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84- 005508 r 1.14. SubI'.::gation. Beneficiary shall be subrogated, notwithstanding their release of record, to any mechanic's, construction's or vendor's lien or liens, superior titles, mortgages, deeds of trust, liens, encumbrances. rights, equities and charges of all kinds heretofore or hereafte'" existing. on the Property to the extent that the same are paid or discharged from the proceeds of the loan evidenced by the Note. 1 .15. Release of Liabilitv or Performance. Subiect to Darll:ln'll:Dh 5.-0t. without affecting the liability' of Trustor or of any other person who is, or shall become bound by the terms of this Deed of Trust or who is or shall become liable for the performance of any obligation secured hereby; Bene- ficiary may, in such manner. upon such terms and at such times alii it deems best and without notice or demand, release any party now or hereafter liable for the performance of any such obligation, extend the time for such Perfor- mance, accept additional security therefor, and alter, substitlJte or release any property securing such performance. No exercise or nonexercise by Beneficiary of any of its rights under this Deed of Trust, no dealihg by Beneficiary with any person, firm or corporation and no change, impairment, loss or suspension of any right or remedy of Beneficiary shall in any way affect any of the obligations of Trustor hereunder or any security furnished by Trustor. or give Trustor any recourse against Beneficiary. 1.16. Additional Liens and Protection of Lender's Seeunt. Trustor shall make all payments 0 interest ano prmcipal and payments 0 any other charges, fees and expenses contracted '" be paid to any existing lien holders or prior beneficiaries under any pre j' Deed of Trust or, Mortgage before the date they are delinquent and prolilpuy pay and discharge any and all other liens, claims or charges which may jeopardize the security granted herein. If Trustor fails to make any such payment or fails to perform any of the cove- nants and agreements contained in this Deed of Trust, or in any prior mort- gage or deed of trust. or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain proceedings, or proceedings involving a decedent or if Trustor fails to pay Trustor's debts as they become due, then Beneficiary, at Beneficiary's option and without notice to or demand upon Trustor and with- out releasing Trustor from any obligation hereunder, may make such appear- ances, disburse such sums and take such action as is necessary to protect Beneficiary's interest, including. but not limited to, disbursement of reason- able attorneys' fees. payment, purchase. contest or compromise of any encum- brance i charge or lien J entry upon the Property to make repairs and defend title. In the t1vent thut Trustor shall fail to procure or maintain insurance or to pay taxes, assessments, or any other charges or to make any payments to any existing prior lien holders or beneficiaries. Beneficiary may procure such insurance and make such payment. Any amounts disbursed by Beneficiary pursuant to this Section 1.16 shall become additional indebtedness of Trustor secured by this Deed of Trust. Such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof, and shall bear inter- est at the Default Rate. Nothing contained in this Section 1.16 shall require Beneficiary to incur any expense or take any action hereunder. 1.17. Future Advances. That it is the intent hereof to secure payment of the Note whether the entire amount shall have been advanced to the Trustor at the date hereof or at a later date, or having been advanced, shall have been repaid in part and further advances made at a later date. It is understood that at any time before the cancellation and release of this Deed of Trust. the Note and Deed of Trust may from time to time be modified or amended in writing thereon by the parties liable thereon and the holder thereof to include any Puture Advance for any purpose made by the holder. at its option, to or for said parties liable thereon. Trustor covenants and agrees that this Deed of Trust secures any and all such Future Advances when the Note states that the Note is secured by this Deed of Trust whether the same are of the same or a different kLld or quality as the original ad= vances, and whether or not related to the original advances together with the specified interest thereon as well as the hereinbefore described principal and interest now evidenced by the Promissory Note. The total principal secured hereby not to exceed $2,650,000.00 at anyone time. Beneficiary as a lender is required to make Future Advances as described L'l the Construction Loan Agreement dated this even date. No optional Future Advances will be made if the lending party has received written notice of any mortgage, deed of trust. lien or claim against the Property or after the lending party has received -10-