|
201606434
<br />of Beneficiary in the original principal amount of Five Hundred Thousand and No /100 Dollars
<br />($500,000.00) (hereinafter referred to as "Debt "). This Debt shall include any and all
<br />modifications, extensions, and renewals thereof
<br />This Deed of Trust secures to Lender: (i) the Debt; (ii) the payment of all other sums,
<br />with interest, advanced under the provisions hereafter to protect the security; and (iii) the
<br />performance of Guarantor's covenants and agreements.
<br />Guarantor covenants that Guarantor is lawfully seised of such real estate and has the legal
<br />power and lawful authority to convey the same and warrants and will defend title to the real
<br />estate against the lawful claims of all persons.
<br />GUARANTOR AND LENDER AGREE AS FOLLOWS:
<br />1. Guarantor shall pay upon demand the obligations as provided in said Debt.
<br />2. All payments received by Lender shall be applied to performance obligations in
<br />respect to the Debt.
<br />3. Guarantor shall pay all general real estate taxes and special assessments against
<br />the Property before the same become delinquent.
<br />4. Guarantor shall keep the improvements on said Property insured for their
<br />insurable value against loss by fire and hazards included with the term "extended coverage ", and
<br />policies for the same shall include a standard mortgage clause showing Lender herein. In event
<br />of loss, Lender may make proof of loss if not promptly made by Guarantor. Insurance proceeds
<br />shall be applied to restoration or repair of the Property damaged, unless both parties otherwise
<br />agree, except if restoration or repair is not economically feasible, or if Lender's security is not
<br />lessened; otherwise, said proceeds shall be paid on the Debt, whether or not then due.
<br />Unless Lender and Guarantor otherwise agree in writing, any payments or proceeds from
<br />insurance shall not extend or postpone the due date of the monthly payments of the Debt or
<br />change the amount of the payments.
<br />5. Guarantor shall keep the Property in good condition and repair; shall promptly
<br />repair or replace any improvement which may be damaged or destroyed; shall not commit or
<br />permit any waste or deterioration of the real estate described hereinabove; shall not remove,
<br />demolish, or substantially alter any of the improvements on the Property; shall not 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 shall promptly discharge at Guarantor's cost and expense all liens,
<br />encumbrances, and charges levied, imposed, or assessed against the described real estate or any
<br />part thereof.
<br />6. Guarantor shall keep the Property in compliance with all applicable laws,
<br />ordinances, and regulations relating to industrial hygiene or environmental protection
<br />(collectively referred to herein as "Environmental Laws "). Guarantor shall keep the Property
<br />free from all substances deemed to be hazardous or toxic under any Environmental Laws
<br />(collectively referred to herein as "Hazardous Materials "). Guarantor hereby warrants and
<br />represents to Lender that there are no Hazardous Materials on or under the Property. Guarantor
<br />hereby agrees to indemnify and hold harmless Lender and its directors, officers, employees, and
<br />agents, and any successors to Lender's interest, from and against any and all claims, damages,
<br />losses, and liabilities arising in connection with the presence, use, disposal, or transport of any
<br />Hazardous Materials on, under, from, or about the Property. THE FOREGOING
<br />WARRANTIES AND REPRESENTATIONS, AND GUARANTOR'S OBLIGATIONS
<br />PURSUANT TO THE FOREGOING INDEMNITY, SHALL SURVIVE RECONVEYANCE
<br />OF THIS DEED OF TRUST.
<br />7. Guarantor shall not sell, transfer, assign, convey, or further encumber all or any
<br />part of or any interest in the Property, either voluntarily or involuntarily, without the express
<br />prior written consent of Lender, or as otherwise herein permitted; and in the event of any such
<br />sale, transfer, assignment, conveyance, or transfer in violation of this provision, Lender shall
<br />have the option to declare all sums secured hereby immediately due and payable.
<br />Page 2 of 4
<br />
|