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M'- 001348 (a) the payment of construction indebtedness in respect to sums to be advanced to Trustor from Benefi- ciary for the purpose of IMkinq an improvement of the real estate above-described, as evidenced by a. Con- struction Draw Deed of Trust Note of even date herewith in the oriqinal total principal draw UIOunt of One Hundred Fifty Thousand and No/IOO Dollars ($150,000.00), (b) the payment of interest at the rate or rates provided in the aforedescribed note and the payment of both principal and interest on any and all renewals, modifications and extensions of such notes, (c) the payment of principal and interftst on any future advance as may be evidenced by promissory. notes stating they are secured by this Deed of 'rrust Construc- tion security Agreement, provided, however, that the total principal indebtedness, not including sums advanced to protect the security or interest accrued, shall not exceed the sum of One Hundred Fifty 'l'housand and NollOO Dollars ($150,000.00); (d) the performance of each agreement and covenant of Trustor herein contained; and may paid or advanced by Beneficiary under the terms of this Deed of Trust Construction Security Agreement, together with interest at the highest rate provided in the notes secured hereby. To protect the security of this Deed of Trust Construction Securi ty Agreement, Trustor hereby covenants and agrees as follows: 1 . P.~t of Indebtedness. 'ro pay when due, the princi- pal of, and t interest on, the indebtedness evidenced by the note, charges, fees and all other sums as provided in the loan instruments. 2. Title. Trustor is the owner of the property and has \be right ana-iuthority to execute this Deed of 'rrust Construction Ih'CUrlty Agreemen.t in respect to the property. 3. Tax.. and AsseslIRIlents. To pay, when due, all taxes, special .ss.....nts and all other charges against the property, before the same becOlDe delinquent, and, in the event Beneficiary shall so require, to add to the payments required under the note secured hereby, such aJIIlOUnt as may be IlUfficient to enable Beneficiary to pay such taxes, assessments or other' charges a. they become due. 4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured against da.... by fire and such other ha%ards .s Beneficiary may require, in aJIIlOUnts and comr~nie8 acceptable to Beneficiary, and with loss payable to Beneficiary. In ca.e of loss under such policies, Beneficiary is authorized to adjust, collect and comprortUH, in itlll discretion, dl alai_ thereunder .nd, at its liIOle option, is author:hed to eit,her apply the proceeds to the restoration of the property or upon the indebtedne.s secured hereby, but payments required by the note shall continue until the sums secured hereby are paid in fu 11. 5. To prompt 1 y reps 1r , reetore or U ftqs or mprovements now or hereafter on the property; to keep the property in good condi don and repair, without "alllte and free from mechaniclII or other l1eml not expre..ly 15"Dorc:Unlllted to the lien her4lllOf, to not uke, sufhr or per'llUt MY n,d..DCe to exht nor t.O dilliniah or illp.it' the value of the property t~ any act or omission to act; and to COMply with aU requireIHntlll of hlw with relipl9Ct to the propert,y. -2- ...J