|
<br />200512218
<br />
<br />other leases; all easements and rights of way; all rights of homestead
<br />and homestead exemption and any surviving spouse's marital or distribu-
<br />tive share, and all other contingent rights in and to said premises; and
<br />
<br />All fixtures, improvements, buildings, and the plumbing,
<br />ventilating and lighting systems and equipment therein, all
<br />shall be construed and considered as affixed to and part of
<br />estate.
<br />
<br />heating,
<br />of which
<br />the real
<br />
<br />All of the foregoing estate, property and interest hereby conveyed to the
<br />said Trustee is hereinafter collectively referred to as the "Property."
<br />
<br />TO HAVE AND TO HOLD the same unto the said Trustee, Trustee's successors
<br />and assigns forever, IN TRUST HOWEVER and WITH POWER OF SALE hereby expressly
<br />granted unto the said Trustee, Trustee's successors, and assigns for the
<br />purpose of securing:
<br />
<br />(a) The payment of Trustor's just indebtedness to Beneficiary in the
<br />principal sum of Thirty-four Thousand One Hundred Dollars ($34,100.00) for
<br />money borrowed, with interest thereon, all as evidenced by and in strict
<br />accordance with the terms of that certain promissory note hereinafter called
<br />the "Note", bearing even date herewith made payable to the order of
<br />Beneficiary, executed by Jason Lawhorne and Deanna Lawhorne, husband and
<br />wife, and providing for the payment of said indebtedness in installments,
<br />subj ect to acceleration of maturity on default in the payment of any
<br />installment of principal or interest or in the performance of any covenant,
<br />agreement or warranty contained in this Deed of Trust;
<br />
<br />(b) The performance of each agreement, covenant and warranty of Trustor
<br />herein contained or set forth in the Note or any agreement or instrument
<br />executed by Trustor in connection with the indebtedness hereby secured; and
<br />
<br />(c) The payment of any sum or sums of money with interest thereon which
<br />may be hereafter paid or advanced under the terms of this Deed of Trust.
<br />
<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor
<br />does for Trustor and for Trustor's heirs, representatives, vendees,
<br />successors and assigns, the owners of said Property, hereby expressly
<br />covenant, agree and warrant to and with the Trustee and Beneficiary, and
<br />their successors, vendees and assigns:
<br />
<br />First: That the Trustor hereby covenants and agrees, to the extent
<br />permitted by law, as follows: (a) to pay promptly when due the principal and
<br />interest and other sums of money provided for in the Note and in this Deed of
<br />Trust; (b) to promptly pay all taxes, assessments and other charges imposed
<br />by law upon the Property; the Trustor's interest therein, or upon this Deed
<br />of Trust or the Note. Taxes and insurance shall be paid to Beneficiary on a
<br />monthly basis and placed in escrow. The initial payment shall be $60.00 per
<br />month for taxes and insurance which shall be adjusted as needed; provided,
<br />however, that in the event of any change of the law providing for the
<br />taxation of deeds of trust or debts thereby secured so as to affect this Deed
<br />of Trust, the entire indebtedness secured hereby shall, at the option of the
<br />Beneficiary, become due and payable; (c) to keep the above-described Property
<br />and the improvements thereon in good condition and repair and not to commit
<br />or suffer waste thereof, and except as authorized in any schedule annexed
<br />hereto and forming a part hereof; (d) to maintain and deliver to Beneficiary
<br />policies of insurance against such hazards on the buildings and improvements
<br />now or hereafter located on or constituting a part of the Property as the
<br />Beneficiary shall require, in such companies and amounts and with such loss
<br />payable clauses as shall be satisfactory to the Beneficiary; that in the
<br />event of loss, Beneficiary is expressly authorized to settle or compromise
<br />claims under said policies and the proceeds thereof shall be paid to the
<br />Beneficiary who may apply the same or any part thereof on the indebtedness
<br />secured hereby or toward the reconstruction or repair of said buildings and
<br />improvements or release same to the Trustor; (e) to pay any lien, claim or
<br />charge against the Property which might take precedence over the lien hereof;
<br />(f) to pay on demand all legal expenses, title searches, appraisal or
<br />attorneys' fees reasonably incurred or paid by Beneficiary to collect the
<br />Note or foreclose or protect the lien of this Deed of Trust; (g) that in the
<br />event Trustor shall fail to comply with the provisions of (a) through (f)
<br />above, the Beneficiary may expend such funds and take such action as is
<br />necessary to remedy such failure and all sums paid by the Beneficiary
<br />
|