201503102 - Laserfiche WebLink

Browse

201503102 FOR THE PURPOSE OF SECURING: (a) The payment of indebtedness evidenced by a Promissory Note dated April 10, 2015 in the principal sum of THIRTY-FIVE THOUSAND DOLLARS($35,000,00),together with interest at the rate or rates provided therein, or the principal and interest on any future advances evidenced by promissory notes stating they are secured hereby, herein referred to as the"Note"or "Notes", and any and all renewals, modifications and extensions of such Note, both principal and interest on the Note being payable in accordance with the terms set forth therein,reference to which is hereby made. (b) The performance of each agreement and covenant of Trustor herein contained; and, (c) The payment of any sum or sums of money with interest thereon which may be hereafter paid or advanced under the terms of this Deed of Trust. A. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR HEREBY COVENANTS AND AGREES AS FOLLOWS: 1. Payment of the Principal and Interest: Trustor shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note,and all other charges and fees as provided in the Note, and the principal of and interest on any Future Advances secured by this Deed of Trust. 2. Warranty of Title:Trustor is lawfully seized and possessed of good and indefeasible title and estate to the Property hereby conveyed and has the right to grant and convey the Property; the Property is free and clear of all liens and encumbrances except liens now of record;and Trustor will warrant and defend the title to the Property against all claims and demands. 3. Maintenance and Compliance with Laws: Trustor shall keep the Property in good repair and condition and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. No improvement now or hereafter erected upon the Property shall be altered, removed or demolished without prior written consent of the Beneficiary. Trustor shall comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinances, regulation,covenant,condition or restriction. Trustor shall complete or restore promptly and in good workmanlike manner any improvement on the property which may be damaged or destroyed and pay, when due, all claims for labor performed and materials furnished therefor and for any alterations thereof. 4. Insurance: Trustor, at its expense, will maintain with insurers approved by the Beneficiary, insurance with respect to the Improvements and personal property, constituting the Property,against loss by fire, lightening,tornado,and other perils and hazards covered by standard extended coverage endorsement,in an amount equal to at least the unpaid principal balances of the Note and any accrued interest thereon.All insurance policies maintained pursuant to this Deed of Trust shall name the Trustor and Beneficiary as insured, as their respective interests may appear, and provide that there shall be no cancellation or modification without no less than fifteen(15)days prior written notification to the Trustee and Beneficiary. In the event any policy hereunder is not renewed on or before fifteen (15) days prior to its expiration date, the Trustee or Beneficiary may 2