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� ` • ' � ' R�•RECORDED . ' , 9 9 10 S 61 � �9•1(�4830 36.=DEFEASANCE AND RECONVEYANCE BY TRUSTEE. Upon the payment andpe rformance in full of all of the Obligations,Lender will execute and deliver 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 thereto,without wananty,any portion of said prerTUSes then held hereunder. The recitals in such reconveyance of any matters or facts shall be conciusive proof of the truthfulness thereof. The grantee in any reconveyance may be described as"the person or persons legally eniitled thereto". 37. CONSTRUCTION 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 belween Grantor and Lender. Any materials,equipment or supplies used or intended for use in ihe consiruction, development, or operation of the Property,whether stored on or off the ProF rty, shall also be suhject to the lien of this Deed of Trust, and Grantor, or Grantor's contractor if loan proceeds are paid to such contractor, shall appiy the loan proceeds io ihe payment of lawful claims for labor and malerial furnished for such construction. 38. WAIVER OF HOMESTEAD AND OTHER EXEMPTIONS. Grantor hereby waives all homestead and other exempiions in the Property to which Grantor would otherwise 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 Granlor has read,understands,and agrees to the terms and conditions of this Deed of Trust,and acknowledges receipt of an exact copy of same. Datedthis 7th dayof May, 1999 G T : GRANTOR: `7E�' OHN G. SPENCER GRANTOR: GRANTOFi: � ` � � ' +�' -- BRANDY SPEN ER GRANTQR: GRANTOR: r ��' , L; DONNA TOWLER GRANTOR: GAANTOR: NEDOTE Rev.1297 Page 5 of 6