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200109059
<br />Should the indebtedness hereby secured be paid according to the tenor and effect thereof
<br />when the same shall become due and payable, and should Grantor perform all covenants herein
<br />contained, then this deed of trust shall be reconveyed and released.
<br />The Grantor covenants and agrees, so long as any indebtedness secured hereby shall
<br />remain unpaid, not to demolish, destroy, or remove any permanent structure now existing on the
<br />premises or make any alteration thereon that would constitute a structural change without the
<br />written consent of the Beneficiary; to pay all taxes and assessments that may be liens upon said
<br />property, as they become due; and to keep the Improvements fully insured against loss by fire
<br />and other hazards as may, from time to time, be required by Beneficiary in amounts and
<br />companies and with mortgage clause approved by Beneficiary, and shall deliver the evidence of
<br />insurance and any renewals thereof to said Beneficiary; and that any tax, assessment, prior lien or
<br />premium of insurance, not paid when due by the Grantor may be paid by the Beneficiary, and
<br />any sum so paid shall be added to the amount of said principal debt as part thereof, shall draw
<br />interest from the time of said payment at the rate of interest payable under the Note, and shall,
<br />with interest, be covered by the security of this deed of trust.
<br />All or any loss proceeds payable to Beneficiary hereunder may, at Beneficiary's option,
<br />be applied in any one or more of the following ways: (a) applied to the indebtedness hereunder,
<br />(b) applied to fulfill any of the covenants of Grantor contained herein, (c) applied to the
<br />replacement or restoration of the premises, or (d) released to Grantor. Notwithstanding anything
<br />to the contrary contained herein, provided Grantor is not in default hereunder or under the Note
<br />or this Deed of Trust, such insurance proceeds shall be used to restore or repair the premises, so
<br />long as Grantor and Beneficiary, in their discretion, determine that it is feasible to do so, and so
<br />long as Grantor provides or causes to be provided sufficient additional funds which, when added
<br />to such insurance proceeds, will fully effect such repair or restoration.
<br />Grantor hereby further covenants and agrees that in case of any default in any partial
<br />payment of said indebtedness or in the due performance of any of the covenants herein expressed
<br />to be performed by Grantor, or in the due performance of any of the covenants or obligations set
<br />forth in the Loan Agreement, then and in that event, the entire amount of said principal
<br />indebtedness, together with any and all sums paid for account of Grantor in accordance with the
<br />provisions above set forth, shall, at the option of Beneficiary, then and thereby become and be
<br />due and payable forthwith, with accrued interest, and all expenses and cost of collection,
<br />including reasonable attorneys' fees, and the amount of such costs, expenses and fees shall be
<br />added the amount of the debt hereby secured as part thereof, and as such shall also be covered by
<br />the security of this deed of trust; and time is the essence of this contract.
<br />Should default occur in the payment of any portion of the indebtedness secured hereby,
<br />or taxes, or insurance premiums herein mentioned, or in the performance of any obligation or
<br />condition recited herein or in the Note, then and in that event Beneficiary shall be at liberty
<br />immediately to apply for and shall be entitled as a matter of right, without regard to the value of
<br />the property above described, or to the solvency or insolvency of Grantor, to the appointment of
<br />a receiver to collect the rents and profits of the Property with the power to sell said Property
<br />pursuant to foreclosure and apply the net proceeds of the sale toward the payment of the debt
<br />secured by this deed of trust.
<br />A: IDeedOflrust1 doc
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