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<br /> �:h.�'�� , � ;, Thie Deed of Trust ehall secure:
<br /> 4 �
<br /> ��,�:'����„� � �,� (a) The payment of the �rincipal sum and interest f . � ;_
<br /> - evidenced by Borrower's Construction Line of Credi� I �
<br /> . � Draw Note dated February 2k , 19 95 , having a � -
<br /> 1 ma�urit date oE Au ur�t 23. 1995 in the ��' �a�. --
<br /> '�_.:},t�r � principal 8lnounti o One Hundred Sevent -Five Thousand&D��ars „ �
<br /> ' "�" (;175 000.00 ) , and any and al mod f cat ons, extensions .�
<br /> .. . an renewale thereof or thereto and any an�d all future ,
<br />_ , advances and readvat�ces hereunder. purauant to ono or � •
<br /> more promiesory noti�s or credi� agreements (herein
<br /> called "Note") t •?
<br /> , :
<br /> _ � , � (b) The payment o� other sums advanced by Lender ' j � 'j�-;=l
<br /> •� � to protcct th� security of i:h� Note; � �"`�'����'=��°
<br /> � ;r. .���a,
<br /> `• (c) The performance of a11 covenanta and agree- ' '+?:;:.�__--
<br />;�, ments of Borrower set forth hexein; and •�+a•�s.�+;:rr:
<br /> - =--�.-
<br /> � (d) All indsbtedness and obligati�ns of Borrower � �°���`
<br /> to Lender whether direct, indirect, absolu�e or con- � �''` � ~
<br /> ; �:��:t�;=`--
<br /> .�� tingent and whe�her arising by note, guaranty, over-
<br /> draft or otherwise ad�anced £or the purpoae of making ��- _ _�
<br /> '� improvements �o the real estate hereinabove described. -
<br /> � The Note, and any and all other documents that secure ,�'���� -
<br /> � —
<br />• - =` ca r+ ca nr � ca P PYPM7 NP i n QAt'IY1Af`��ATl thc�rPwith: ����"`-•'-
<br /> . ,�, th_ N_t_ _ _tr__rwie- - -� - - -
<br /> .,. including, without limitation, guaranteee, security
<br /> �N agreements and assignanents of leasos and rents, shall
<br /> � � be refexred to herein a� the "Loan Instruments. "
<br /> � Borrower, to pro�ect the security of this Aeed of Truet,
<br /> � covenants and agrees with Lender as follow�:
<br />_ „ �
<br /> 1. Pa ent of Princi al and Interest. Borrower etaal�
<br /> ' promptly pay when due the princ pal of and interest on, and any K�
<br /> Eees or charges provided in, the Nate or in this Deed of Truet. r''� ��;,.
<br /> �.N_��'
<br /> � 2. Title. Borrower is the owner of the Property anr� �`'-
<br /> ,;. �;,,:,�,
<br /> ` has the ri��at and authority to convey the Property. `'"��'� �;�
<br /> .. ,-.c�� ;y��
<br />- 3. T�xes, Aasessments. Except when they are con- . �}' �',�:;�u� =
<br />- "" ' tested in good fa th, to pay when due all taxes, special a�sQSS•- -�^':;::;,; ' ��
<br /> „ ments and all other charges against the Property and, upon � ?_�_,:;i:.j::��
<br /> �' written demand by Lender, tm pay to Lender such amount as may b� �' �'�``; ,�,,,r.
<br />_, �` sufficient to enable the Lender to pay such taxes, assessm�nts or i` :::':i�t.., ".:.'_.�::
<br /> other charges as they become due. �"�� '�`�� .
<br /> .,. ,��,:�:.,. _
<br /> , ` :`�►V.:-
<br /> 4. Insurance. At the beginning oE construction or � �;�
<br /> ". renovation of building, to keep the Property insured ayainst '
<br /> � � damage by fire, hazards included within the t�rm "all rislc
<br />= coverage", and such other hazards as Lender may require, in
<br /> amounts and with companies acceptable to Lender, including a
<br />` si:andard mortgagee clause with loss payable to the Lender. In I ,�,'
<br />_ case o£ loss undar such policiss, the Lender is aut�or3.zed �o �
<br />- adjust, collect and compro�ise all claims thereunder aaad 5113�.1
<br /> have the option of applying all or part o� the insurance proceeds j •,
<br />- (iD to any indebtedness secured hereby and in such order as i
<br /> Le�xaier may de�ermine, (ii) to the Borrower to be used for tlle � �
<br /> �` repair or restoratinn of the Propert�► or (iii) for any oth�r �
<br /> nurnn�w nr nhiect aati4fa�tnrv tn T.i?nr7i?r withrn�t affi?�Y�nQ th�
<br /> � ��� lien of �his Deed of Trust tor tYae full amount secured he�eby �
<br />- .; � before such payanent ever took place. Any appl�.cation of prac�eds
<br /> „ ' to indebtedness shall nat extend or poatpone the due date ot any
<br />- payments under the Note, or aure any default thereunder or here-- ;
<br /> under. -
<br /> 5. Msintenance Re airs and Com liance wiL•h Laws.
<br /> _ " I3orrower shall k�ep t e Property in good condit on an repa rt
<br />,., 3halZ �romptily repair or replace any improvement which may ve
<br /> , damaqed or destroyedj shall not commit or permit any waste or
<br /> ' deterioration of the ProporL•ys ahall not remove, demoliah or
<br /> - sukse�tantially alCer any of the improvements on the Property; •
<br /> = � � shall not cammit, suffer or permit any act to be done in or upon
<br /> i�
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