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88-104253 (0) The payment 0' Trustofs just Indebtedness to Benellclary In the principal sum 01 One Hundred Fifty Thousand and no/lOO- --------------- Dollars ($ 1 50,000.00 ) lor money borrowed, with Interest thereon, all as evidence by and In strlcl accordance with the terms of that certain promissory note, hereinafter called the "Note", bearing even date herewith made payable to the order of Ben ell clary, executed by Elizabeth L.Baxter and Thomas Baxter, aka Tom Baxter, W I> W, , and providing for the payment of said Indebtedness In Instellments, the last 01 which Is due and payable June 1. 2003 ,_, subject to acceleration of maturity on delault In the payment of any Inatallment 01 principal or Intereat or In the performance 01 any covenan~ agreement or warranty contained In the Deed 01 Trust (b) The performance 0' each agreement covenant and warranty 01 Trustor herein contained or set forlh in the Note or any agreement or Instrument executed by Trustor In connection with the Indebtedness hereby secured; and (c) The payment at any sum or sums of money with Interest thereon which may be hereafter paid or advanced under the terms 01 this Deed 01 Trust NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OR TRUST, Trustor does tor himself and lor Trustofs heirs, representatives, vendees, successors and assigns, Ihe owners 01 said Properly, hereby expressly covenan~ agree and warrant to and with the Trustee and Bene- IIciary, and Ihelr successors, vendees and assigns: FIRST: That the Trust;!r hereby covenants and agrees, to the extent permitted by law, as lollows; (a) to pay promplly when due the principal andTrilerilsls and other sums of money provided lor In the Note and In thl~ Deed 01 Trust; (b) to promplly pay before.dellnQuency all taxes, assess- ments and other charges Imposed by law, upon the Properly, the Trustofs interest therein, or upon this Deed of Trust or the Note; provided. however, that In the event 01 any change 01 the law providing lor the taxa lion 01 deeds 01 trust or debts thereby secured so as to affect this Deed 01 Trust the entire Indebtedness secured hereby shall at the opllon 01 the Beneficiary become due and payable; (c) to keep the above-described Properly and the Improvemenls thereon In good condition and repair and not to commit or suffer waste thereof, and except as authorized In any schedu!e annexed hereto and lormlng a part hereol, neither to remove nor permit the removal 01 any timber, buildings, 011, gas, mInerals, stone, rock, clay, ferllllzer, gravel or top soil without the prior written consent 01 BenefiCiary; (d) to maintain and deliver to Benellciary policies of Insurance against such hazards on the buildings and improvements now or hereafter located on or constituting a part of the Property as the Beneliciary shati require, In such companies snd amounts and with such loss payable clauses as shall be satlslactory to the BenefiCiary; that in the evenl of loss, Beneficiary Is expressly authorized to setlle or compromise claims under said policies and the proceeds thereof shall be paid to the Beneficiary who may apply the same or any parl thereol on the Indebtedness secured hereby or toward the reconslrucllon or repair of said buildings and Improvements or release same to the Trustor; (e) To pay any lien, claim or charge agaInst the Properly which might take precedence over the lien hereo~ (I) to pay on demand all legal expenses, IItle searches, appraisal or attorneys' lees reasonably Incurred or paid by Bene- Ilclary to collect the Note or loreclose or protect the lien 01 the Deed 01 Trust; (g) That In the event Trustor shalllallto comply with the provisions 01 (a) through (I) above, the Benellclary may expend such lunds and take such acllon as Is necessary to remedy such lailure and all sums paid by the Beneficiary pursuant hereto with Interesl at Ihe rate hereinafter provldad shall constllute a lien upon the Properly, shall be secured by this Deed 01 Trust and shall be Immediately due and repayable to the Benellclary; (h) not to sell the property or eny porllon thereo~ or,llthe Trustor Is a corporallon, not