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<br />88- 103515
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<br />(a) The payment of Trustor's just Indebtedness to Beneficiary In the principal sum of One Hundred Thousand and no /100
<br />____________ Dollars ($ 100.000.00--------- ) for money borrowed, with interest thereon, all as evidence by and in strict
<br />accordance with the terms of that certain promissory note, hereinafter called the "Note", bearing even date herewilh made payable to the order
<br />of Beneficiary, executed by Rollin O. Packer and Jovce A. Packer. Husband and Wife
<br />and providing forthe payment of eaid indebtedness In Installments, the last 01 which Is due and payabl~nVpmher 1. 1 997 '-'
<br />subject to acceleration of maturity on dafault In the payment of any installment of principal or Interest or In the performance of any covenan~
<br />agreament or warranty contained in the Deed of TrusL
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<br />(b) The performance 01 each agreement, covenant and warranty of Trustor herein contained or set forth In the Note or any agreement or
<br />instrument executed by Trustor in connect;.:Jn with the indebtedness hereby secured; and
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<br />(c) The payment of any sum or sums of money with interest thereon which may be hereafter paid or advanced under the terms of this Deed
<br />of TrusL
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<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OR TRUST, Trustor does for himself and lor Trustor's heirs, representatives,
<br />vendees, successors and assigns, the owners 01 said Properly, hereby expressly covenan~ agree and warrant to and with the Trustee and Bene-
<br />Ilciary, and their successors, vendees and assigns:
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<br />FIRST: That the Trust.:Jr hereby covenants and agrees, to the extent permitted by law, as follows; (a) 10 pay promptty when due the principal
<br />and"i'iile'rilsts and other sums 01 money provided for in the Note and In this Deed of Trust; (b) to promptly pay before delinquency all taxes, assess-
<br />ments and other charges imposed by law, upon Ihe Property, the Trustor's interest therein, or upon this Deed 01 Trusl or the Note; provided.
<br />however, that In the event of any change of the law providing for the taxation of deeds 01 trust or debts thereby secured so as to alleet this Deed
<br />01 Trus~ the entire indebtedness secured hereby shall at the option of the Beneficiary become due and payable: (c) to keep the above-described
<br />Properly and the improvements thereon in good condillon and repair and not to commit or suffer waste thereof, and except as authorized in
<br />any schedule annexed hereto and forming a parl hereof, neither to remove nor permit the removal of any timber, buildings, oi~ gas, minerals, stone. rock.
<br />clay, lertlllzer, gravel or top soil without the prior written consent 01 Beneficiary; (d) to maintain and deliver to Beneficiary policies of insurance
<br />against such hazards on the buildings anc! improvements now or hereafter located on or constituting a parl 01 the Properly as the Beneficiary
<br />shall require, In such companies and amounts and with such loss payable clauses as shall be satisfactory to the Beneficiary; that in the event
<br />of loss, Beneficiary IS expressly authorized to setlle or compromise claims under said policies and the proceedS thereof shall be paid to fhe
<br />BenefiCIary who may apply the same or any part thereof on the indebtedness secured hereby or toward the reconstruction or repair 01 said
<br />buildings and Improvements or release same to the Trustor; (e) To pay any lien, claim or charge against the Property which might take precedence
<br />over Ihe lien hereol; (f) to pay on demand all legal expenses, title searches, appraisal or allomel/s' lees reasonably incurred or paid by Bene-
<br />Ilciary to collect the Note or foreclose or protect the lien 01 the Deed of Trust; (g) Thai In the event Trustor shall fail 10 comply with Ihe provisions
<br />ot (a) through (I) above, the Beneliciary may expend such lunds and take such action as is necessary to remedy such failure and all sums paid
<br />by Ihe Benellciary pursuant hereto wilh interest at the rate hereinafter provided shall constitute a lien upon the Properly, shall be secured by
<br />this Deed 01 Trusl and shall be Immediately due and repayable to the Beneficiary; (h) not to sell the properly or any portion thereof; or.if Ihe
