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<br /> �t�I �' Thia Dead of Truat ahall asaure: -----_.
<br /> ..,�;�� -� (a) The payment o� tha priacipal eum and i.ntere�t �__-_—________
<br /> �- ;;,,�,,�.;�,;aµ ev3denced by Borrower's Construction LiaQ of Credit __,_... ...
<br /> �. � DrAw Note dated AL+�±+;t 3� , 19 , having a
<br /> '�''`."� maturity date of ,�n the oriqinal
<br /> ^ �,�''- � �' • principal amount o .�Dollnrs
<br /> }, ,�.-,.., __ �-- .. _
<br /> �-��-�- -: ; �- ° (;6 ) , and any an a 1 mod cationa, ex�ensions
<br /> — ...�fLL�.�
<br /> - --_ •• an renewa s �hereof cr thereto and any and all future
<br /> .; a edvances and readvances hereunder purauant to one or
<br />-�--.��'.�p..;.,,.. more promiaeory aotea or aredit aqreemente (herein __
<br />--,'�!r x� . . ", ..ti; oall�d "Nota") �
<br /> ,��ti� �
<br /> �,a3�,:�:� .��' ' (b) The payment of other sums advaaaed by Lender � -
<br /> '� , to protec� the aeaurity of tha Note�
<br /> .:l f ..�_�,.�,^ `V -
<br />_ _ ���• � (c) The performanae of all covenan�a and aqree- __
<br /> �=:,' �:_�;; , ments of 8orrower set far�h I.arein: and
<br /> :�:�' ,;�.�..,:"_•. .,.:�� =—
<br /> . "•YJ� (d) Al1 indebtednesa and obliqations of Dorrower
<br />-- • � . -��,..:._ .:....� -----
<br /> `' ��"���" to Lender whether direct, indireat, absolute or can-
<br /> ,. 1.F ��.+L:, �.�n � �'ka'.n:.
<br />- � �,�;;�`;;' tinqent and whether arising by aote, qnaranty, over-
<br /> draft or o�herwise advanced for the purpose of making �
<br /> � . . ,, improvements to the real estate hereinabove described.
<br /> The Note, and any and all other documents that secure �` v
<br /> � � the Note or otherwise executed in connection therewith, _ -
<br /> ,���r � includiag, without limitation, guarantees, secur�ty ��n-=�•-
<br /> :a ;� ' agreements and assi riments of leases and rents, shall ---
<br /> be referred to herein as the "Loan instruments." � +
<br /> .��`.�� ' ' �
<br /> ' B��rrower, to protect the security of thia Deed of Trust, °g"`°""''
<br /> � • aovenants and agrees with Lender as followa: � __
<br /> ' ' , �u:x�r�
<br /> ,;..- 0 1. Payment_of Princi�al and Interest. Borrower shall �_
<br /> . �, promptly pay when due the pr nc pal of and nterest on, and any ,.���_,;�1
<br /> � > fees or charqes provided in, �he Note or in this Deed of Trust.
<br /> , � 2. Title. Borrower fs the owner of the Property and -��-��- �~
<br /> � " � has the right and authority to convey the Property. =-�-��
<br /> t. . . ..._:.�.....� ..__
<br /> ..�'a�•� � 3. Taxes Assessments. Except when they are con- _;�:
<br /> tested in good fa th, to pay when due all taxes, special assess- " •�. ��,�'";�i.
<br /> - a ments and all other charges aga ins t t he Prope r t y a n d, u p o n =
<br /> written demand by Lender, to pay to Lender such amount as may be , �
<br /> �' sufficient to enable the Lender to pay such taxes, assessments or L�.� . �-��_
<br /> � . other charges as they become due. ���'`°�=�`�
<br /> ' � � �� 4. Insurance. At the beginning of construction or �� '
<br /> �' . -. �-:==
<br /> ` � renovation of build�g, to keep the Property insured aqainst t ..;� - -+"`��'_
<br /> �' ' damaqe by fire, hazards included within the term "all risk F. -�
<br /> , coverage", and such other hazards as Lender may require, in ; .
<br /> � amounts and with companies acceptable to Lender, including a
<br /> "' standard mortqagee clause with loss payable to the Lender. In �
<br /> � case of loss under such policies, the LQnder is authorized to �
<br /> adjust, collect and compromise all claims thereunder and shall
<br /> have the option of applyi�q all or part of the insurance proceeds :
<br /> (i) to any indebtedness secured hereby and in such order as .
<br /> � Lender may determine, (ii) to the Horrower to be used for the ;
<br /> • repair or restoration of the Property or (iii) for any other ,
<br /> purpose or object sat3sfactory to Lender without affecting the
<br /> lien of this Deed of Trust for the full amount secured hereby
<br /> before such payment ever took place. Any application of proceeds
<br /> � to indebtedness shall not extend or postpone the due date of any
<br /> payments under the Note, or cure any default thereunder or here- ,
<br /> under.
<br /> ^ 5. Maintenance, Re sirs and Com liance with Laws.
<br /> ' Borrower shall eep t e Property n qoo con it on an repairs
<br /> . shall promptly repair or replace any improvement which may be
<br /> ' damaqed or destroyed= shall not commit or permit any waste or
<br /> deterioration of the Propertyj shall not remove, demolish or
<br /> substantially alter any of the improvements on the Propertyt
<br /> � shall r►ot commit, su£fer or permit any act to be done in or upon
<br /> ; �� -2- t
<br /> 1
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