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<br />84-
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<br />005508
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<br />same are of the same or different kind or quality as the Promissory Note
<br />or original advtulce (hereinafter referred to as "Future Advances"), and
<br />whether or not related to the Promissory Note or original advance,
<br />together with the specified interest thereon as well as' the hereinbefore
<br />described principal and interest now e"t1denced by said Promissor-y' :Note-.
<br />It is agreed that at any time before the cancellation, release orrecon~
<br />veyance of this Deed of Trust, the Promissory Note, other p'romissory
<br />note or notes and Deed of Trust, including the- terms,-- of _l!e~~.~w:lt
<br />thereof, may from time to time be created, modified or amended in Witoit'"
<br />ing to include any Future Advances for any purpose made by the Bene-
<br />ficiary to or for the Trustor. The term "Note" as used in this Deed'()f
<br />Trust includes the Promissory Note hereinabove described and any other
<br />additional sums and interest thereon which may hereaftE1rbe l~nedor
<br />advanced to Trustor, or its successor or assigns for any purposema.de
<br />by Beneficiary, at its option, when evidenced by a promissory nottl.
<br />draw notes or notes reciting that they are secured by this' Deed of
<br />Trust, including all extensions, renewals and modifications of any FutUTe
<br />Advances. Nothing contained in this paragraph shall be considered as
<br />limiting the principal and interest which may be secured hereby or the
<br />amount or amounts that shall be secured herein when advanced to pro';;
<br />tect the Property so long as the total principal secured hereby does not
<br />exceed $2,650,000 at anyone time;
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<br />(3) The payment of any sum "1' sums of money with interest there-
<br />on at the default rate (the "D€f",,;~ Rate") p~)vided in the Construction
<br />Loan Agreement of even date A~ewith between Trustor and Beneficiary
<br />(the "Construction Loan Agreement") and the Note which may be here-
<br />after paid or advanced under the terms of this Deed of Trust, or Con-
<br />struction Loan Agreement to protect the security of this Deed of Trust;
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<br />(4) Due, prompt and complete observance, performance and dis-
<br />charge of each and every obligation, covenant and agreement of Trustor
<br />contained herein, the Construction Loan Agreement, the Loan Documents
<br />(as defined in the Construction I,oan Agreement) as amended, or in any
<br />other instrument heretofore or hereafter executed by Trustor having
<br />reference to or arising out of the indebtedness represented by the Note.
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<br />(5) The payment of any sum or sums of money with interest
<br />thereon under an Irrevocable Letter of Credit given by Beneficiary to
<br />Trustor for the benefit of LincoL~ Benefit Life CompfulY as obligee L'rl the
<br />amount of $135,266 dated October 16, 1984.
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<br />ARTICLE 1
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<br />COVENANTS OF TRUSTOR
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<br />To protect the security of this Deed of Trust, Trustor covenants,
<br />warrants and agrees to and with Beneficiary and Trustee as follows:
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<br />1.01. Payment of Principal and Interest. Trustor will pay the principal
<br />and interest and all other sums becoming due with respect to each Note at the
<br />time and place and in the manner specified in the Note, according to the
<br />terms thereof.
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<br />1. 02. Warranty of Title. To the extent of the Trustor's estate, right,
<br />title and interest to the Property: (a) Trustor has good and marketable title
<br />to the Premises subject to no lien, charge or encumbrance except such as are
<br />listed as exceptions to title in the title policy or policies, if any, insuring the
<br />lien of this Deed of Trust issued by a title company or companies acceptable
<br />to Beneficiary; (b) Trustor owns or, upon acquisition thereof, will own the
<br />Voting Rights, Personal Property, Improvements, Rents and Profits, In-
<br />surance Proceeds, Condemnation Proceeds, Permits, Licenses, Approvals,
<br />Agreements, Plans and Specifications, Architect's Agreement, General Con-
<br />tractor's Agreement. Purchase Agreements, Rental Pool Agreements and
<br />Management Agreement free and clear of liens and claims except as stated
<br />elsewhere in this Deed of Trust; (c) and this Deed of Trust is and will
<br />remain a valid and enforceable lien on the Property subject only to the
<br />exceptions referred to above. Trustor has full power and lawful authority to
<br />grant, assign, transfer and mortgage its interest in the Property in the
<br />manner and form hereby done or intended. Trustor will preserve its interest
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