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<br />Trustor Is a corporation, not more Ihan _ % of Its corporate stock shall be sold, traded, or disposed alto persons other Ihan the present
<br />owners of such stock prior to the time the indebtedness secured hereby shall have been reduced (exclusive of prepayments other Ihan as pr~
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<br />vided in the said Note) to S - $ 0- ; and In the event 01 any sale herein prohibited, Ihen the entire Indebtedness secured by lhe
<br />Deed of Trust shall, at the option 01 the Beneficiary become due and payable; (i) Ihat IIlhe Properly or any part or parcel thereof shall be taken
<br />or damaged under Ihe power of eminent domeln, the award for any Property so taken or damaged (including severance damages to the re-
<br />maining premises) shall be paid to the Beneficiary and applied In full or in part atlhe opllon of the Beneficiary in reduction of Ihe indebtedness
<br />hareby sacured; (D that the Beneficiary shall have the right 10 Inspect the Property at such reasonable limes as the BenefiCiary may desire to
<br />determine Truslor's compliance with the covenants contained in Ihis Deed of Trust; (I<) that Ihe Beneficiary may release from the lien hereof any
<br />part or PlIrcel 01 the Properly wlthoul requiring any consideration therefor, and (0 that Truslor is lawfully seized 01 said premises and Property
<br />in lee simple, that the same are Iree Irom all liens and encumbrances except as may otherwise be specillcally noted herein or waived in writing
<br />by the Beneficiary; Ihat Trustor will execule or procure any lurther necessary assurances of tllle and does hereby wanant generally the title
<br />to said Property and will forever del end the same against the claims and demands of all persons whomsoever, and that Trustofs separate estate
<br />whether vested, conllngent or in expectancy, is hereby conveyed and Trustor does hereby expreSSly waive, release all rig hIs and benefits of
<br />any homeatad, dower, courtesy, appralsemen~ exemption and stey laws ot this state. II Is agreed Ihat Ihe Interest provided for in subseCtion (g)
<br />above shall be at the same rate as specified In the Note secured hereby on the principalthereot alter defaull end maturity.
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<br />SECOND: In Ihe event Trustor, wlthoul the prior writlen consent of Beneficiary shall sel~ transfer or conveyor conlract to sell transfer or
<br />convey the properly, or any parl thereof or any inlerest therein, the entire balance 01 the indebtedness hereby secured shall become and be ..n.
<br />mediately due and payable at the option 01 Beneficiary; provided, however. Benellciary may waive such option to accelerate il. prior to such sale.
<br />transfer or conveyance or contract therelor, Benellciary and tha person to whom the properly is to be sold or transferred reach an agoeement
<br />In wrillng that the credit of such person is satisfactory to Beneficiary and that the inlerest payable on Ihe sums secured by this Deed of Trust shall
<br />be at such rllte as Beneficiary shall request
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<br />THIRD: That as lurther security for the paymenl of Ihe Note and the indebledness thereby evidence and the performance of all 01 the lerms.
<br />covenanta and conditions hereol, Trustor agrees that Beneficiary shall and does hereby have the right power and authority dunng the con-
<br />tinuance oIlhis Deed of Trust to collect the rents, issues and profits 01 the Properly and 01 any personal property located Ihereon with or wlthoul
<br />taking polltl8SSl0n of tha property affected thereby; and Truslor hereby absolutely and unconditionally assigns all such rents. issues and prolits
<br />10 Beneficiary. Beneficiary, however, hereby consents to Trustor's collecllon and retenllon of such rents, issues and profits as they accrue and
<br />become payable so long as Trustor Is not at such time In detault with respect 10 payment ot any Indebledness secured hereby or on Ihe perfor-
<br />mance of any agreement hereunder. Upon any such detaull, Beneficiary may at any lime, either on person, by agent or by receiver 10 be appointed by a
<br />court, without nollce and without regard to the adequacy of any security tor the indebtedness hereby secured (a) enter upon and take possessIon
<br />ot Ihe Properly or any parl Ihereol and In Its own name sue lor or otherwise collect such rents, issues and profits, including those past due and
