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<br /> Thie DQed of Trust sha].1 secure: � .
<br /> N (a) The payment of the principal se�m and interest
<br />' : evidQnced by Borrower's Cnnstruation Line of Credit ��
<br /> Draw Note dated July 20 , 19 �5 , havinq a �
<br /> _ maturity date of t,a ,� *he original
<br /> prinaipal amount o Qne Hundred Thousand and NO 100---DollBre •�
<br />" _ ($ 100,000.00) , and any an a 1 mod � cat ona, extensions .,
<br /> and renewals thereof or thereto and any and all future
<br /> advances and readvances hereunder. purauant Co one or '
<br /> more promissory notes or credi� aqreementa (herein ��
<br />� called "Note"�t �
<br /> � _ (b) The payment of nther sums advanced by Lender
<br />� . . to protect the security of �he Notej
<br /> . • (c) The performance o� all covenants aad aqree-
<br /> . ments of Horrower set forth hereinj and ��
<br /> � .
<br /> (d) AIl indebtedness and obligations of Horrawer ,. • .. ��
<br /> � ° to Lender t�hether direct, indirect, abaolute ar con- ��� -.. � '
<br /> ' .. tinqent and whether arising by note, quaranty, over- +'�
<br /> � draft or otherwise advanced for the purpose a� making � � °
<br /> _'" , .; improvements to the real estate hereinabove de�aribed. „•, _�;�,,,
<br /> .��� The Note, ar►d any and all other documents that secure. , ,�,;;���,,,''
<br /> ` ' the Note or otherwisg executed in aonneation therewith, ;�;� � ��;�t�`'� �
<br /> � , including, without limitation, guaranteea, security ` �'^
<br /> � agreemente and assignments of leases an3 rents, shall ^„ `'' ,
<br /> �� be referred to herein as the "Loan Instruments." i. ": �; �
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<br /> � . Borrower, to protect the aecurity of this Deed o� Truet, -
<br /> - � � covenants and agrees with Lc�nder as follows s :i�� ' �; , 'L� ;
<br /> 1. Pa ent of Prinai al and Interest. Borrower ehall �. ��` ti
<br /> . pramptly pay when due e pr nc pal of an nterest on, and any � �, ;"
<br />_ fees or charges provided in, the Note or in this Deed o� Trust. - � ' .
<br /> ' 2. Title. Borrower is the owner qf the Property and �;��"�� . !
<br /> has the right and authority to aonvey the Property. � .. _
<br /> . . ,+�':,w-,A.--_
<br /> ' . 3. Taxes Assesemen�s. Except when they �re con- ����'��'-`'"''
<br /> , , tested in good a t , �o pay w en due all taxes, sp�cial assess- -
<br /> _ : � ments and all other charqes against the Property and, upon �.�:.;.. , °.rrt, �„"
<br /> � � wr3tten demand by �ender, to gsy to Ler�dez such amount as may be •�.,. . �.�%�:
<br /> ` sufficient to enable the Lender to pay such taxes, assesements ox "���
<br /> i ',,,r other charges as they become due. .x,•; •��,��.
<br /> _ ,.,�, . ; `�
<br /> �;.:;���:� . .
<br /> _ y;'.;, .'�Y., ,�
<br /> � � � 4. �nsuranee. At the ��ginn3ng of �onstzuction or '°;';;�• �-----
<br />°° renovation of �; to keep the Property inaured against `;�� .. '�•"����"
<br /> . :,, : -�:..,-:. -
<br />�s � "- " �- • damage by fire, hazards included within the term "all risk . ,, �
<br />= � ° " coverage", and such other hazards as Lender may require, in �
<br /> - amour�ts and with companies acaeptable to Ler►der, including a y�' " "
<br /> - standard mortgaqee alause witlx losa payable tc the Lender. =n .{f� ' •
<br />- ' case of loss under such policies, the Lender ie authorize8 to
<br /> "" adjust, aollect and compromiae all cl�ims thereunder anfl ehall
<br /> '��� have the option of applyinq all or part of the inaarance proceeds � °
<br /> (f) to any indebtedness secured hereby and in such order as ;�:'��, ;:
<br /> .s Lender may determinQ. (ii) to the Sorrower to be used for xhe };;.�..
<br /> '" repair or restoration of the Property or (iii) for any other � '
<br /> -= ° purpose or object satisfactory to Leader without affectinq �he ��� �
<br /> `°° lien of this Deed of Trust for the full amount secured hereby � ` .
<br /> ' before such payment ever took place. Any application of proceeda �
<br />�� „ to indebtednesa shall not extend or poatpone the due date of any
<br /> ;.
<br /> �� �„
<br /> --.-- - -_ DAVmerits under the Note. or cure anv r7Afau 7 t t'}fAYA711'fAAY nr hord- - . ---
<br /> - � - - • . -------- ------------ -- ----- _ ,
<br /> � under. -
<br />_�� 5. Ma3ntenanae Re airs and Com liance w3t,h Laws. �
<br /> �, Horrower shall eep e Proper y n goo con t on an repa rt '
<br /> � � shall promptly repair or replaGe any improvement which may be
<br /> :� damaged or 8eatroyed� shall not aommit or permit any waete or
<br /> deterioration of the Propertyj shall nat remove, dESmoliah or
<br /> substantialiy alter any of the improvemente on the 8ropertyj �
<br /> . ehall not commit, auffer or pormit any aot to be done itt or upon
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