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200703991
<br />All of the rents, issues and profits, including all rents, royalties,
<br />bonuses and benefits under any existing or future oil, gas or mineral or
<br />other leases; all easements and rights of way; all rights of homestead
<br />and homestead exemption and any surviving spouse's marital or distribu-
<br />tive share, and all other contingent rights in and to said premises; and
<br />All fixtures, improvements, buildings, and the plumbing, heating,
<br />ventilating and lighting systems and equipment therein, all of which
<br />shall be construed and considered as affixed to and part of the real
<br />estate.
<br />All of the foregoing estate, property and interest hereby conveyed to the
<br />said Trustee is hereinafter collectively referred to as the "Property."
<br />TO HAVE AND TO HOLD the same unto the said Trustee, Trustee's successors
<br />and assigns forever, IN TRUST HOWEVER and WITH POWER OF SALE hereby expressly
<br />granted unto the said Trustee, Trustee's successors, and assigns for the
<br />purpose of securing:
<br />(a) The payment of Trustor's just indebtedness to Beneficiary in the
<br />principal sum of One Hundred Twenty -six Thousand Six Hundred Sixty - -seven
<br />Dollars ($126,667.00) for money borrowed, with interest thereon, all as
<br />evidenced by and in strict accordance with the terms of that certain
<br />promissory note hereinafter called the "Note ", bearing even date herewith
<br />made payable to the order of Beneficiary, executed by Trustor, and providing
<br />for the payment of said indebtedness in full on July 1, 2007, with the
<br />undersigned making payment to Beneficiary of the net sale proceeds upon the
<br />sale of each lot by the Trustor to L & P Investments, LLC, with the entire
<br />unpaid balance due and payable no later than July 1, 2007;
<br />(b) The performance of each agreement, covenant and warranty of Trustor
<br />herein contained or set forth in the Note or any agreement or instrument
<br />executed by Trustor in connection with the indebtedness hereby secured; and
<br />(c) The payment of any sum or sums of money with interest thereon which
<br />may be hereafter paid or advanced under the terms of this Deed of Trust.
<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor
<br />does for Trustor and for Trustor's heirs, representatives, vendees,
<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:
<br />First: That the Trustor hereby covenants and agrees, to the extent
<br />permitted by law, as follows: (a) to pay promptly when due the principal and
<br />interest and other sums of money provided for in the Note and in this Deed of
<br />Trust; (b) to promptly pay before delinquency all taxes, assessments and
<br />other charges imposed by law upon the Property, the Trustor's interest
<br />therein, or upon this Deed of Trust or the Note; (c) to keep the above- -
<br />described Property and the improvements thereon in good condition and repair
<br />and not to commit or suffer waste thereof, and except as authorized in any
<br />schedule annexed hereto and forming a part hereof; (d) to maintain and
<br />deliver to Beneficiary policies of insurance against such hazards on the
<br />buildings and improvements now or hereafter located on or constituting a part
<br />of the Property as the Beneficiary shall require, in such companies and
<br />amounts and with such loss payable clauses as shall be satisfactory to the
<br />Beneficiary; that in the event of loss, Beneficiary is expressly authorized
<br />to 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 of
<br />said buildings and improvements or release same to the Trustor; (e) to pay
<br />any lien, claim or charge against the Property which might take precedence
<br />over the lien hereof; (f) to pay on demand all legal expenses, title
<br />searches, appraisal or attorneys' fees reasonably incurred or paid by
<br />Beneficiary to collect the Note or foreclose or protect the lien of this Deed
<br />of Trust; (g) that in the event Trustor shall fail to comply with the
<br />provisions of (a) through (f) above, the Beneficiary may expend such funds
<br />and take such action as is necessary to remedy such failure and all sums paid
<br />by the Beneficiary pursuant hereto with interest at the rate hereinafter
<br />provided shall constitute a lien upon the Property, shall be secured by this
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