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<br />convex,sion, voluntary or involuntary, of any of the foregoing into
<br />:ash or liquidated claims (including, without limitation, proceeds
<br />of insurance and condemnation awards), all of which is hereinafter
<br />collectively called the "Trust Property ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS
<br />AND AGREES AS FOLLLOWS :
<br />:1. Title. Trustor covenants, warrants and agrees with
<br />Benef.i.ciiry, its successors and assigns, that Trustor owns the
<br />Trust Property free from any Prior lien or encumbrance, that this
<br />Deed of Trust is and wile remain a valid and enforceable first lien
<br />on ti 0 Trust Property, that Trustor, at its expense, will preserve
<br />such 'title and will maintain this Deed of Trust as a first and
<br />par.ambunt lien upon the Trust Property and will forever warrant and
<br />def�,nH the validity and priority of the lien hereof against the
<br />cia i.nis of all persons and parties whomsoever. Trustor, at its
<br />cesa c�nre, will. cau:,e this Deed of trust, and each amendment or
<br />supplf,ment hereto, to be filed and recorded as a mortgage of the
<br />Trust:. Property in such manner and in such place and will take such
<br />action as in the opinion of 'Trustee may be required by any present
<br />or future law in order to perfect, maintain and protect the lien
<br />of (h-is Deed of Trust, ar the same may be amended or supplemented
<br />from time to time. Trustor will make such further assurance or
<br />assu.anccs to perfect its title to the Truett Property as may be
<br />required by Beneficiary.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the
<br />principal of and interest on the Indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in
<br />good and workmanlike manner any buildings, improvements or repairs
<br />relating thereto which may; be begun on the Trusto Property or
<br />contemplated by the loan evidenced by the Note secured hereby, to
<br />nay uhen due all costs and liabilities incurred therefore, and not
<br />to permit any construction lien against such .Trust Property. In
<br />the event construction of buildings, improvements or repairs are
<br />contemplated, Trustor also agrees, anything in this Deed of Trust
<br />to the contrary notwithstanding; (a) to promptly commence any such
<br />work and to complete the proposed improvements promptly, (b) to
<br />complete the same in accordance with the plans and specifications
<br />as approved by Beneficiary, (c) to comply with all the terms of a
<br />building loan agreement, if any, between Trustor and Beneficiary,
<br />the terms of which are incorporated herein by reference and made a
<br />part hereof, (d) to allow Beneficiary to inspect the Trust Property
<br />at all times during construction, and (e) to replace any work or
<br />materials unsatisfactory to Beneficiary within fifteen (15) days
<br />after written notice from Beneficiary of such fact.
<br />4. Funds for Payment of Charges. Subject to applicable law
<br />or to a written waiver by Beneficiary, Trustor shall pay to
<br />Beneficiary on the first day of each month, or such other date each
<br />month as may be specified by Beneficiary, until the Indebtedness is
<br />paid in full, a sum (hereinafter called the "Funds ") equal to
<br />1,12th of the yearly taxes and assessments which may attain
<br />priority over this Deed of Trust and grounO rents on th Trust
<br />Property, if any, plus 1 /12th of the yearly premium installments
<br />for hazard insurance, plus 1 /12th of the yearly premium
<br />inet.allments for mortgage insurance, if any, all as reasonably
<br />ost.i.mated initially and from tine to time by Denef:iciary on the
<br />bcitii;s of ast- nsrtments and bills and reasonable estimates thereof.
<br />'J'he Fund, shall be, held in an .in.stitution, tho deposits or accounts
<br />r which are insured or guaranteed by a feiieral or state agency
<br />inchad.ing Be:nefi.ci.ary. Benefi.ci -ary shall. npply the. Funds to pay
<br />.bid I:,ixrs, assessment.;.:, irl3UrilnCC premi.unu+ and ground rents.
<br />1',cnef�.ciar., sha11 not be required to hny any intarer;L or
<br />ni nc, s on the runds. 13onef ic.i ary shall give to Trustor, without
<br />h'Y rrr, an .:alma L accounting_ ot
<br />C1' the Funu., :,hv.inq credits and
<br />,!(-14t. to the Punds and the purpose for which oath dobit to the
<br />i'nrtd .'; s -: made. The plans nre ple.dclied as oddit i.c,na1 secul ity foe
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