99105893 - Laserfiche WebLink

Browse

36. DEFEASANCE AND RECONVEYANCE BY TRUSTEE. Upon lhe payment andpe rformance in full of ai�of the Obligations,Lender will execute and deliv,er to Grantor those documents that may be required to release this Deed of Trust of record. Grantor shall be responsible to pay any costs of recordation and any reconveyance fee charged by Trustee. Upon written request of Lender stating that all sums secured hereby have been paid and upon surrender of this Deed of Trust and any note to Trustee for cancellation and retention and uPon payment by Lender of Trustee's fees, Trustee shall reconvey to Lender,or the person or persons legally entitled ihereto,without warranty,any porlion of said prern�ses then held hereunder. The recitals in such reconveyance.of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in any reconveyance may be described as"the person or persons legally entitled thereto". 37. CONS�RUCTION LOAN. ❑ This Deed of Trust is a construction mortgage under the Uniform Commercial Code,to secure an obligation incurred for the construction of an improvement on land,including the acquisition costs of land. This Deed of Trust secures a construction loan,and it will be subject to � the terms of a construction loan agreement between Grantor and Lender. Any materials,equipment or supplies used or intended for use in the construction, development, or operation of the Property,whether stored on or off the Property, shall also be subject to the lien of this Deed of Trust, and Grantor, or � Grantor's coniractor if loan proceeds are paid to such contractor, shall apply the loan proceeds to the payment of lawful claims for labor and material � furnished for such construction. � 38. WAIVER OF HOMESTEAD AND OTHER EXEMPTIONS. Grantor hereby waives all homestead and other exemptions in the Property to which Grantor would othervuise be entitled under any applicable law. 39. JURY TRIAL WAIVER. GRANTOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION ARISING OUT OF,OR BASED UPON,THIS DEED OF TRUST. 40. ADDITIONAL TERMS: Grantor acknowledges that Grantor has read,understands,and agrees to the terms and conditions of this Deed of Trust,and acknowledges receipt of an exact copy of same. Dated this 11 th day of May, 19 9 9 G OR: GRANTOR: 1 J L C HOFFMAN G ANTOR: GRANTOR: CINDE R HOFFMAN GRANTOR: GRANTOR: GRANTOR: GRANTOR: o__..�..��