|
M.
<br />I I
<br />r
<br />•
<br />�L
<br />r•
<br />�- s
<br />104866
<br />Property and the improvements ther46n. in good condition and re-
<br />pair and not to commit or suffer waste-thereof, and except as au-
<br />thorized in any schedule annexed hereto and forming a part
<br />hereof; neither to remove nor permit the removal of any timber,
<br />buildings,'oil, gas, minerals, stone, rock,'ciay, fertilizer,
<br />gravel or top soil without the prior written consent of Benefi-
<br />ciary; (d) to maintain and deliver to Beneficiary policies of
<br />insurance against such hazards or.-: -the buildings and improvements
<br />now or hereafter located are.or constituting'a part of the Prop-
<br />erty as the Beneficiary small req Ire, in such companies and
<br />amounts and with such loss...payable clauses as shall be-satisfac-
<br />tory to the Beneficiary; mat in the event of loss, Beneficiary
<br />As expressly authorized'toIsett!6, or compromise claims under said
<br />policies and the proceeds theraf. shall be paid to the Benefi-
<br />ciary who may apply the saute or any..part thereof on the indebted -
<br />ness secured hereby or tovasd the reconstruction or repair of
<br />said buildings and impsovemitnts or release same -to the Trustor;
<br />(e) to pay any,liem, claim,,or charge against the Property which
<br />might take precedt!hce- -ov.e � the lien hereof; (f) to pay on demand
<br />all legal expenses, tithe searches, appraisal or attorneys' fees
<br />reasonably incurred or paid by Beneficiary._to collect the Note or
<br />foreclose or protect irhe lsen of this Deed of Trust; (g) that in
<br />the event Trustor . shall fAli to comply with the }provisions of (a)
<br />through (f) above,. �tfie Beneficiairy -may expend such funds and take
<br />such action as is necessary to reedy such.failure and all sums
<br />paid by the..fthefic ry parsgant. hereto with interest at the rate
<br />hereinafter providedt`,shall constitute a ]glen upon the Property,
<br />shall be secured by frhis Deed of Srust, and shall be immediately
<br />due and repayable to'the Beneficiary; (h) not to sell the Prop-
<br />erty or any portion thereof; or, if the Trustor is a corporation,
<br />not more than per cent ( %) of its corporate stock
<br />shall be sold, traded, or disposed of to persons other than the
<br />present owners of such stock prior to the time the indebtedness
<br />secured hereby shall have been reduced (exclusive of prepayments
<br />other than as provided in the said Note), to zero dollars.
<br />000.00); anti in the event of any sale , herein prohibited, them
<br />the entire indebtedness secured by this Beed of Trust shall, ai
<br />the option of the Ee�neficfary, became due and payable; (i) that
<br />if the Property or any part or parcel thereof shall be taken or
<br />damaged under the power of..eminent domairx, the award for any
<br />Property so taken or damaged (incLud.ing severance damages to the
<br />remaining premises) shall be paid to the tenefL' c iary and applied
<br />in fq;l or in part at the option df the 1 eneficlary in reduction
<br />of the indebtedness hereby secured; (I that the Beneficiary
<br />shall have tAle right to inspect the Property at such reasonable
<br />times as the 'Beneficiary may desire to determine Trustor's coat -..
<br />pliance with the covenants contained in this Deed of Trust; GO'
<br />that the Beneficiary may release from the lien hereof any part or
<br />parcel of the Property without requiring any consideraicion there-
<br />for, and (:la: that Trustor is lawfully seized of said premises and
<br />Property in fee simple, that the same are free from all liens and
<br />encumbrances except as may otherwise be specifically noted herein
<br />or waived in writing by the Beneficiary; that Trustor will
<br />execute or procure any further necessary assurances of title and
<br />does hereby warrant generally the title to said Property and will
<br />forever defend the same against the claims and demands of all
<br />persons whomsoever, and that Trustor's separate estate, whether
<br />vested, contingent or in expectancy, is hereby conveyed and
<br />Trustor does hereby expressly waive, release all rights and
<br />benefits of any homestead, dower, curtesy, appraisement,
<br />exemption and stay laws of this state. It is agreed that the
<br />interest provided for in subsection (g), above shall be at the
<br />same rate as specified in the Note secured hereby on the
<br />principal thereof after default and maturity.
<br />SECOND: In the event Trustor, without the prior written
<br />consent of Beneficiary shall sell, transfer or convey or contract
<br />to sell, transfer or convey the Property, or any part thereof or
<br />any interest therein, the entire balance of the indebtedness
<br />3
<br />• .. f >i�r
<br />M
<br />i,
<br />L 'Y
<br />J_
<br />
|