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86107516
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86107516
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Last modified
10/18/2011 10:52:21 PM
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3/31/2008 3:51:09 PM
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DEEDS
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86107516
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86-- i 0'75 1 <br />or more of the provisions contained in this Deed of Trust or in <br />the Note or in the Construction Loan Agreement shall for any <br />reason be held to be invalid, illegal or unenforceable in any <br />respect, such invalidity, illegality or unenforceabili *_y shall <br />not affect any other provision of these Loan Documents, but these <br />Loan Documents shall be construed as if such invalid, illegal or <br />unenforceable provision had never been contained herein or <br />therein. <br />6.02. Joint and Several Liability. All covenants and <br />agreements of Trustor shall be joint and several. <br />6.03. Unsecured Debt. if the lien of this Deed of Trust is <br />invalid or unenforceable as to any part of the debt, or if the <br />lien in invalid or unenforceable as to any part of the Property, <br />the unsecured or partially secured portion of the debt shall be <br />completely paid prior to the payment of the remaining and secured <br />or partially secured portion of the debt and all payments made on <br />the debt, whether voluntary or under foreclosure or other <br />enforcement action or procedure, shall be considered to have been <br />first paid on and applied to the full payment of that portion of <br />the debt which is not secured or not fully secured by the lien of <br />this Deed of Trust. <br />6.04 Usury. All agreements between Trustor and Beneficiary <br />are expressly limited so that in no contingency or event <br />whatsoever, whether by reason, of advancement of the principal <br />amount of the Note, Default Rate, acceleration of maturity of the <br />unpaid principal balance thereof, or otherwise, or advancement of <br />any sums under the provisions of this Deed of Trust, shall the <br />amount paid or agreed to be paid to the holder of the Note for <br />the use, forbearance or detention of the money to be advanced <br />thereunder or hereunder exceed the highest lawful rate <br />permissible. if, for any circumstances whatsoever, fulfillment <br />of any provision of this Deed of Trust or the Note or any other <br />agreement referred to herein, at the time performance of such <br />provision shall be due, shall involve transcending the limit of <br />validity prescribed by law which a court of competent <br />jurisdiction may deem applicable thereto, then the obligations to <br />be fulfilled shall be reduced to the limit of such validity, and <br />if from any circumstance the holder of the Note or Beneficiary <br />shall ever receive as interest an amount which would exceed the <br />highest lawful rate, such amount which would be excessive <br />interest shall be applied to the reduction of the unpaid <br />principal balance due hereunder and not to the payment of <br />interest or, if such excessive interest exceed the unpaid <br />principal balance due hereunder, the excess shall be refunded to <br />Trustor or its successors or assigns. This Section 6.04 shall <br />control every other provision of all agreements between Trustor <br />and Beneficiary. <br />6.05. Notice. All written notices expressly provided <br />hereunder and all notices and demands of any kind or nature <br />whatsoever shall be in writing and shall be served by registered <br />or certified mail. Any such notice or demand so served by <br />registered or certified mail shall be deposited in the United <br />States mail, with postage thereon fully prepaid and addressed to <br />the party so to be served at its address above stated or at such <br />other address of which itshall have notified, in writing, the <br />person charged with giving such notice. Service of any such <br />notice or demand so made shall be deemed complete on the date of <br />actual delivery as shown by the addressee's registry or <br />certification receipt or upon the expiration of the third (3rd) <br />day after the date of mailing, whichever is earlier in time. Any <br />party may at any time change its address for such notice by <br />delivering or mailing to the other parties hereto, as aforesaid, <br />a notice of such change. Trustor hereby requests that a copy of <br />any Notice of Default and Notice of Sale as may be required by <br />law be mailed to it at its address herein contained. <br />5. 6. Granting -- - Consent. The .ranting ,f cDnsent by <br />
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