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200203052 35. PRESERVATION OF LIABILITY AND PRIORITY. Without affecting the liability of Borrower, Grantor, or any guarantor of the Obligations, pr any otnar person lexcept a person expressly released in wntini for the payment and performance Of the Obligations, and without affecting the rights of Lender with respect to any Property not expressly released in writing, and without Impairing in any way the priority of this Dead of Trust over the interest of any person acquired or First evidenced by recording subsequent to the recording at this Deetl of Trust, Lender may, either bode or after me maturity of the Obligations. Intl without notice Or consent release any person Ilable for payment or performances exercise or any part of the Obligations; make any agreement altering the terms of payment or performance of all or any part of the Obligations; ex or refrain from exercising or waive any right or remedy that Lender may have under the Deed of Treat; accept additional security of any kind for any of [h0 Obligations; or release or otherwise deal with any real or personal property sesurr ray, any person vitlanc0 thereof, o recording eiitlence Of any interest of any nature in the Property shall be deemed, by acquiring have consented to all or any such actions by Lender. 38, DEFEASANCE AND RECONVEYANCE BY TRUSTEE. Upon the payment and performance in full of all of the Obligations, Lender will execute and deliver to Grantor those documents that may be required to release this Deed of Trust of record. Grantor shall be responsible to pay any toms of recordation and any reconveyonce foe charged by Trustee. Upon written request Of Lender stating that all sums secured hereby have been paid and upon surrender of this De ad of Trust and any note to Trustee for cancellation and retention and upon payment by Lender of Trustee's fees, Trustee shall raconvey to Lender, or the person or persons legally entitled thereto, without warranty, any portion of said thereof. The grantee ranee in hereunder. The recitals may be in described as "the prison orrp sonsrlegally entitled, nn retoncwaive proof of the truthfulness gre 37. CONSTRUCTION LOAN. 0 1 his Dead of Trust is a construction mortgage under the Uniform Commercial Code, to secure an obligation incurred for the construction of an improvement on land, including the acquisition costs of land. This Dead of Trust secures a construction loan, and it will be subject to the terms of a construction loan agreement between Grantor and Lender. Any materials, equipment or supplies used or intended for use in the construction, development, Or operation of the Property, whether stored on or off the Property, shall also be subject o the lien payment his lawful of Trust for Gran material furnished or a contractor ifh loan n proceeds are paid o such ccontractor, shall apply the loan proceeds to the 38. WAIVER OF HOMESTEAD AND OTHER EXEMPTIONS. Grantor hereby waives all homestead and other exemptions in the Property to which Grantor would otherwise be entitled under any applicable law. 39. JURY TRIAL WAIVER. GRANTOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION ARISING OUT OF, OR BASED UPON, THIS DEED OF TRUST. 40. ADDITIONAL TERMS: Grantor acknowledges that Grantor has read, understands. and agrees to the forms and conditions of this Deed of Trust and acknowledges receipt of an exact Copy of same. Datedthis 5th daymip.cadeb,sr, 2001 _ y � GPANTGP GRANTOR / r THEODORE P GRAVES JR GRANTOR: GRANTOR LORI A GRAVES GRANTOR: GRANTOR: GRANTOR. GRANTOR geaoffi rvE001E IHPI Pev. 1190