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200411637
<br />insurance against such hazards on the buildings and improvements now or
<br />hereafter located on or constituting a part of the Property as the Beneficia-
<br />ry shall require, in such companies and amounts and with such loss payable
<br />clauses as shall be satisfactory to the Beneficiary; that in the event of
<br />loss, Beneficiary is expressly authorized to settle or compromise claims
<br />under said policies and the proceeds thereof shall be paid to the Beneficiary
<br />who may apply the same or any part thereof on the indebtedness secured hereby
<br />or toward the reconstruction or repair of said buildings and improvements or
<br />release same to the Trustor; (e) to pay any lien, claim or charge against the
<br />Property which might take precedence over the lien hereof; (f) to pay on
<br />demand all legal expenses, title searches, appraisal or attorneys' fees
<br />reasonably incurred or paid by Beneficiary to collect the Note or foreclose
<br />or protect the lien of this Deed of Trust; (g) that in the event Trustor
<br />shall fail to comply with the provisions of (a) through (f) above, the
<br />Beneficiary may expend such funds and take such action as is necessary to
<br />remedy such failure and all sums paid by the Beneficiary pursuant hereto with
<br />interest at the rate hereinafter provided shall constitute a lien upon the
<br />Property, shall be secured by this Deed of Trust, and shall be immediately
<br />due and repayable to the Beneficiary; (h) not to sell the Property or any
<br />portion thereof without the approval of the Beneficiary in writing; and in
<br />the event of any sale herein prohibited, then the entire indebtedness secured
<br />by this Deed of Trust shall, at the option of the Beneficiary, become due and
<br />payable; (i) that if the Property or any part or parcel thereof shall be
<br />taken or damaged under the power of eminent domain, the award for any
<br />Property so taken or damaged (including severance damages to the remaining
<br />premises) shall be paid to the Beneficiary and applied in full or in part at
<br />the option of the Beneficiary in reduction of the indebtedness hereby
<br />secured; (j) that the Beneficiary shall have the right to inspect the
<br />Property at such reasonable times as the Beneficiary may desire to determine
<br />Trustor's compliance with the covenants contained in this Deed of Trust; (k)
<br />that the Beneficiary may release from the lien hereof any part or parcel of
<br />the Property without requiring any consideration therefor, and (1) that
<br />Trustor is lawfully seized of said premises and Property in fee simple, that
<br />the same are free from all liens and encumbrances except as may otherwise be
<br />specifically noted herein or waived in writing by the Beneficiary; that
<br />Trustor will execute or procure any further necessary assurances of title and
<br />does hereby warrant generally the title to said Property and will forever
<br />defend the same against the claims and demands of all persons whomsoever, and
<br />that Trustor's separate estate, whether vested, contingent or in expectancy,
<br />is hereby conveyed and Trustor does hereby expressly waive, release all
<br />rights and benefits of any homestead, dower, curtesy, appraisement, exemption
<br />and stay laws of this state. It is agreed that the interest provided for in
<br />subsection (g) above shall be at the same rate as specified in the Note
<br />secured hereby on the principal thereof after default and maturity.
<br />SECOND. In the event Trustor, without the prior written consent of
<br />Beneficiary, shall sell, transfer or convey or contract to sell, transfer or
<br />convey the Property, or any part thereof or any interest therein, the entire
<br />balance of the indebtedness hereby secured shall become and be immediately
<br />due and payable at the option of Beneficiary; provided, however, Beneficiary
<br />may waive such option to accelerate if, prior to such sale, transfer or
<br />conveyance or contract therefor, Beneficiary and the person to whom the
<br />property is to be sold or transferred reach an agreement in writing that the
<br />credit of such person is satisfactory to Beneficiary and that the interest
<br />payable on the sums secured by this Deed of Trust shall be at such rate as
<br />Beneficiary shall request.
<br />THIRD. That as further security for the payment of the Note and the
<br />indebtedness thereby evidenced and the performance of all of the terms,
<br />covenants and conditions hereof, Trustor agrees that Beneficiary shall and
<br />does hereby have the right, power and authority during the continuance of
<br />this Deed of Trust to collect the rents, issues and profits of the Property
<br />and of any personal property located thereon with or without taking
<br />possession of the property affected thereby; and Trustor hereby absolutely
<br />and unconditionally assigns all such rents, issues and profits to Beneficia-
<br />ry. Beneficiary, however, hereby consents to Trustor's collection and
<br />retention of such rents, issues and profits as they accrue and become payable
<br />so long as Trustor is not at such time in default with respect to payment of
<br />any indebtedness secured hereby or in the performance of any agreement
<br />hereunder. Upon any such default, Beneficiary may at any time, either in
<br />person, by agent, or by receiver to be appointed by a court, without notice
<br />and without regard to the adequacy of any security for the indebtedness
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