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2oioo3485
<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor
<br />does for Trustor and for Trustor's heirs, representatives, vendees,
<br />successors and assigns, the owners of said Property, hereby expressly
<br />covenant, agree and warrant to and with the Trustee and Beneficiary, and
<br />their successors, vendees and assigns:
<br />First: That the Trustor hereby covenants and agrees, to the extent
<br />permitted by law, as follows: (a) to pay promptly when due the principal and
<br />interest and other sums of money provided far in the Nate and in this Deed of
<br />Trust; (b) to promptly pay before delinquency all taxes, assessments and
<br />other charges imposed by law upon the Property, the Trustor's interest
<br />therein, or upon this Deed of Trust or the Note; (c) to keep the above-
<br />described Property and the improvements thereon in good condition and repair
<br />and not to commit or suffer waste thereof, and except as authorized in any
<br />schedule annexed hereto and forming a part hereof; (d) to maintain and
<br />deliver to Beneficiary policies of insurance against such hazards on the
<br />buildings and improvements now or hereafter located on or constituting a part
<br />of the Property as the Beneficiary shall require, in such companies and
<br />amounts and with such loss payable clauses as shall be satisfactory to the
<br />Beneficiary; that in the event of loss, Beneficiary is expressly authorized
<br />to settle or compromise claims under said policies and the proceeds thereof
<br />shall be paid to the Beneficiary who may apply the same or any part thereof
<br />on the indebtedness secured hereby or toward the reconstruction or repair of
<br />said buildings and improvements or release same to the Trustor; (e) to pay
<br />any lien, claim or charge against the Property which might take precedence
<br />over the lien hereof; (f) to pay on demand all legal expenses, title
<br />searches, appraisal or attorneys' fees reasonably incurred or paid by
<br />Beneficiary to collect the Note or foreclose or protect the lien of this Deed
<br />of Trust; (g) that in the event Trustor shall fail to comply with the
<br />provisions of (a) through (f) above, the Beneficiary may expend such funds
<br />and take such action as is necessary to remedy such failure and all sums paid
<br />by the Beneficiary pursuant hereto with interest at the rate hereinafter
<br />provided shall constitute a lien upon the Property, shall be secured by this
<br />Deed of Trust, and shall be a.mmediately due and repayable to the Beneficiary;
<br />(h) not to sell the Property or any portion thereof without the approval of
<br />the Beneficiary in writing; and in the event of any sale herein prohibited,
<br />then the entire indebtedness secured by this Deed of Trust shall, at the
<br />option of the Beneficiary, become due and payable; (i) that if the Property
<br />or any part or parcel thereof shall be taken or damaged under the power of
<br />eminent domain, the award for any Property so taken or damaged (including
<br />severance damages to the remaining premises) shall be paid to the Beneficiary
<br />and applied in full or in part at the option of the Beneficiary in reduction
<br />of the indebtedness hereby secured; (j) that the Beneficiary shall have the
<br />right to inspect the Property at such reasonable times as the Beneficiary may
<br />desire to determine Trustor's compliance with the covenants contained in this
<br />Deed of Trust; (k) that the Beneficiary may release from the lien hereof any
<br />part or parcel of the Property without requiring any consideration therefor,
<br />and (1) that Trustor is lawfully seized of said premises and Property in fee
<br />simple, that the same are free from all liens and encumbrances except as may
<br />otherwise be specifically noted herein or waived in writing by the Beneficia-
<br />ry; that Trustor will execute or procure any further necessary assurances of
<br />title and does hereby warrant generally the title to said Property and will
<br />forever defend the same against the claims and demands of all persons
<br />whomsoever, and that Trustor's separate estate, whether vested, contingent or
<br />in expectancy, is hereby conveyed and Trustor does hereby expressly waive,
<br />release all rights and benefits of any homestead, dower, curtesy, appraise-
<br />ment, exemption and stay laws of this state. It a.s agreed that the interest
<br />provided far in subsection (g) above shall be at the same rate as specified
<br />in the Note secured hereby on the principal thereof after default and
<br />maturity.
<br />SECOND. In the event Trustor, without the prior written consent of
<br />Beneficiary, shall sell, transfer or convey or contract to sell, transfer or
<br />convey the Property, or any part thereof or any interest therein, the entire
<br />balance of the indebtedness hereby secured shall become and be immediately
<br />due and payable at the option of Beneficiary; provided, however, Beneficiary
<br />may waive such option to accelerate if, prior to such sale, transfer or
<br />conveyance or contract therefor, Beneficiary and the person to whom the
<br />property is to be sold or transferred reach an agreement in writing that the
<br />credit of such person is satisfactory to Beneficiary and that the interest
<br />payable on the sums secured by this Deed of Trust shall be at such rate as
<br />Beneficiary shall request.
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