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201603203
<br />FOR PURPOSE OF SECURING:
<br />A. Payment of the principal sum of One Hundred Four Thousand and 00 /100
<br />Dollars ($ 104,000.00 ) evidenced by
<br />that certain Promissory Note dated of even date herewith (hereinafter referred to as "Promissory note ") issued
<br />by Trustor in said amount and payable to the order of Beneficiary, together with interest thereon, late charges
<br />and prepayment bonuses according to the terms of the Promissory Note and all renewals, extensions and
<br />modifications thereof.
<br />B. Performance, discharge of and compliance with every obligation, covenant and agreement of Trustor
<br />incorporated by reference or contained herein or in any other security agreement or deed of trust at any time
<br />given to secure any indebtedness hereby secured, or any part thereof.
<br />C. The performance, discharge of and compliance with every obligation created by a guaranty
<br />agreement or continuing guaranty or similar agreement in securing the performance of the Promissory Note
<br />referenced above herein.
<br />D. The performance, discharge of and compliance with every obligation, covenant and agreement
<br />contained in a loan agreement of the Trustor or the Maker of the aforementioned Promissory Note or other
<br />individuals executed at or reasonably near the time of the execution of said Promissory Note.
<br />E. Payment of all fees and charges of Beneficiary, whether or not set forth herein.
<br />F. Payment of future advances necessary to protect such property.
<br />G. Future advances made to trustor or either of them, the total future advances not to exceed the sum of
<br />Zero and 00 /100 Dollars
<br />($ 0.00 ).
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS:
<br />1. Title: That it is lawfully seized and possessed of a good and indefeasible title and estate to such
<br />property in fee simple and will forever warrant and defend the title thereto against the claims and demands of
<br />all persons whosoever; that it will, at its expense, maintain and preserve the lien of this Deed of Trust as a
<br />first and paramount lien upon such property.
<br />2. Maintenance: To keep such property in good condition and repair; to complete or restore promptly
<br />and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon
<br />and to pay, when due, all claims for labor performed and materials furnished therefor and for any alterations
<br />thereof; to comply with the provisions of restrictions affecting such property; not to remove, demolish or
<br />materially alter any building, or the character or use thereof at any time thereon; not to drill or extract, not to
<br />permit the drilling for or oil, gas or other hydrocarbon substances or any mineral of any kind unless the
<br />written consent of Beneficiary is first had and obtained; not to commit or permit any waste thereof or any act
<br />upon such property in violation of law; to do all other acts in a timely and proper manner which from the
<br />character or use of such property may be reasonably necessary to protect and preserve said security, the
<br />specific enumerations herein not excluding the general.
<br />3. Construction of Improvements: To complete in good and workmanlike manner any building or
<br />improvements or repair relating thereto which may be begun on such property or contemplated by the loan
<br />secured hereby, to pay when due all costs and liabilities incurred therefor, and not to permit any construction
<br />lien against such property. Trustor also agrees, anything in this Deed of Trust to the contrary
<br />notwithstanding: (a) to promptly commence work and to complete the proposed Improvements promptly, (b)
<br />to complete same in accordance with plans and specifications as approved by Beneficiary, (c) to comply with
<br />all of the terms of any construction loan agreement between Trustor and Beneficiary, (d) to allow Beneficiary
<br />to inspect such property at all times during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary, within fifteen (15) days after written notice from Beneficiary of such fact,
<br />which notice may be given to Trustor by registered or certified mail, sent to his last known address, or by
<br />personal service of the same.
<br />4. Fire and Casualty Insurance: To keep such property insured against loss or damage by fire and
<br />other risk or risks which, in the opinion of Beneficiary should be insured against, under policies of insurance
<br />with loss payable to Beneficiary in form, amount and companies acceptable to Beneficiary. Said policies
<br />shall be delivered to and remain in possession of Beneficiary as further security for the faithful performance
<br />of these obligations, which delivery shall constitute an assignment by Trustor to Beneficiary to all rights
<br />thereunder, including all return premiums; to deliver to Beneficiary a policy or policies renewing or
<br />extending any expiring insurance with a receipt showing premiums paid at least thirty (30) days before
<br />expiration. If Trustor fails to so deliver any renewal policies, Beneficiary may procure such insurance as it
<br />may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither
<br />Trustee nor Beneficiary shall be responsible for obtaining or maintaining such insurance. Beneficiary, form
<br />time to time, may furnish to any information concerning the loan secured hereby. In no event and whether or
<br />not default hereunder has occurred shall Beneficiary, by the fact or approving, accepting or obtaining such
<br />insurance, incur any liability for the amount of such insurance, the form or legal sufficiency of insurance
<br />contracts, solvency of insurers, or payment of losses by insurers, and Trustor hereby expressly assumes full
<br />responsibility therefor and liability, if any, thereunder. In the event of loss, Trustor shall give immediate
<br />written notice to Beneficiary, and Beneficiary may, but is not obligated to, make proof of loss if not made
<br />promptly by Trustor. In case of any loss the amount collected under any policy of insurance on such
<br />property may, at the option of the Beneficiary, be applied by Beneficiary upon any indebtedness and/or
<br />obligation secured hereby and in such order and amount as Beneficiary may determine; or such amount or
<br />any portion thereof may, at the option of the Beneficiary, either by used in replacing or restoring the
<br />Improvements partially or totally destroyed to a condition satisfactory to said Beneficiary, or said amount, or
<br />any portion thereof, may be released to the Trustor. In any such event neither the Trustee nor the Beneficiary
<br />shall be obligated to see the proper application thereof; nor shall the amount so released or used be deemed a
<br />payment on any indebtedness secured hereby. Such application, use, and/or release shall not cure or waive
<br />any default or notice of default hereunder or invalidate any act done pursuant to such notice. Any unexpired
<br />insurance and all returnable insurance premiums shall inure to the benefit of, and pass to, the purchaser of the
<br />property covered thereby at any Trustee's sale held hereunder. If said property is sold pursuant to the power
<br />of sale contained herein or pursuant to any decree of foreclosure, all right, title and interest of Trustor in and
<br />8123.CV (8/14) 9160018
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