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<br />t 88_101663
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<br />(a) The payment of the principal sum and interest
<br />evidenced by Borrower's note and/or credit agreement
<br />dated April 1 , 1988, having a maturity date
<br />of April 1 , 2003, in the original principal
<br />amount of One Hundred Forty-Five Thousand and No/100
<br />Dollars ($145,000.00), and any and all modifications,
<br />extensions and renewals thereof or thereto and any and
<br />all future advances and readvances hereunder pursuant
<br />to one or more promissory notes or credit agreements
<br />(herein called "Note") ~
<br />
<br />(b) The payment of other sums advanced by Lender
<br />to protect the security of the Note~
<br />
<br />(c) The performance of all covenants and
<br />agreements of Borrower set forth herein~ and
<br />
<br />(d) All indebtedness and obligations of Borrower
<br />to Lender whether direct, indirect, absolute or
<br />contingent and whether arising by note, guaranty,
<br />overdraft or otherwise. The Note, and any and all other
<br />documents that secure the Note or otherwise executed
<br />in connection therewith, including, without limitation,
<br />guarantees, security agreements and assignments of
<br />leases and rents, shall be referred to herein as the
<br />"Loan Instruments."
<br />
<br />Borrower, to protect the security of this Deed of Trust,
<br />covenants and agrees with Lender as follows:
<br />
<br />1. Payment of principal and Interest. Borrower shall
<br />promptly pay when due the princ1pal of and interest on, and any ,~
<br />fees or charges provided in, the Note or in this Deed of Trust. ,~(&~-
<br />
<br />2. Title. Borrower is the owner of the Property and \(-( -.-<f'
<br />has the right and authority to convey the property~ \ ^ . . ~ ~
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<br />3. Taxes, Assessments./\ to pay 'when due all taxes, \--Cl.,..ol...<tt-......
<br />special assessments and all otheil~harges against the Property
<br />and, upon written demand by Lender, to pay to Lender such amount
<br />as may be sufficient to enable the Lender to pay such taxes,
<br />assessmentp ?rothe~ cha~es as they beQome due. I p I
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<br />r J 4. Insurance. ^ +0 keep the Property insured against 'c(.
<br />~....~){~ damage by fire, hazards 'i'ncluded within the term "all risk "'s
<br />U\-\'" coverage 11 , and such other hazards as Lender may require, in
<br />IJI! amounts and with companies .acceptable to Lender, including a
<br />standard mortgagee clause w1th loss payable to the Lender. In
<br />case of loss under such policies, the Lender is authorized to
<br />adjust, collect and compromise all claims thereunder and shall
<br />have the option of applying all or part of the insurance proceeds
<br />(i) to any indebtedness secured hereby and in such order as
<br />Lender may determine, (ii) to the Borrower to be used for the
<br />repair or restoration of the Property or (iii) for any other
<br />purpose or object satisfactory to Lender without affecting the
<br />lien of this Deed of Trust for the full amount secured hereby
<br />before such payment ever took place. Any application of proceeds
<br />to indebtedness shall not extend or postpone the due date of any
<br />payments under the Note, or cure any default thereunder or
<br />hereunder.
<br />
<br />5. Maintenance, Repairs and Compliance with Laws.
<br />Borrower shall keep the Property in good condition and repair1
<br />shall promptly repair or replace any improvement which may be
<br />damaged or destroyed~ shall not commit or permit any waste or
<br />deterioration of the Property~ shall not remove, demolish or
<br />substantially alter any of the improvements on the Property 1
<br />shall not commit, suffer or permit any act to be done in or upon
<br />the Property in violation of any law, ordinance, or regulation~
<br />and shall pay and promptly discharge at Borrower' s cost and
<br />expense all liens, encumbrances and charges levied, imposed or
<br />assessed against the Property or any part thereof.
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