|
DEED OF TRUST
<br />(continued) 200309911 Page 5
<br />No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Deed of Trust unless Lender does so in
<br />writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing
<br />to give up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Deed of Trust. Grantor also
<br />understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's consent again if the situation
<br />happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender
<br />will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, notice of dishonor,
<br />notice of intent to accelerate, and notice of acceleration.
<br />Severability. If a court finds that any provision of this Deed of Trust is not valid or should not be enforced, that fact by itself will not mean that the
<br />rest of this Deed of Trust will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Deed of Trust even if .a
<br />provision of this Deed of Trust may be found to be invalid or unenforceable.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest, this Deed of Trust shall be
<br />binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
<br />than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Deed of Trust and the Indebtedness by
<br />way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Deed of Trust.
<br />DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust:
<br />Beneficiary. The word "Beneficiary" means First National Bank of Midland, and its successors and assigns.
<br />Borrcwer. The word "Borrower" means Lee Boyd Montgomery III and includes all co- signers and co- makers signing the Note.
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Grantor, Lender, and Trustee, and includes without limitation all
<br />assignment and security interest provisions relating to the Personal Property and Rents.
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to
<br />the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and
<br />Liability Act of 1980, as amended, 42 U.S.C. Section 9601, at seq. ( "CERCLA "), the Superfund Amendments and Reauthorization Act of 1986, Pub.
<br />L. No. 99 -499 ( "SARA "), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., the Resource Conservation and Recovery
<br />Act, 42 U.S.C. Section 6901, at seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of default section of
<br />this Deed of Trust.
<br />Grantor. The word "Grantor" means Lee Boyd Montgomery III.
<br />Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
<br />limitation a guaranty of all or part of the Note.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical
<br />or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
<br />stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very
<br />broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
<br />Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by- products or any fraction
<br />thereof and asbestos.
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real
<br />Property, facilities, additions, replacements and other construction on the Real Property.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or Related
<br />Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents
<br />and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee or Lender to enforce
<br />Grantor's obligations under this Deed of Trust, together with interest on such amounts as provided in this Deed of Trust.
<br />Lender. The word "Lender" means First National Bank of Midland, its successors and assigns. The words "successors or assigns" mean any
<br />person or company that.acquires any interest in the Note.
<br />Note. The word "Note" means the promissory note dated July 24, 2003, in the original principal amount of $184,621.68 from
<br />Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
<br />promissory note or agreement.
<br />Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
<br />by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of,
<br />and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
<br />premiums) from any sale or other disposition of the Property.
<br />Property. The word "Property" means collectively the Real Property and the Personal Property.
<br />Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Deed of Trust.
<br />Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
<br />agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the
<br />Property.
<br />Trustee. The word "Trustee" means Kenneth L. Burgess, Jr., whose address is P.O. Box 11307, Midland, TX 79702 and any substitute or
<br />successor trustees.
<br />GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST, AND GRANTOR AGREES TO ITS TERMS.
<br />l2ci; 1-11 Z 11191;
<br />Lee Boyd Montobm*y Ill, i 9
<br />
|