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<br /> ,; ����, � . 91- 102849 �
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<br /> ' � � �"��'�`'��`` Thia Deed of Trueti ohall oeoure:
<br /> , ' �. _I,f.ti, �` .,.
<br /> - :�_�;. � , (a) The payment of tihe principal sum and interest
<br /> - � evidenced by Horrowar'e Conatruction Line of Credit ,.,,�...�__ __ �
<br /> � � � ' Drdw Note dated April 9 , 19 91 , having a `.-_��---
<br /> '���' '. � maturity date oP oceober 1. 1991 ,'�n the oriqinal
<br /> ' � �.� principal amount o sevent -chree thousand aix hundre�ollara ,,3';,,�..�: �w,
<br /> _ .. (¢ 73�600.00) , and �nYor thereto and any and 11 fu��res �.�. �
<br /> , an renewa s tihereof
<br /> � aclvancee and rea�vmncea hereunder purauant to one or
<br /> more promiesory amtes os credit agreementa therein �=- —
<br /> . � . called "Note") = b``==� =----�-�-�
<br /> �"',��_,•.,-
<br /> (b) The payment of othex sums advanced by Lender ,,,
<br /> � to protect the aecurfty of the Note; �����-
<br /> � ;�����., . .�,: _ =--�-
<br /> .;i, ., t_..,.....----��,��
<br /> � '�r:;;:::;:r'� (c) The performance af all covenants and aqree- �;,�y�;�;�;e ___^
<br />. �' ,.q;�;• .
<br /> taents of Horrower set forth hereint and � ^j °
<br /> ., • - .;,;,.:
<br /> (d) All indebtedness and obligations of Borrower � � ..;
<br /> • . . �,� to Lender whether direct. indirect, absolnte or con- �' : �.��
<br /> tingent and whether arising by note, gut�ranty, over- ` �' '; ',.•.,__ _.
<br /> �� draft or otherwise advanced for the purpose of making j � �:�, `�.,��
<br />; > � .,:•- improvements to the real estate hereinabove deacribed. � '�:. �`'�'1'��—`'�
<br /> , :' �':.� . .,���� '�' ,.�
<br />,� � The Note, and any and all other documents that secure
<br /> ' '°' 3�'� �� the Note or othorwise executed in connection therewith, . '�Y`---
<br /> i`�:� ri'n•• ... �,.,. ,:` '.. !
<br /> ' ' '' '^ `'+'����,''�.. including, without limitation, guarantees, security t •. � �
<br /> � �'�"'�t%�%.�'�:`��' agreements and assiqnments of leases and r�nts, ehall ;1��� �:� �.
<br /> ��;.r� .. :.
<br /> � /'•j� Ti..;'���::::r<r•' f,�;,.,,..r:, r ----
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<br /> ;, } i ,.,,�, be referred to herein as the "LCan ins�rwoae�cs.n '�ia�,,;:��,' .�
<br /> .,.��i., , �1r;; '•i.,. .
<br /> ,, ,I ',��_
<br /> � '���'r��;, ;��!,. ,;,,��,;`�.; Borrower, to protect the security� �g thia Deed af �Trust, ��,,.�'�?
<br /> - �� �. -. . �.1•':'�:'�' covenants and aqrees with Lender as fol�aws: '�`
<br /> �� �
<br /> . ': �t;:;��;" ...
<br /> 1. Pa ment of Princa al and Interest. Borrower shall �,. , ,`,,.,�,.. ,�_
<br /> �� '..,�s � promptly pay when due the pr ncipal of and nterest on, and any � . _ � - • :�:n;_
<br /> ��._
<br /> fees or aharges provided in, the Note a� in this Deed of Trust. k. . ��.:.,7�.
<br /> ' k .. ;i:-�-.;
<br /> " ' • 2. T3tle. Borrower is the owner of the Property and � .�.,R::.
<br /> . ,.�.....�.
<br /> ��� has the riqht an¢7 authority to convey the Proper�ty. ,. �.:y.��-
<br /> � 3. Taxes, Assessments. Except when they are con- . ' ��±_
<br /> ' tested in qood faith, to pay w�en due all taxes, special assess- � ��'� -_
<br /> ments and all other charges against the Property and, upon . ,,,�,; ���*,`,. ,
<br /> � .� �azitten demand by Lender, to pay to Lender such amount as may be ; . :�� , �-�;'�;�=:
<br /> � �-.
<br /> sufficient to enable the I,ender to pay such taxes, asaesaments os � . ���i.�:;,:•' �,--.,�.�:....
<br /> • ,� other charges as they become due. � � � � �
<br /> , �
<br /> 4. Insurance. At the beqinninq af construction or ,.
<br /> '�:•:;.�
<br /> • renovation of buil— d�, to keep the Propert�p �nsured aqainst � : , ^ .
<br /> �' damage by fire� haza�dls included within th� '��rm "all risk , �F�'.
<br /> .�� . • coverage", and snch �t�er hazards as L�nder may req�ire, in �'��.
<br /> amounts and with com�anies acceptable to Lender, iraci�ding a .
<br /> standard mortgaqee cla�nse with loss payable tio the Ler�der. In
<br /> ; case of loss under such policies, the Lender is authorized to
<br /> adjust, Collect and carnpromise all claims thereunder and shall
<br /> . , ���'; � have the option of a��a:'uxnq all or part of the insurance proceeds
<br /> . �. ,' ;,;�! (i) to any indebtedn�s� secured here���� and in such order as ,
<br /> � Lender may deternine, �ii) to the Borrower to be used for the
<br /> ; " , repair or restcrration of the Property or (ii f D for any othe� :
<br /> ' � purpose or ob3ect satisfactorg� to Lender witl�cu�t affectinq the
<br /> lien of this Deed of Trmst for the full amount secured hereby
<br /> before such payment ever took place. Any application of proceeds
<br /> -- -� .....,..,o �i,o .�„p rlatp of anv
<br /> . CO lllaeDteQII@S5 5[ldli ittr� c:�i.8+w v� p0.,..�...••.. ..••- --- --- -
<br /> � ; pay�aents under the Note, or cnre any default thereunder or �eer�-
<br /> under.
<br /> , � 5. Maintenance, Re airs and Com Iiance wfth Laws.
<br /> � 9orrower shali eep the Property in goo cond tion and repair;
<br /> � shall promptl� repair or replace any improvement which may 6e
<br /> ; damaged or d�stroy�d; shall not commit or permit any wast� or
<br /> ! deterioration o£ the Property; shall not remove, demolish or
<br /> ' substantially alter any of the improvements on the Property;
<br /> � shall not connnit, suffer or permit any act to be done in or upon
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