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200504312
<br />OBLIGATIONS SECURED
<br />Trustor makes the foregoing grant and assignment for the purpose of securing the following obligations
<br />which Trustor covenants to pay and perform promptly in accordance with their terms:
<br />1. Payment to Beneficiary of all indebtedness evidenced by and arising under that certain Note
<br />Secured by Deed of Trust (herein "Note "), dated as of the date hereof, with a maturity date of
<br />January 31, 2006, payable to Beneficiary or its order, in the principal amount of ONE MILLION
<br />THREE HUNDRED SEVENTY -TWO THOUSAND AND NO 1100 DOLLARS ($1,372,000.00)
<br />(the "Principal ") together with Interest thereon, and any modifications, extensions or renewals
<br />thereof (including, but without limitation, (i) modifications of the required Principal and /or
<br />Interest payment dates, deferring or accelerating said payment dates in whole or in part, and/or
<br />(ii) modifications, extensions or renewals at a different rate of Interest), whether or not any such
<br />modification, extension or renewal is evidenced by a new or additional promissory note or notes;
<br />2. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary
<br />on each Due Date under the Note, until the Note is paid in full, a sum (herein "Funds ") equal to
<br />one- twelfth of the yearly real property taxes (as defined in Paragraph A.2, below), and general
<br />and special assessments which may attain priority over this Deed of Trust, and ground rents on
<br />the Subject Property, if any, plus one - twelfth of yearly premium installments for the insurance
<br />required to be maintained pursuant hereto, all as reasonably estimated initially and from time to
<br />time by Beneficiary on the basis of assessments and bills or other reasonable estimates thereof.
<br />The Funds shall be held by Beneficiary and commingled with the Beneficiary's other funds and,
<br />further, Beneficiary shall not be liable to Trustor for interest on such Funds. Beneficiary shall
<br />apply the Funds to pay said real property taxes, general and special assessments, insurance
<br />premiums and ground rents. The Funds are pledged as additional security for the sums secured
<br />by this Deed of Trust.
<br />If at any point during the term hereof, the amount of the Funds held by Beneficiary shall exceed
<br />the amount required to pay the real property taxes, general and special assessments, insurance
<br />premiums and ground rents as they fall due during the next consecutive twelve -month period,
<br />such excess shall be, at Trustor's option, either promptly repaid to Trustor or credited to Trustor
<br />on future monthly payments of Funds. If the amount of the Funds held by Beneficiary shall not
<br />be sufficient to pay real property taxes, general and special assessments, insurance premiums,
<br />and ground rents as they fall due during the next consecutive twelve -month period, Trustor shall
<br />pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from
<br />the date notice is mailed by Beneficiary to Trustor requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly
<br />refund to Trustor any Funds held by Beneficiary. If under Paragraph B.2(e) herein the Subject
<br />Property is sold or the Subject Property is otherwise acquired by Beneficiary, Beneficiary shall
<br />apply, no later than immediately prior to the sale of the Subject Property or its acquisition by
<br />Beneficiary, any Funds held by Beneficiary at the time of application as a credit against the sums
<br />secured by this Deed of Trust.
<br />3. Payment to the Beneficiary of all indebtedness of such further sums and/or performance of such
<br />further obligations as Trustor or the then record owner of the Subject Property may undertake to
<br />pay and /or perform (whether as principal, surety or guarantor) for the benefit of Beneficiary, its
<br />successors or assigns, when said borrowing and/or obligations is evidenced by a writing or
<br />writings reciting that it or they are so secured.
<br />4. Performance of each agreement of Trustor herein contained or contained in the Note and /or any
<br />and all documents and instruments executed by Trustor concurrently herewith for purposes of
<br />evidencing or securing the repayment of the Note, including the Hazardous Substances
<br />Certificate and Indemnity Agreement, which are incorporated herein by this reference, (the
<br />"Loan Documents "), and the payment of each fee, cost and expense by Trustor as herein set
<br />forth;
<br />5. Any breach, default or event of default with respect to the obligations of the Borrower under the
<br />Loan Documents shall also be deemed an event of default by the Trustor under this Deed of
<br />Trust, and shall entitle Beneficiary, in addition to any and all rights and remedies to which
<br />Beneficiary may be otherwise entitled by law, to all rights and remedies set forth in this Deed of
<br />Trust.
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