal sum of FIFTY-THREE THOUSAND FIVE HUNDRED AND NO/100 DOLLARS ($53,500.00) , together with inter- est at the rate provided therein, or the principal and interest on any future advance not to exceed the total principal sum initially secured hereby as evidenced by promissory notes stating they are secured hereby, and any and all renewals, modifi- cations and extensions of such notes, both princi- pal and interest on the notes being payable in ac- cordance with the terms set forth therein, which by this reference is hereby made a part hereof; (b) the performance of each agreement and covenant of Trustor herein contained; and (c) the payment of any sum or sums of money which may be hereafter paid or advanced by Benefi- ciary under the terms of this Deed of Trust, to- gether with interest thereon at the rate provided in the note. To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows: 1. PaYment of Indebtedness. To pay when due, the princi- pal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums as provided in the loan instruments. 2. Title. Trustor is the owner of the property and has the right and authority to execute this Deed of Trust in respect to the property. 3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent, and, in the event Beneficiary shall so require, to add to the payments required under the note secured hereby, such amount as may be sufficient to enable Bene- ficiary to pay such taxes, assessments or other charges as they become due. 4 . Repair, Maintenance and Use. To not commit waste on or damage to the property and to use due care to prevent others from so doing; to keep all irrigation equipment situated upon the aforedescribed real estate in good condition and repair; to keep the property free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission to act; and to comply with all requirements of law with respect to the property. 5. Insurance. At all times during the term hereof to keep the Property insured against damage by fire, hazards included within the term "extended coverage" , and such other hazards as Beneficiary may require, in an amount of not less than the re- placement value thereof and with companies acceptable to Benefi- ciary, including a standard mortgagee clause with loss payable to the Beneficiary and containing an additional provision that the policy cannot be canceled without prior written notice to the Beneficiary. In case of loss under such policies, the Benefici- ary is authorized to adjust, collect and compromise all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Beneficiary may determine, (ii) to the Trustor to be used for the repair or restoration of the Property or (iii) for any other purpose or object satisfactory to Beneficiary with- out affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any applica- 2 