200300941 - Laserfiche WebLink

Browse

Re.- eecc ed 200300911 200300121 This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a Revolving Line of Credit Draw Note dated December 26 .2002 , having a maturity date of January 2 . 2004 , in the original principal amount of One Hundred Fifty Thousand and No /100 Dollars (s 150,000.00), and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit arrangements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ". TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS: 1) Payment of Indebtedness. All indebtedness secured hereby shall be paid when due. 2) Title. Trustor is the owner of the Property, has the right and authority to convey the Property and warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the Deed of Trust does not violate any contract or other obligation to which Trustor is subject. 3) Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all other charges against the Property now or hereafter levied. 4) Insurance. To keep the Property insured against damage by fire hazards included with the term "extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may determine (ii) to the Trustor to be used for the repair or restoration of the Property, or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. 5) Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient sums to enable Lender to pay as they become due one or more of the following: (i) all taxes, assessments and other charges against the Property: (ii) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance required by Lender. 6) Maintenance Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and repair; shall promptly repair, or replace, any improvement which may be damaged or destroyed; shall not commit or permit any waste or deterioration of the Property; shall not remove, demolish or substantially alter any of the improvements on the Property; shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance or regulation; and shall promptly discharge at Truster's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the Property or any part thereof. 7) Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter `Proceeds ") in connection with condemnation or other taking of the Property or part thereof, or for conveyance in lieu of condemnation. Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings, and shall also be entitled to make any compromise or settlement in connection with such taking or damage. In the event any portion of the Property is so taken or damaged, Lender shall have the option, it its sole and absolute discretion, to apply all such Proceeds, after deducting therefrom all costs and expenses incurred by it in connection with such Proceeds, upon any indebtedness secured hereby Thayer DOT.doc 2 of