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<br />t i 87-103276
<br />•, , forth herein.
<br />D. PRvmcnt of future advances necesenrr to protect --1,
<br />property.
<br />E. Payment of future advances to be made at the option of
<br />Trusto: end Beneficiary, provided Vint the maximum amount secured
<br />hereby, including any such future advances, shall not exceed the total
<br />sum of $2.000.000.00. Nothing herein shall be deemed to impose any
<br />liability on Beneficiary to make any such additional future advance•
<br />which shall be solely discretionary.
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR
<br />COVENANTS:
<br />1. Title: That it is lawfully seized and possessed of a good and
<br />tndefeastbfe title and estate to such property in fee simple and will
<br />forever warrant and defend the title thereto against the claims and
<br />demands of all persons whosoever; that it will, at its expense, maintain
<br />and preserve the lien of this Deed of Trust as a first and paramount
<br />lien upon such property.
<br />2. NWittenance: To keep such property in good condition and
<br />repair; to maintain all parking and landscaped areas satisfactorily to
<br />Beneficiary; to complete or restore promptly and in good and
<br />workmanlike manner any building which may be constructed, damaged or
<br />destroyed thereon and to pay, when due, all claims for labor performed
<br />and materials furnished therefor and for any alterations thereof; to
<br />comply with the provisions of restrictions affecting such property; not to
<br />remove• demolish or materially alter any building, or the character or
<br />use thereof at any time thereon; not to construct any additional
<br />improvements upon the Reel Estate, other than those shown on the plans
<br />specifically approved in writing by Beneficiary; not to drill or extract
<br />nor to permit the drilling for or extraction of oil, pas or other
<br />hydrocarbon suhetances or any mineral of any kind unless the written
<br />consent of Rene-fieiary is firet had and obtnined: not to commit or permit
<br />nnv waste thereof or any act upon such property in violktion of htw: to
<br />do all other act- in a timeiv and proper manner which from the character
<br />or use of much property may be reasonahly nece—ory to protect and
<br />preserve sold —curity• the specific enumrretiow herein tint excluding
<br />the renrral.
<br />3. Coo<tructicn nl inpnwan•••nt. T,• .mpb•b- in pond and
<br />worknan Hhe neneu•r .: �.dL'':, t; ,� improvee,ynt or repair relating
<br />thereto which r•a•.- t,,areq,tn o. „ehr rep,• ,. or contemplated by the
<br />lost, secure,! hcrehv, t- r— wh.m duce alt costs and liabilities incurred
<br />therefor• and not to 1—it nnv e— truction lien against such property.
<br />Trustor *l— arreea, anvthiaq to this tired of Trust to the contrary
<br />notwfthstandtnq: (a) t„ premptfv cnnnene_e work and to complete the
<br />prope d inpreyrmen t. pr..mptty, fh) to complete some in accordance
<br />with plan. now ap,., -e flent,nn. n approved by Beneficiary. (c) to comply
<br />with at! „f the ter — -,f any construction loan agreement between Trustor
<br />and neerfte!ar. • (d) to ntln% neneficinry to inspect such property at all
<br />times dnrina -- !rtirtion, and (e) to replace any work or materials
<br />unsatlsfarte— to f'eneficin—, within fifteen (15) days after written
<br />notce fre, peneficiara- of such fact. which notice may be Riven to
<br />Trustor 1,% r,•rintered or certified nail, sent to his last known address,
<br />or by personal aervtre or the some.
<br />4. Fire and Casualty Insurance: To keep such property insured
<br />against lots n�-T mr�� by rye end —other risk or Make which, in the
<br />opinion of n,•neficiary should be Insured against, under policies of
<br />insurance with toss payable to Beneficiary in form, amount and companies
<br />acceptable to Beneficiary, including during periods of construction.,
<br />"builder's risk tnsurance, nonreporting form ". Said policies shall be
<br />delivered to and remain in possession of Beneficiary as further security
<br />for the faithful performance of these obligations, which delivery shall
<br />constitute an assignment by Trustor to Beneficiary to all rights
<br />thereunder, including all return premiums; to deliver to Beneficiary a
<br />policy or policies renewing or extending any expiring insurance with a
<br />receipt showing premiums paid at least thirty (30) days before
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