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<br /> -- -- This De�d of Trust shal�. ��aur�i
<br /> �-,�-------
<br /> _ _ _ �a) The payment o! the principal sum aad fnt�r�at
<br /> . evidenced by Borrowar's Construction Lia• v! Credit
<br /> � Draw Note dmted Novamb�r 17 , 19 93 , havinq a -
<br /> _� maturity ddte of Juno 1 1994 ,�n the oriqinal
<br /> � prinaipetl amount o * s Hundred Th�u�aad_end No 100--�011az'�
<br /> =�� (; ) , +and any an a mo cat ons, extensiona
<br /> �- �„���- �_ and r�s thereof or thereto and any ttnd dll future
<br /> — _ ,.,...=�._���'� advances ar►d readvances hereunder pursaant to or�e or
<br /> ��i���:��_�� more promissory riotes or credit agreement�a (herein
<br /> - ---- called "Note")j
<br /> - �.:�o:�:�.�,�n.,;.�.
<br /> •u '•• (b) The payment of other aums advanaed by Lender
<br /> ='" to protect the seaurity of the Notet
<br /> �' � (c) The performnace of all oovenants and agree- _
<br /> ?���;`�� �����''�''' ments of Harrower set forth hereinl and
<br /> -.':Y7. .��.e'.._
<br /> .�,y. .._ (d) All inde�btednese and obligations of Borrow4r
<br /> �sa:�:;P;,:�c±4�_��xi�tf;� to Lender whether direct, indire�^t, abaolute or acn-
<br /> , , - �:.:,�� � „ tingent and whether arisinq by note, guaranty, over-
<br /> :"��:t °�':�.;.j!,,Y�r . draft or otherwise advanced for the purpose of makinq
<br /> '• .�, ;����'; � impravements to the real estate hereinabove de�crib�d.
<br /> �Y�'�t1..'O�A. �:�..,,-'.
<br /> ,;_._ .. .. .. The Note, and any and all other documents �hat secure
<br /> �;'���� ��-� - � the Note or otherwise executed in cannection therewith,
<br /> ^���•�'= � � ,,.;" including, wi�hout limitation, guarantees, security
<br /> � ,�i�i���_£�.: �' agreements and assiqnments of leases and rente, shal.l
<br />- � . � be referred to herein ae the "Loan Instrumen�s."
<br /> � Horrower, to protect the security af this Deed of Tru�t, .
<br />- � aovenants and agrees with Lender as follows:
<br /> ,::,. .
<br />-� � � 1. Pa ent of Princi al and Interest. Borrow�r shall
<br /> ; prompt�.y pay when due the pr nc pal of and interest on, and any
<br /> '' � � -� fees �r charqes provided in, the Note or in this Deed of Trust.
<br /> rr• �
<br />' •:, . . 2. Title. Borrower is the owner of the Prop�rtiy and
<br /> �� , has the riqht and authority to convey the Property.
<br /> 3. Taxes Assessments. E�ecept when they are con-
<br /> � tested in qood faith, to pay w en due all taxes, speciab assess- -
<br />� � , ments and all other charges against the Property and� upon
<br />�t , wri�ten demand by Lender, to pay to Lender such amount as may be
<br /> � � sufficient to enable the I,ender to pay such taxes, ass@s�m�nts or
<br /> � � o�her charqes as they become due.
<br />{� ;r.u,.�
<br /> � 4. Insurance. At the beginning of cor.struction or
<br /> � ,� renovation of bu�ld�ng, to keep the Property insured agafnst
<br />� �-.-,- '-� c3amage by fire, hazards included within the term "all risk
<br />'. ` ����'"� coverage", and such other hazards as Lender may require� in
<br />- 1 • amounts and with companies acceptable to Lender, includinq a
<br /> ' standard mortgaqee clauae with loss payable to the Lender. In �
<br />���� case of loss under suah policies, the Lender is authorixed to -
<br />. _�r '` adjust� collect and compromise all claims thereunder and shall
<br /> ;; have �he option of applying all or part of the insurance proceeds
<br />- - � (i) to any indebtedness secured hereby and in such order as
<br /> -_- , . Lender may determihe, (ii1 to the Borrower to be used for the
<br />- repair or restoration of the Property or (iii� for any other -
<br /> "'"� r� =. � purpose or object satiafactory to Lender without affecting �he _
<br /> '°�•• ;, ' �.R,�;;. 13en of this Deed of Trust for the full amount secured hereby -
<br /> ---_=��� before such payu�ent ever took place. Any application of prdceeds '__
<br /> _� «_ �_._ �,�_ _r -
<br /> � -- LO inae'ocedness SAAll iIUL C]CGCII(1 VL (JV2l6(7V11C {.11C 44C <ta4Q Vt diar -
<br /> ��. payments under the Note, or cure any default thereunder or here- -
<br /> -;�' ` `�,' under. -'.
<br /> = 5. Maintenance Re airs and Com lidnce with Laws. =
<br /> Borrower shall eep C e Property sn qo con zon an repa r= -
<br /> shall promptly repair or replace any improvement which may be
<br /> . flamaged or destroyedt shall not conunit or permit any waete or =
<br /> deterioration of the Propertyj ahall not remove, demolish or -
<br /> substantially alter any of the improvemen�e on the Propertyt
<br /> shall not copuait, �uffer or permit any ect to be done in or upon _
<br /> -_'S�-��.s� -2-
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