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<br />84- 005508
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<br />applied to one or more of the installments of rent coming due immediately
<br />prior to the expiration of said terms; subject to, however, the provisions
<br />contained in Sections 1. 08 and 1. 09 hereof;
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<br />(F) All proceeds (including claims and demands therefor) of the conver-
<br />sion, voluntary or involuntary, of any of the foregoing into cash or liquida~
<br />ted claims, including, without limitation, prt S'eeds of insurance and. condemna-
<br />tion awards on the P-l'emises (hereinafter sometimes called "Insurance Pr0-
<br />ceeds" and "Condemnation Proceeds");
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<br />(G) Any and all funds of Trustor on deposit with Beneficiary or any
<br />branch of Beneficiary;
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<br />(II) All rights, title and interest of Trustor to the instruments of the
<br />following description: all Class "A" voting rights and interest of The Yancey
<br />Condominium Association, Inc., (hereinafter referred to as "Voting Rights");
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<br />(1) All rights, title and interest of Trustor to (1) all the Purchase
<br />Agreements executed or to be executed by and between purchasers of Class A
<br />Property Condominium Units in The Yancey and Devco Investment Corpora-
<br />tion, as Seller (hereinafter referred to as "Purchase Agreements"; and (2) all
<br />Rental Pool Agreements executed or to be executed by and between the
<br />purchasers of Class A Property Condominium Units and Devco Investment
<br />Corporation as Managing Agent (hereinl'~ter referred to as "Rental Pool
<br />Agreements) .
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<br />(J) All rights, title and interest of Trustor in any and all building
<br />permits, revocable license, vault permits issued to Devco Investment C\)rpor~
<br />ation and/or to Devco Inc., and any other permits, licenses or authorization
<br />required by the governmental authorities having or exercising jurisdiction
<br />over the Premises, Personal Property or Improvements (hereinafter collectively
<br />referred to as "Permits, Licenses, Approvals and Agreements");
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<br />(K) All rights, title and interest of Trustor in plans and specifications
<br />(hereinafter referred to as the "Plans and Specifications") as prepared by
<br />Dean E. Arter and Associates, Inc. (hereinafter referred to as the "Archi-
<br />tect") and ali rights, title and interest of Trustor in the Standard Form of
<br />Agreement Between Owner and Architect between Trustor and Architect, and
<br />as hereinafter modified and amended, for architectural services to implement
<br />The Yancey Condominium (hereinafter referred to as "Architect's Agreement")
<br />and all rights, title and interest of Trustor in the Standard Form of
<br />Agreement Between Owner and Contractor between Trustor and Devco, Inc.,
<br />and as hereinafter modified and amended, for a general contractor services to
<br />implement The Yancey Condominium (hereinafter referred to as "Construction
<br />Contract") ;
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<br />(L) All rights, title and interest under the Supervisory Property
<br />Management Agreement by and between Trustor and The Yancey Condominium
<br />Association, Inc., dated this even date, and as hereinafter~ modified and
<br />amended, for management services to implement The Yancey Condominiums
<br />(hereinafter referred to as the "Management Agreement'.).
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<br />FOR THE PURPOSE OF SECURING, in such order of priority as Benefici-
<br />ary may elect:
<br />
<br />(1) Due, prompt and complete observance, performance and dis-
<br />charge of each and every obligation, covenant and agl'eement contained
<br />in the Promissory Note Secured by Deed of Trust of even date in the
<br />original principal amount of $2,650,000, executed by Trustor to the
<br />order of Beneficiary (hereinafter referred to as the "Promissory Note"),
<br />and any and all modifications, extensions or renewals thereof, whether
<br />hereafter evidenced by the Promissory Note or otherwise, and whether
<br />ihe entire amount shall have been advanced to the Trustor at the date
<br />hereof or at a later date, or having been advanced, been repaid in part
<br />and further advances made at a later date;
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<br />(2) Due, prompt and complete observance, performance and dis-
<br />charge contained in any promissory note or notes t'eciting that they are
<br />secured by this Deed of Trust and any and all such future advance,
<br />optional future advances, advances or optional advan<Jes, whether the
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