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<br />84-
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<br />005508
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<br />in and title to the Property and will forever collectively warrant Rnd defend
<br />the same to Trustee and will forever collectively warrant and defend the
<br />validity and priority of the lien hereof against the claims of all persons and
<br />parties whomsoever. Trustor shall promptly and completely observe, perform,
<br />and discharge each and every obligation, covenant and agreement affecting
<br />the Property whether the same is prior and superior or subject and sub-
<br />ordinate hereto.
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<br />1.03. Further Assurance. (a) Trustor will, at its own cost and
<br />without expense to Trustee or Beneficiary, do, execute, acknowledge and
<br />deliver all and every such further acts, deeds, conveyances, mortgages,
<br />assignments. notices of assignments, transfers and assurances as Trustee or
<br />Beneficiary shall from time to time require, for the better aSl;luring, convey-
<br />ing, assigning, transferring and confirming unto Trustee and Beneficiary .the
<br />property and rights hereby conveyed or assigned or intended noworhere-
<br />after so to be, or which Trustor may be or may hereafter beCome bound to
<br />conveyor assign to Trustee or Beneficiary, or for carrying out the intention
<br />or facilitating the performance of the terms of this Deed of Trust,or for
<br />filing, registering or recording this Deed of Trust and, on demand. Trustor
<br />will execute and deliver, and hereby authorizes Trustee or Bimeficiary. to
<br />execute in the name of Trustor to the extent Trustor may lawfully do so, one
<br />or more financing statements, chattel mortgages or comparable security in-
<br />struments, to evidence more effectively the lien hereof upon. the Personal
<br />Property.
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<br />(b) Trustor forthwith ',opon tb'''lxecution and delivery of this Deed of
<br />Trust, and thereafter from time to time, will cause this Deed of Trust, and
<br />any security instrument creating a lien or evidencing the lien hereof upon the
<br />Property and each instrument of further assurance, to be filed, registered or
<br />recorded in such manner and in such places as may be required by any
<br />present or future law in order to publish notice of and fully to protect the
<br />lien hereof upon, the title of Trustee to, and the security interest of Bene-
<br />ficiary in the Property.
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<br />(c) Trustor will pay all filil1,g, registration an,d recording fees, and all
<br />expenses incident to the execution and acknowledgment of this Deed of Trust,
<br />any deed of trust supplemental hereto, any security instrument with respect
<br />to the Property, and any instrument of further assurance, and all federal,
<br />state, county and municipal stamp taxes and other taxes, duties, imposts,
<br />assessments and charges arising out of or in connection with the execution
<br />and delivery of the Note, this Deed of Trust, any deed of trust supplemental
<br />hereto, any security instrument with respect to the Property, any Loan
<br />Document (as defined in the Construction Loan Agreement executed this even
<br />date between the Trustor and Beneficiary) or !hY}Y instrument of furth.er
<br />assurance.
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<br />1.04. Insurance and Condemnation. (a) Trustor will keep the Property
<br />insured against lOllS or damages by fire with extended coverage and against
<br />any other risks or hazards which, in the opinion of Beneficiary, should be
<br />insured against to the amount of the full insurable value thereof on a replace-
<br />ment cost basis (or less in the discretion of Beneficiary) with a company or
<br />companies and in such form and with such endorsements as may be approved
<br />or required by Beneficiary. Loss under said insurance shall be payable to
<br />Beneficiary and shall be applied in the same manner as provided in Section
<br />1.05 hereof. and said insurance policies shall be endorsed with a standard
<br />non-contributory mortgagee clause, and may only be cancelled or modified
<br />upon not less than thirty (30) days' prior written notice to Beneficiary.
<br />Trustor will also carry public liability insurance, Builder's Risk insurance and
<br />Flood Insurance in such form, amounts and with such companies as Benefi-
<br />ciary may from time to time require, with Beneficiary included thereon as a
<br />named insured under a standard mortgagee endorsement of the character
<br />above described, The policy or policies evidencing all insurance referred to
<br />in this paragraph or certificates of such insurance satisfactory to Beneficiary,
<br />together with receipts for the payment of premiums thereon, shall be deliv-
<br />ered to and held by Beneficiary. Beneficiary shall not by the fact of ap-
<br />proving, disapproving, accepting, preventing. obtaining or failing to obtain
<br />any insurance, incur any liability for the form or legal sufficiency of insur-
<br />ance contracts, solvency of insurance companies, or payment of lawsuits, and
<br />Trustor hereby expressly assumes full responsibility therefor and liability, if
<br />any, thereunder. In the event any policy hereunder is not renewed on or
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