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'~8'"' ',1' \j ~ 101244 I BORROWER covenants that Borrower is lawfully seised of the Property hereby conveyed and has the right to grant and convey the Property, that the Property is unencumbered by any mortgage, trust deed, contract to purchase, or otherwise, except for Ho-Ott-Schu Land Co., land contract. Borrower covenants to comply with all the terms and provisions of any prior mortgage, trust deed or contract to purchase, upon the Property and to make all payments thereon before them become delinquent. If no name or amount is inserted in this paragraph, then Borrower covenants that there are no prior liens of any kind upon the Property. Borrower further covenants to warrant and defend the title to the Property against all claims and demands. BORROWER and Lender further covenant and agree as follows: 1. Borrower shall promptly pay when due the principal and interest on the indebtedness evidenced by the Note. 2. At least ten days before they become delinquent, Borrower shall pay all taxes and special assessments levied or assessed against the Property, or any part thereof, and all taxes, levies and assessments levied upon this Trust Deed or the debt which it secures. 3. Borrower shall keep the improvements and buildings, if any, upon the Property insured, with a company or companies approved by the Lender, for an amount not less than the unpaid balance on the indebtedness secured by this Trust Deed with a standard mortgage clause with loss payable to the Lender. Borrower shall deliver said policy or policies to the Lender. In the event of a loss, Borrower shall give prompt notice to the insurance carrier and the Lender and file a proof of loss. If the Borrower is not otherwise in default, the Borrower may elect to apply the insurance proceeds to repaid or replace the damaged Property, if economically feasible, and the security of this Trust Deed would not be impaired. If the Borrower is in default or elects not to repair or replace the damaged Property or repair or replacement would not be economically feasible or the security of this Trust Deed would be impaired then the insurance proceeds shall be applied to the last maturing payments due on the Note with the excess, if any, paid to the Borrower. Insurance proceeds for repair or replacement shall be placed in escrow with the Lender and disbursed by Lender during or upon completion of such repair or replacement. If the Lender acquires title to the Property by exercising its power of sale, foreclosure or otherwise, in satisfaction of the indebtedness secured hereby, in whole or in part, then all right, title and interest of the Borrower in and to such insurance policy or policies shall pass to the Lender. 4. Borrower shall keep the Property in good repair -2- r L L ~ h