<br />unpaid, and apply the same, less costs, and expense 01 operation and collection, including reasonable allomey's fees, upon any indebledness
<br />secured hereby and In such order as Beneficiary may determine; (b) lease the same or any part Ihereof for such rental term and upon such con-
<br />ditions as Beneficiary'S judgment may dictate or terminale or adjust the terms and condlllons of any existing lease or leases. Unless Trustor and
<br />Benellclary agree otherwise In wrlllng, any appllcallon 01 renls, Issues or prollts to any indebtedness secured hereby shall not e.tend or postpone
<br />Ihe due date 01 the installment peymenls as provided in the Note or change the amount c,r such installments. The entering upon and taking
<br />possession oIlhe Property, the collecllon of such rents, issues and prolils. and the appllcallon Ihereof as aforesaid, shall not waive or cure any
<br />delault 01 notice 01 default hereunder, or invalldale any act done pursuant 10 such nollce. Trustor assigns to Beneliciary, as turther secunty for
<br />the performance of fhe Indebtedness and obllgallons secured hereby. all prepaId rents and all moneys which may have been or may hereafter
<br />be deposited with Trustor by any lessee ot the Properly. to secure the payment of any rent or dameges, and upon delault In Ihe performance
<br />of any of Ihe provisions hereof, Trustor agrees to deliver such rents and deposits to Beneficiary, Delivery of wrlllen nollce of Beneliclary's exerCIse
<br />01 the rights granted by this paragraph third 10 any tenant OCcuPy,ng the Properly or any porllon thereof shall be sulllclent to require said tenant to
<br />pay said rent to BenefiCiary untlllurther nollce,
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<br />FOURTH: If there shall be lIIed by or against the Trustor any petlllon or proceeding seek,"g an arrangement O' composItIon or extensIon
<br />or any other relief under or pursuanlto the Federal Bankruptcy Code 0' any other similar statute as now or hereafle. In effecl or 11 the Trustor
<br />shall be adjudicated bankrupt or Insolvent or any of Trustofs property shall have been seQuestered and such decree shall have conllnued un,
<br />dlschargAd and unstayed for gO days aller the antry thereof. then the whole of the Nole and Indebtedness hereby secured shall. wlthou' noloce
<br />at the option 01 the Beneficlery, become due and payable
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<br />FIFTH: Upon default by Trustor in the payment of 0' performance of the terms and conditions at the Note, o. any revlewals modlhcahons
<br />or oxecutlons thereof, the payment of any other IndebtedneSB securod hereby or In the performance 01 any agreement covenanl O' warranty
<br />herein conlalned or set forlh in any agreement of inslrumenl e.ecuted by Trustor In cOl1necllon with the Indebtedness hereby secure, BenefiCIary
<br />may declare ail sums secured hereby Immediatoly due and payable and the some shall thereupon become due and payable Without resentment
<br />demand protest or notice of any kind, Therealler, Beneficiary may dellve. to Trustee D written declaration ot detaull and demand to' sal~ Trust""
<br />shall have the power of sale 01 the Property and II BenefiCiary deCIdes the Property IS to be sold II shall d"poslI w,lh Tru.t.... Ih.s D....d 01 Trus'
<br />and lhe Nole o. notes and any other documenls eVIdencing expenditures securod hereby. and shall dellve, 10 Trustel' a wrol'..n not.c" 01 d"'''ull
<br />and election 10 cause the Property to be sold, and Trustee, in turn. shall prepare a similar no lice In Ihe form reqUIred by law which shall b" "ul,
<br />filed tor record by Trustee. In turn, shall prepare R Similar notice Hl th(~ form rCQulJPd by low. which shall be duly hied tOI rP.("(1ld h.., 1 fllSh',~
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<br />IRI After the lapse of such time as may be rOQulred by law loltowuIg tho recordAtIOn of Nolin,:, 01 Dt~lnull iHHi 11(1111 t' n' [)plRult And f\!lllll I'
<br />01 Sole having been glvon as reQUired bV lAW truslee. wlthou' demand on trustor shnll ~'If"1I Ihp Propp!"t). tWIt.,!" t".Inll' (ttlSlllhf'I' .1"11 .In,
<br />and every part thoraot. In sepa,nle pOfcelEl or en masso os the T,uBte~ moy rot.tel nnd III !-udl orlie! n!; 1 ru!\lpl' fll,'l, l1t'lprmuw l'" 1111' lWIt'
<br />and 81 1hp 11me and pIRCP. deslgnBted In !:;IlI(j Notice of sRIn. at public n\.dlOn 10 ,hI' .1tLJtlf~~1 tlH1c1f-r Hw pun hmw ptl~.' I1Aynl'h' . .1!>t' "
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