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10094
<br />3. Performance, discharge of and compliance with every obligation, covenant, and agreement of Maker or
<br />Trustor 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 />4. Payment of all fees and charges of Beneficiary, whether or not set forth herein.
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR CONVENANTS:
<br />Title: That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee
<br />simple and will forever warrant and defend the title thereto against the claims and demands of all persons
<br />whosoever; that it will, at its expense, maintain and preserve the lien of this Deed of Trust as a lien upon such
<br />property.
<br />Prior Liens: To pay any interest on and maturing installments of principal due on any prior mortgage or deed
<br />of trust, and to perform all things required of him under the terms and conditions of any prior mortgage or deed of
<br />trust. Beneficiary may, but shall not be obligated to, make any payment or perform any other act or obligation
<br />required of Trustee or Trustor by any such prior mortgage or deed of trust. Any amount so paid or expended by
<br />Beneficiary shall be immediately repayable to Beneficiary together with interest as herein provided.
<br />Maintenance: To keep such property in good condition and repair; to complete or restore promptly and in
<br />good and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay,
<br />when due, all claims for labor erformed and materials furnished therefor and for anvalterations thereof; to-comply
<br />with ji > a a -lm�rli i covori.ng said promises; to comply with all laws, ordinances, regulations,
<br />covenants, conditions and restrictions affecting such property; not to remove, demolish or materially alter any
<br />building, or the character or use thereof at any time thereon; not to drill or extract nor to permit the drilling for or
<br />extraction of oil, gas or other hydrocarbon substances or any material of any kind unless the written consent of
<br />Beneficiary is first had and obtained; not to commit or permit any waste thereof or any act upon such property in
<br />violation of law; to do all other acts in a timely and proper manner which from the character or use of such property
<br />may be reasonably necessary to protect and preserve said security, the specific enumerations herein not excluding the
<br />general.
<br />Construction of Improvements: To complete in good and workmanlike manner any building or improvement
<br />or repair relating thereto which may be begun on such property or contemplated by the loan secured hereby, to pay
<br />when due all costs and liabilities incurred therefor, and not to permit any mechanic's lien against such property.
<br />Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding, (a) to promptly commence work
<br />and to complete the proposed improvements promptly, (b) to complete same in accordance with plans and
<br />specifications as approved by Beneficiary,(c) to comply with all of the terms of any building loan agreement between
<br />Trustor and Beneficiary, (d) to allow Beneficiary to inspect such property at all times during construction, and (e) to
<br />replace any work or materials unsatisfactory to Beneficiary, within fifteen (15) days after written notice from
<br />Beneficiary of such fact, which notice may be given to Trustor by registered or certified mail, sent to Trustor's last
<br />known address, or by personal service of the same.
<br />Fire and Casualty Insurance: To keep such property insured against loss or damage by fire and other risk or
<br />risks which, in the opinion of Beneficiary should be insured against, under policies of insurance with loss payable to
<br />Beneficiary and the holder of any prior lien 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 of these
<br />obligations, which delivery shall constitute as assignment by Trustor to Beneficiary to all rights thereunder, including
<br />all- rQturn premium to doliv,er toSeneficiary-a policy or policies renevving or extending any expiring insurance with a
<br />receipt showing premiums paid at least thirty (30) days before expiration. If Trustor fails to so deliver any renewal
<br />policies, Beneficiary may procure such insurance as it may elect and may make payment of premiums thereon, which
<br />payment is repayable on demand. Neither Trustee nor Beneficiary shall be responsible for obtaining or maintaining
<br />such insurance. Beneficiary, from time to time, may furnish to any insurance agency or company, or any other
<br />person, any information contained in or extracted from any insurance policy theretofore delivered to Beneficiary
<br />pursuant hereto, and any information concerning the loan secured hereby. In no event and whether or not default
<br />hereunder has occurred shall Beneficiary, by the fact of approving, accepting or obtaining such insurance, incur any
<br />liability for the amount of such insurance, the form or legal sufficiency of insurance contracts, solvency of insurers, or
<br />payment of losses by insurers, and Trustor hereby expressly assumes full responsibility therefor and liability, if any,
<br />thereunder. In the event of loss, Trustor shall give immediate written notice to Beneficiary, and Beneficiary may, but
<br />is not obligated to, make proof of loss if not made promptly by Trustor. In case of any loss the amount collected
<br />under any policy of insurance on such property may, at the option of the Beneficiary, be applied by Beneficiary upon
<br />any indebtedness and /or obligation secured hereby and in such order and amount as Beneficiary may determine; or
<br />said amount or any portion thereof may, at the option of the Beneficiary, either be used in replacing or restoring the
<br />improvements partially or totally destroyed to a condition satisfactory to said Beneficiary, or said amount or any
<br />portion thereof may be released to the Trustor. In any such event neither the Trustee nor the Beneficiary shall be
<br />obligated to see to the proper application thereof; nor shall the amount so released or used be deemed a payment
<br />on any indebtedness secured hereby.. Such application, use, and /or release shall not cure or waive any default or
<br />notice of default hereunder or invalidate any act done pursuant to such notice. Any unexpired insurance and all
<br />returnable insurance premiums shall inure to the benefit of, and pass to, the purchaser of the property covered
<br />thereby at any Trustee's sale held hereunder. If said property is sold pursuant to the power of sale contained herein
<br />or pursuant to any decree of foreclosure, all right, title and interest of Trustor in and to the proceeds of fire and other
<br />insurance policies for damage prior to the sale, which proceeds are not received prior to the date of said sale, shall
<br />belong to Beneficiary.
<br />Taxes and Other Sums Due: To pay, satisfy and discharge, at least ten (10) days before delinquency, all general
<br />and special taxes and assessments affecting such property, and in no event later than the date such amounts become
<br />due, (1) all encumbrances, charges and liens, with interest, on such property, or any part thereof, which are, or
<br />appear to Beneficiary to be prior to or superior hereto, (2) all costs, fees and expenses of this trust, whether or not
<br />described herein, (3) fees or charges for any statement regarding the obligation secured hereby in any amount
<br />demanded by Beneficiary, not to exceed the maximum amount allowed by law therefor at the time when such
<br />request is made, (4) such other charges as the Beneficiary may deem reasonable for services rendered by Beneficiary
<br />and furnished at the request of Trustor or any successor in interest to Trustor, (5) if such property includes a leasehold
<br />estate, all payments and obligations required of the Trustor or his successor in interest under the terms of the
<br />instrument or instruments creating such leasehold, Trustor hereby agreeing not to amend, change, or modify his
<br />leasehold interest or the terms on which he has such leasehold interest, or to agree to do so, without the written
<br />consent of Beneficiary being first obtained, and (6) all payments and monetary obligations required of the owner of
<br />such property under any declaration or covenants, conditions and restrictions pertaining to such property or any
<br />modification thereof. Should Trustor fail to make any such payment, Beneficiary, without contesting the validity or
<br />amount, may elect to make or advance such payment together with any costs, expenses, fees or charges relating
<br />thereto, including employing counsel and paying his reasonable fees. Trustor agrees to notify Beneficiary
<br />immediately upon receipt by Trustor of notice of any increase in the assessed value of such property and agrees that
<br />Beneficiary, in the name of Trustor may contest by appropriate proceedings such increase in assessment.
<br />LCO-042 REV. 3196 Page 2 of 5
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