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200003148 This Deed of Trust shall secure: (a) The payment of the principal sum and interest evidenced by Borrower's Construction Line of Credit Draw Note dated APRIL 17, 2000---------- - ----- ---having a maturity date of AUGUST 17, 2005 - - - -T- in the original principal amount of FIFTY THOUSAND AND NO /100--- - - - - -- Dollars ($ 50,000.00 ) , and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and readvances hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) The payment of other sums advanced by Lender to protect the security of the Note: (c) The performance of all covenants and agreements of Borrower set forth here in; and (d) All indebtedness and obligations of Borrower to Lender whether direct, indirect absolute or contingent and whether arising by note, guaranty, overdraft or otheewise advanced for the purpose of making improvements to the real estate hereinabove described. The Note, and any and all other documents that secure the Note or otherwise executed in connection therewith, including, without limitation, guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments." Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on, and any fees or charges provided in, the Note or in this Deed of Trust. 2. Title. Borrower is the owner of the Property and has the right and authority to convey the Property. 3. Taxes, Assessments. Except when they are contested in good faith, to pay when due all taxes, special assessments and all other charges against the Property and, upon written demand by Lender, to pay to Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or other charges as they become due. 4. Insurance. At the beginning of construction or renovation of building, to keep the Property insured against damage by fire, hazards included within the term "all risk coverage", and such other hazards as Lender may require, in amounts with companies acceptable to Lender, including a standard mortgagee clause with loss payable to the Lender. In case of loss under such policies, the Lender 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 herby and in such order as Lender may determine, (ii) to the Borrower to be used for the repair or restoration of the Property or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default the or hereunder.