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<br /> therata, ie herehy daclared Cv be a pait o£ the zes,�. �ntin�e
<br /> aecurad by �he lien af thie Deed cf mrust a�nd �7.I a! kh� foragow
<br /> ing being re�erred to herein aa the "�roperty�� .
<br /> This Deed a� Truet ehail aecuz�e (a) the paymant af the pz�in-
<br /> aipal aum auid interest evi.dex�aed by a Conetruation Liae a� �;'recii�
<br /> vraw NAte, dated Auguet 1, 1994, having a tnatur�ity date of Oato-
<br /> ber �, 1999, 3n the origi�a7. princip�l amaunt of 8iK Fiundred
<br /> Thoueand and No/100 Dollare �$600,000.00) , arsd any and all modi-
<br /> �icat�.ons, exteneione axid renewale thereof or �hereto and any and
<br /> all future advanaes and re-advaaaes to Borrower (or ariy of them
<br /> i£ more than ane) hereunde�r pureuant to one or more promiaeory
<br /> notea or aredit agxeemente (herein callad "Note")j (b) the pay-
<br /> ment of the pxincipal sum aad intereati to be @videru�ecl by payn�ter�t
<br /> of an addi.tional promieaory note to be executed su�sequent to the
<br /> date hereof for sum�s to be advanced eubaequent to the dat�e hereof
<br /> in the additional original principal amount of Two Hundred Thou-
<br /> sartd and No/140 Dollare ($200,000.00) , having a maturity date
<br /> fi�� .t�) years from the dat� of Eunding; (c) the payment of �ther
<br /> ,;,,� ,�t;, �• oum� arlvanced by L��ader to,.p�otect the securiLy of the Note j
<br /> +� �:-�` (�y}� .the performaxic� �o�� a�]: ��covenantp r�nd �ia�ceemente of Truator ,
<br /> i���. � .
<br /> ,� .y . . ee�� �ort�a. hcerein; �rsd' te) a�.l pres�at �nd. �uture iadebtec�n�e� and , � �f'.
<br /> ;��• ,
<br /> y } obl�,gaCians a# Borrower � tox �y af, ,��em,��i�, .mare than ane) �`tt�� � ;t;:s'.
<br /> ���'if � Lerad�� whe�her dir�ct, .indix�sct,;�a�a�o�.���� Qr cont:Lngent and '� � •.
<br /> ,��t�;)�;
<br /> �,nj�. ,
<br /> wf��ther .ar3.e,�ng by raote:, guaranCy'; dverrl�a�t ar otherwise. The '
<br /> �,! Note, thi��+.Dsed of. Tz�aet and ar�y and all ather documents tY�at
<br /> eecure the Note or otherwise exeGUted in cannection therewfth,
<br /> �"° ittcluding without limitation guaranteea, seaurity agrsemento and
<br /> �$si����$ �� �R�AP�i and rentef ahall be referred to here�.n ae _
<br /> the "Loan Instrumenta".
<br /> TRU3TOR COVENANTg AND AC�REES W1TH LENDER AS FQLLOWB:
<br /> 1, p�y�g�r_ ef Indebt�cLness. All indebtednees secured
<br /> '�' her.eby shall be paid when due.
<br /> .. .., 2, �],�. Truetor is the owner of the Property, hae the
<br /> right and authority to convey th� Property and warrants that the
<br /> lien created hereby ie a first and prior lien on th� Property and
<br /> the execution and delivery of the Deed of Trust doee not violate
<br /> aay contract or other obligation to which Truetor ie subject.
<br /> , � . . � L' 1
<br /> �_-,;� � - �-°� � 3. Taxes. Asaesaments. To pay before deliaquent all taxee,
<br /> � -��°����� epecial asaeaements and all other charges againet the Property
<br /> ��,��;,. �..,�. �
<br /> ,;.`:.�;._..- r now or hereafter levied.
<br /> ,'�'�� � � 4. ��. To keep the Property insured againat damage
<br /> - ' � �� by fire hazarda included with the term "ex�ended aoverage" and �.-;
<br /> i�� ,''.r Y such other hazarda as Lender may require in amountB and with cem- ?:�"
<br /> ^� "• panies acceptable to Lender, naming Lender as an additional named
<br /> . ;, ;:���. • insured wbth lose payable to the Lender. In case of loss under ,`'
<br /> �%��'� �� �� � euch policiea, the I�ender is authorized to adjuet, collect and
<br /> ���•,r•. : compromise all claims thereunder and shall have the option of �
<br /> '. � .. . applying all or part of the inaurance proceede �i) to any indebt-
<br /> . :� �r edrless secured hereby and in such order as Lend�r may determine,
<br /> � (ii) to the Trustor to be used for the repair or restoration of
<br /> � ,° the Property , or (iii) for any other purpose or object satiefac-
<br /> =`k-:ri;;�;:;.;�_: tory to Lender without affecting the lien of thia Deed of Trust
<br /> �,a;�°.v.. •- for the full amount secured hereby before auch payment ever took
<br /> ''�`""�� ��` ' place. Any appla.cation of proceeda to indebtedneea shall not
<br /> �:�� � exten.d or postpone the due date of any paymente under the Note,
<br /> �i���-- ���'�����"' = ar cur� any default thereunder or hereunder.
<br /> ' . .. 5. F�C�Qtot. Upon written demand by Lender, Truator shall
<br /> - , � �� pay to Lender, in such manner as Lender may degignate, sufficient
<br /> ; . � eums to enable Lender to pay ae they become due one or more of
<br /> the following: (i) all taxee, assessmente and other chargea
<br /> ��,:4�';,. .,,.:� .. against the Property: (3.i) the premiume on the property insurance
<br /> required hereunder, and �iii) the premiums on any mortgage inaur-
<br /> �=--�+ ^��' ance required by Lender.
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