more than ------::!Ib 01 Its corporate stock shall be sold, traded, or disposed of to persons other than the present owners 01 such stock prior to the lime lhe Indebtedness secured hereby shall have been reduced (exclusive of prepayments other than as pro- vided In the said Note) to $ -$0- ; and in the event of eny sele herein prohibited, then the entire Indebtedness secured by the Deed 01 Trust shal~ at the option 01 the Beneliclary become due end payable; II) that II the Properly or any parl or parcelthereol shall be taken or damaged under the power of eminent domain, the award for any Property so taken or damaged (Including severance damages to the re- maining premises) shall be paid to the Benellciary and applied In lull or In parl at the option of the Benellclary in reduction of the indebtedness hereby secured; (j) Ihat the Benellclary shall have the right to Inspect the Property at such reasonable times as the Benetlclary may desire to determine Trustofs compliance with the covenants contained in this Deed of Trust: (k) that the Benellclary may release Irom the lien hereol any part or parcel of the Property without requiring any consideration therefor, and (I) that Trustor is lawfully seized 01 said premises and Properly In tee simple, that Ihe same are tree from all liens and encumbrances except as may otherwise be speclllcally noted herein or waived In writing by the Beneliclary; thai Trustor will execute or procure any lurther necessary assurances 01 title and does hereby warranl generally the tille to said Property and will lorever delend the same against the claims and demands at all persons whomsoever, and that Trustofs separate estate whether vested, conllngent or In expeclancy, Is hereby conveyed and Trustor does hereby expreasly waive, release all rights and benafils 01 any homestad. dower, courtesy, appraisement exempllon and stay laws ot this atate, II is agreed thaI the Interest provided lor In subsection Ig) above shall be at the same rate as specified In the Note secured hereby on the principe I thereol after delault and malurlty, SECOND: In the event Truslor, wilhoutthe prior wrlllen conaent of Beneliclary shall sel~ Iransfer or conveyor contract to sel~ transfer or convey Ihe properly, or any parl Ihereol or any Interest therein, the entire balance 01 Ihe indebtedness hereby secured shall become and be 1m. medlalely due and payable at Ihe option 01 Benellciary; provided, however, Benellclary may waive such option to accelerate iI, prior to such sale, transfer or conveyance or contract Iherelor, Beneliclary and the person to whom the property Is to be sold or Iransferred reach an agreement in writing Ihatthe credit 01 such person Is satisfactory to Beneliclary and that the Interest payable on the sums secured by Ihls Deed of Trust shall be at such rate as Beneliclary shall request. THIRD: That as lurther security tor the payment at the Note and the indebtedness thereby evidence and the performance 01 all 01 the terms, covenants and conditions hereol, Trustor agrees that BenefiCIary shall and does hereby have the right power end aulhority during the con- tinuance 01 this Deed of Trusl to coltectthe renls, Issues and profits 01 the Property and of any personal property located thereon with or wilhout taking possession 01 the properly affected thereby; and Trustor hereby absolutely and unconditionally assigns all such rents, Issues and prolits to Benellciary, Beneficiary, however, hereby consents to Truslo( s collection and retention 01 such rents, Issues and profils as they accrue and become payable so long as Truslor is not at such time In delault with respect to payment 01 any Indebtedness secured hereby or in the perfor. mance of sny agreemenl hereunder, Upon any suCh delault, Beneficiary may at any time, either in person, by agent or by receiver to be appointed by a courl, without notice and without regard to the adequacy of any security for the Indebtedness hereby secured (a) enter upon and take possession 01 the Properly or any part thereol and in Its own name sue for or otherwIse collect such renls, Issues and profils, including those past due ar,d unpaid, and apply the