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201601108
<br />1. Trustor shall cause Makers to pay when due the principal and interest as provided
<br />in said Note.
<br />2. All payments received by Lender shall be first applied to advances that may have
<br />been made by Lender, and then to principal due.
<br />3. Trustor shall cause Makers to pay all general real estate taxes and special
<br />assessments against the Property before the same become delinquent.
<br />4. Trustor shall cause Makers to keep the improvements on said Property insured for
<br />their insurable value against loss by fire and hazards included with the term "extended
<br />coverage ", and policies for the same shall include a standard mortgage clause showing Lender
<br />herein. In event of loss, Lender may make proof of loss if not promptly made by Trustor.
<br />Insurance proceeds shall be applied to restoration or repair of the Property damaged, unless both
<br />parties otherwise agree, except if restoration or repair is not economically feasible, or if Lender's
<br />security is not lessened; otherwise, said proceeds shall be paid on the Debt herein, whether or not
<br />then due.
<br />Unless Lender and Trustor otherwise agree in writing, any payments or proceeds from
<br />insurance shall not extend or postpone the due date of the monthly payments provided in said
<br />Note, or change the amount of the payments.
<br />5. Upon written demand by Lender, Trustor shall cause Makers to pay to Lender, in
<br />such manner as Lender may designate, sufficient sums to enable Lender to pay as they become
<br />due one or more of the following: (i) all taxes, assessments, and other charges against the
<br />Property; (ii) the premiums on the property insurance required hereunder, and (iii) the premiums
<br />on any mortgage insurance required by Lender.
<br />6. Trustor shall cause Makers to keep the described Property in good condition and
<br />repair; to promptly repair or replace any improvement which may be damaged or destroyed; not
<br />commit or permit any waste or deterioration of the real estate hereinabove described; not to
<br />remove, demolish, or substantially alter any of the improvements on the Property; not to commit,
<br />suffer, or permit any act to be done in or upon the Property in violation of any law, ordinance, or
<br />regulation; and to promptly discharge at Trustor's cost and expense all liens, encumbrances, and
<br />charges levied, imposed, or assessed against the described real estate or any part thereof.
<br />7. Trustor shall cause Makers to keep the Property in compliance with all applicable
<br />laws, ordinances, and regulations relating to industrial hygiene or environmental protection
<br />(collectively referred to herein as "Environmental Laws "). Trustor shall cause Makers to keep
<br />the Property free from all substances deemed to be hazardous or toxic under any Environmental
<br />Laws (collectively referred to herein as "Hazardous Materials ").
<br />8. Except for a conveyance to Makers in accordance with that certain Exchange
<br />Agreement dated January 29, 2016 by and between Trustor and Makers, Trustor shall not sell,
<br />transfer, assign, convey, or further encumber all or any part of or any interest in the Property
<br />hereinabove described, either voluntarily or involuntarily, without the express prior written
<br />consent of Lender, or as otherwise herein permitted; and in the event of any such sale, transfer,
<br />assignment, conveyance, or transfer in violation of this provision, Lender shall have the option to
<br />declare all sums secured hereby immediately due and payable.
<br />9. If Trustor fails to perform the covenants and agreements herein contained, Lender
<br />may do and pay for whatever is necessary to protect the value of the property and Lender's rights
<br />in the Property, including the paying of any sum secured by a lien which has priority over this
<br />Deed of Trust, appearing in Court, paying reasonable attorney fees, and entering the Property to
<br />make repairs. Any amount disbursed by Lender under this paragraph shall become an additional
<br />debt of Makers secured by this Deed of Trust, to bear interest from the date of disbursement, and
<br />said amount, together with the then -unpaid principal amount, shall bear interest at the highest
<br />lawful rate until refunded by Makers.
<br />10. The proceeds of any condemnation award are hereby assigned and shall be paid to
<br />Lender and shall be applied to the sums secured by this Deed of Trust, whether or not then due,
<br />with any excess to be paid to Makers.
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