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<br />88- 102147
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<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:
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<br />FIRST: That the Trustor hereby covenants and agrees, to the extent
<br />permi~by law, as follows: (a) to pay promptly when due the principal
<br />and interest and other sums of money provided for in the Note and in this
<br />Deed of Trust; Ib) to promptly pay before delinquency all taxes, assess-
<br />ments and other charges imposed by law upon the Property, the Trustor's
<br />interest therein, or upon this Deed of Trust or the Note; provided, how-
<br />ever, that in the event of any change of the law providing for the taxation
<br />~f deeds of trust or debts thereby secured so as to affect this Deed of
<br />Trust, the entire indebtedness secured hereby shall at the option of the
<br />Beneficiary become due and payable; Ie) to keep the above-described
<br />Property and the improvements thereon in good cendition and repair and not
<br />to commit or suffer waste thereof, and except as authorized in any schedule
<br />annexed hereto and forming a part hereof; Id) to maintain and deliver to
<br />Beneficiary policies of insurance against such hazards on the buildings and
<br />improvements now or hereafter located on or constituting a part of the
<br />Property as the Beneficiary shall require, in such companies and amounts
<br />and with such loss payable clauses as shall be satisfactory to the Bene-
<br />ficiary; that in the event of loss, Beneficiary is expressly authorized to
<br />settle or compromise claims under said policies and the proceeds thereof
<br />shall be paid to the Beneficiary who may apply the same or any part thereof
<br />on the indebtedness secured hereby or toward the reconstruction or repair
<br />of said buildings and improvements or release same to the Trustor; Ie) to
<br />pay any lien, claim or charge against the Property which might take prece-
<br />dence over the lien hereof; If) to pay on demand all legal expenses, title
<br />searches, appraisal or attorneys' fees reasonably incurred or paid by
<br />B~neficiary to collect the Note or foreclose or protect the lien of this
<br />Deed of Trust; Ig) that in the event Trustor shall fail to comply with the
<br />provisions of (a) through If) above, the Beneficiary may expend such funds
<br />and take such action as is necessary to remedy such failure and all sums
<br />paid by the Beneficiary pursuant hereto with interest at the rate herein-
<br />after provided shall constitute a lien upon the Property, shall be secured
<br />by this Deed of Trust, and shall be immediately due and repayable to the
<br />Beneficiary; (h) not to sell the Property or any portion thereof without
<br />the approval of the Beneficiary in writing; and in the event of any sale
<br />herein prohibited, then the entire indebtedness secured by this Deed of
<br />Trust shall, at the option'of the Beneficiary, become due and payable; Ii)
<br />that if the Property or any part or parcel thereof shall be taken or
<br />damaged under the power of eminent domain, the award for any Property so
<br />taken or damaged (including severance damages to the remaining premises)
<br />shall be paid to the Beneficiary and applied in full or in part at the
<br />option of the Beneficiary in reduction of the indebtedness hereby secured;
<br />Ij) that the Beneficiary shall have the right to inspect the Property at
<br />such reasonable times as the Benefici~ry may desire to determine Trustor's
<br />compliance with the covenants contained in this Deed of Trust; Ik) that the
<br />Beneficiary may release from the lien hereof any part or parcel of the
<br />Property without requiring any consideration therefor, and (1) that Trustor
<br />is lawfully seized of said premises and property in fee simple, that the
<br />same are free from all liens and encumbrances except as may otherwise be
<br />specifically noted herein or waived in writing by the Beneficiary; that
<br />Trustor will execute or procure any further necessary assurances of title
<br />and does hereby warrant generally the title to said Property and will
<br />forever defend the same against the claims and demands of all persons
<br />whomsoever, and that Trustor'~ separate estate, whether vested, contingent
<br />or in expectancy, is hereby conveyed and Trustor does hereby expressly
<br />waive, release all rights and benefits of any homestead, dower, curtesy,
<br />appraisement, exemption and stay laws of this state. It is agreed that the
<br />interest provided for in subsection Ig) above shall be at the same rate as
<br />specified in the Note secured hereby on the principal thereof after default
<br />and maturity.
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<br />SECOND: In the event Trustor, without the prior written consent of
<br />BenefIciary shall sell, transfer or conveyor contract to sell, transfer or
<br />convey the Property, or any part thereof or any interest therein, the
<br />entire balance of the indebtedness hereby secured shall become and be
<br />immediately due and payable at the option of Beneficiary: provided, how-
<br />ever, Beneficiary may waive such option to accelerate if, prior to such
<br />sale, transfer or conveyance or contract therefor, Reneficiary and the
<br />person to whom the property is to be sold or transferred reach an aqreement
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