same, less costs, and expense of opera lion and collection. Including reasonable allomey's lees, upon any indebtedness secured hereby and In auch order as Beneliciary may determine; (b) lease the same or any parllhereollor such rental, term and upon such con, dlllons as Beneliclary's judgment may dictate or terminate or adjust the lerms and conditions of any exlsllng lease or leases. Unless Truslor and Beneliclary agree otherwise In wrillng, any appllcallon of rents, issuas or profits to any Indebtedness secured hereby shall not extend or postpone the due date 01 the Installment payments as provided in the Note o. change the amount of such installments. The entering upon and laking possession 01 Ihe Properly, the collecllon of such rents, Issues and profits, end the application thereof as aforesaid, shall not waive or cure any delault or notice 01 default hereunder, or Invalidate any act done pursuant to such notice, Trustor assigns to BenefiCIary, as lurther security for the parformance of the Indebtedness and obligations secured hereby, all prepaid rents and all moneys which may have been or may hereafter be depoalted with Trustor by any lessee 01 the Property, to secure the payment of any rent or damages, and upon default In the performance 01 any 01 the provialons hereof, Trustor agrees to deliver such rents and deposits to Beneficiary. Delivery 01 written nollce 01 BenefiCiary's exercise 01 the rights granted by this paragraph third to any tenanf occupying the Properly or any porllon thereol shall be suffiGlentto reqUire said tenant to pay said rent to Beneliclary unlll furl her notice FOURTH: If there shall be filed by or against the Truslor any pellllon or proceeding seeking an arrangement or compOSition or e.lens,on or any olher relll,l under or pursuant to the Federal Bankruptcy Code or any other similar statute as now or herealter In effect. or Illhe Trus'OI shall be adjudicated bankrupl or Insolvenl or any 01 Truslor's properly shall have been sequestered and suCh decree shall have continued un. discharged and unstayed for 90 days ..Iler the entry thereot, then Ihe whole 01 the Note and Indebtedness hereby secured shall, WIthout notice, at the opllon of the Beneliciary, become due and payable, FIFTH, Upon default by Trustor In the payment 01 or performance of the terms and conditions of the Note, or any reVlewals. modifications or executions thereof, the payment ot any olher indebtedness secured hereby or In lhe parlormance 01 any agreement. covananl or warranly herein contained or sel f')rth in any agreement of Instrumenl 6xecuted by Truslor in connection wllh the Indebtedness haraby secure, BenefiCiary may declare all sums secured hereby Immedlataly due and payable and the same shall Ihereupon become due and payable Wllhoul resenlment demand prolest or no1ice of any kind Thoreafter, BenefiCIAry may deliver to Trustee a written declaration 01 dolnult nnd demond tor sale T'uslpp. shall h~ve the power of sale of the Property and II Beneficiary deCides the Proper1y IS 10 bfJ sold It sholl depOSit With Trush~(1 HH5 DC(lt1 at Trtlsl and the Note or no109 and any other documents e'Jldenclng ~Hpondlturos secured hereby, and sholl deliver to Trustee a w'I'hH' nollep pf d~rnlJll and elocllon to cause the Property to be Bold, and T'rustee, in turn, shall prepare a Similar notice In lhe form reqUired by lAW, wflle" shAll bp. duly flied for rocord by 1ru5180, In rurn, shall propare a fumlllH notlCo In the larm reQuHed oy lAW, WhIch shall bEl duly hied 'or mcOtc1 hy T 'uslt:'t. IEII Alto' the lapse 01 Bueh tlmo as may be rm.1tJ1rod by Low folloWH1lJ the tPcordutlon of NotIce of Df:llaull ann nolin' n! nl'tnu1t f1"d NuIH" ul SRI., haVing been u,von as roQUHHd by low, r'u!lltw. WlltU.llJt dOfllund on T,witnr ~hAtI soli the P'Olwrly tWtptr1 IwllHI' d.'!1l 'It1t'11 1\11\1 ;11'\ nnd w.,~tv part thorool, In separate paff,elR UI (In fflHSBU 1t9 1"0 lrUllhHl mnV ('IfiLl anti In such order us flllSlfl!' ''',1\ t1P!tIfI1Wll' I'J' 1'1" ,Mh- and ill ft,,.. Ilml! ;JnfJ nISl(" dp~.llJnntOt' m '.Iud Nt/Ill r. of Bill..! itl pullin ntH !Ion In IlIp htlJhf'''' hldet.-, th.. purt 'li1'.." pll, I' pn\.1l1h.' ,,- ,1',1 t:.