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<br /> � This Deed of Tr�stc shall secure: 9�,• �����z ��'
<br />'�'��'� �;;.�`.�i
<br /> _� (a} The payment of the principal sum and in�erest ��y�
<br />• evidenced by 8orrower°s Construction Line of Credit r
<br /> :;�,� Drao� Note datec� A�rii 5 , 19 96 , havin a �"°�
<br /> 4 �Ka=�
<br />;_� u�at�arity d�te af octaher 1, 1996 ,�n the origin�l �,�==�,_
<br /> princigal ataount of Seveatv Thousand and Ldo/1Q0------�olZars -•.r.t:„.
<br /> (� 70.000.00 ) • �d any an�a3� mod cat ons, ex�ensions
<br /> -' � and renewals tlaereof or there�o and any and all future '�-�.--�;�
<br /> ��,�;:;:
<br /> advances and rea8nanaes hereunder pursuant to one or ���-�=-_
<br /> more pr�►issory notes or credit agreeiaents (herein
<br /> � cal2ed "B�ote") ��"�'''�`��
<br /> ; __ -_
<br /> N (b) �I�e payment of other sums advanced by Lender `
<br /> �� to protect the �ecarity of the Note; � ��4=-
<br /> ��.
<br /> � ••�.�_
<br />��_t (c) The performance of all coven�ants and agree- �:y�
<br /> ��.i ments of eorrower set forth hereint and
<br /> �:•� (d) All indebtedness and abligations of Borrower �-`��.�:`�
<br /> � t to Lenr�er r�+rhether direct, indirect, absolute or con- �S"{� '�
<br /> M,,.
<br /> i tinge��: and whether arising by note, guaranty, over- �`�•-
<br /> ��•`� draft or athervs�ise advanced for ttae g�pose of making ��`'�f�
<br /> "��� improve�neents to the real estati� hereinabove describecl. ""��-"
<br /> �__!.:
<br /> ;;�. The Note, and �ny and all other doauments that secure f�"-�-_��:
<br /> ;'.� the Note or otherwise executed in connection thereurith, ��
<br /> ,� including, without �.fmitatiom, guarantees, security
<br />` ' agreements and assignments of �ea�es and rents, shall �� ""
<br /> �� � be referred ta Faerein as the °��an Instruments." �`s
<br /> �
<br /> ��,;�.� � -
<br /> Horsower, to protect �he security of this Deed of Trust, ----�-_-
<br /> covenants and agrees with Lender as followst �,:• :
<br />. ��
<br /> ,;s;^�.:
<br />.,4"v(r,,,
<br /> ,,,r}��,�; 1. Pa �i�t of Princi a]. and In�erest. 8arrower sha�.l
<br /> . promptly pay when due the princ pal of and interesfi on, and any ��
<br /> . fees or charqes provided in, the No�e or in this D�ed of Trust. ��
<br /> �� 2. Title. Horrower is the owner of the Proper�y and �""
<br /> ' � has �he right a�8 suthority to convey the Property. � �
<br /> : y�.
<br />...-.�:�[; -_._.
<br /> �'• 3. Taxes Assessments. Except when they are con- . �"�
<br /> �� {', . tested in good f-a�t , to pay when due all taxes, special assess- �
<br /> _���. ;� ment,s arid all a�her charges against the L�aperty an8, npon ��n`;;,�_"
<br /> �". �z: � written demand by Lender, to pay to Lender such amour�t as may be ��_-�=-
<br /> -- eufs3ccfenic ico enable the Leacler �o pap such taxes, assessments os - -
<br />. atiher charges as they beeoms due. ��.��-.-
<br /> ` .
<br /> . 4. Insurance. At the beginning of construation or
<br /> ��� renovation of u ldstng, to keep the Property 3.naured agais�st ��4
<br /> .; ,,.:
<br /> ..�.Y! ;
<br /> ..�,.,! damage by fire, hazards included wf.thin the term "al� risk �- •:-
<br /> �` � coverage°, anci such other hazards aa Lender may sequire, in
<br /> � .'.�; aniounts and with companies acceptabZe to Lender, including a
<br /> standard mortgagee clause a�ith loss payabae to the Lender. In �!"
<br /> ' :,�� case of losa undez� �auch poliaies, the LenBer is authorized to
<br /> �'�'`��� ad'us�, col2ect anc� �� romise all clafms thereunder and shali � r° -
<br /> i:::f�;;i; � P
<br />-���;���:� have the option of �pplying al2 or past of the insurance proaeeda
<br /> (f) to any indebtedness sQcused hereby and in such order as �
<br /> � Lender inay determine, I f iD to the Borrower to be ueed for �he =�� -
<br /> � repair or restoxatian of �he Property or (fii) for any other �--
<br /> pu�,00se or object s�tisfactory ta Y�Qnder without affecting the --
<br /> Ife� of thf.s Deed af Trus� for t,�i�x fnll amount seeured hereby�
<br /> . before such payment sver took pla�o. Any application of proaeeds �r�:�;+�::
<br /> � to indebtec'8s�_ss shall nat e�tend m� poatpone the due date of any �;;::',�
<br /> payments un�er the Note, or cure aa�y default thereunder or here- �`� "`
<br /> +�.. . under.
<br /> ;._�:; �"_
<br /> s:��.��.:�
<br /> ; 5. Maintenance Re airs and Com liance with Laws. —
<br /> , Horrower shall eep t e Praperty n good cos�d t on an re�sazrf -
<br /> shall p�omptly repair or ��place any imp�ovement vyhich may be "`
<br /> damaged or des�royed; shail not cc��-nit or pexmi.t any waste or
<br /> �•�"'-'.:.�.
<br /> � deterioration of the Propertyf sh�Tl noti ramove, demolieh or �'°�
<br /> substantiall aiter an of the sovemenis oY� zF�e Pro e;:�. , � "�Y
<br /> Y Y �-mP � 3�° c=_,;�_
<br /> . shall not coimnit, suffer o� pexmit any act to be done in or upon ' -
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