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201Qp8722
<br />may be herea�ter paid or advanced under the terms of this Deed of Trust.
<br />NOW, THEREFORE, TO PROTECT THE SECURTTY OF THIS DEED 0� TRUST, Trustor
<br />does �or Trustor and for Trustor's heirs, r�presentatives, vendees,
<br />successars and assigns, the owners of said Proper�y, hereby expressly
<br />covenant, agree and warrant to and with the Trustee and Beneficiary, and
<br />th�ir successors, vendees and assigns:
<br />First: That the Tru�tor h�reby covenants and agrees, to the extent
<br />permitted by �aw, as follows: (a) to pay promptly when due the principal and
<br />interest and other sums af money pravided for in �he Note and in this Deed of
<br />Trust; (b) to promptly pay before delinquency all �axes, assessments and
<br />other charges impased by �aw upan the Proper�y, the Tru�tor's interest
<br />therein, or upon �his Deed of Trust or the No�e; (c) to ke�p tihe above-
<br />described Proper�y and the improvements thereon in good condition and repair
<br />and not to commit ar �uff�r waste thereof, and except as autharized in any
<br />schedule annex�d hereto and farming 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 hereaft�r located o� or cons�i�uting a part
<br />of the Property as the Seneficiary shall require, in such companies and
<br />amounts and with such loss payab�e clauses as shal� be satisfactory to th�
<br />Bene�iciary, �hat in the ev�n� af loss, Seneticiary is expressly authorized
<br />to settle or compromise claims under said policies and the proceeds thereof
<br />sha�l be paid to the Benefici�ry who may apply the same or any part thereof
<br />on the indebtedness s�cured hereby or �oward the recons�ruction or repair ot
<br />said buildings and improvements or release same to the Trustor; (e) to pay
<br />any li�n, cla�m or charge against th� Property which might take precedence
<br />over the lien hereo�; (f) to pay on demand all legal expens�s, title
<br />s�arches, appraisal or attorneys' fees reasonably incurred or paid by
<br />Seneficiary to callect the Note or �nreclose or protect the lien of this Deed
<br />of Trust; (g) that in the event Trustor shall fail ta comply with the
<br />provisions of (a) through (f) abave, the Ben�ficiary may expend such funds
<br />and take such actinn as i� necessary to �emedy such �ailure and a11 sums paid
<br />by the Beneficiary pursuan� hereto with in�erest at the rate her�inafter
<br />provided shall constitut� a lien upon the Property, shal� be secured by this
<br />Deed of Trust, and shall b� immediately due and repayable to the Ben�ficiary;
<br />(h) not ta sell the Property ar any portion thereof without the approval of
<br />the Bene�iciary in writing; and in the event a� any sale herein prohibi�ed,
<br />then the entire indebtedness secured by this Deed of Trust shall, at the
<br />option ot �he Beneficiary, become due and payable; (i) that if �he Property
<br />or any part ar parcel �hereof sha�l be taken or damaged under the power of
<br />eminent damain, th� award far any Proper�y so taken or damaged (including
<br />severance damages to �he remaining premises) shall be paid ta the Bene�iciary
<br />and applied in full ar in part at the option of the Beneficiary in reduction
<br />of the indebtedness hereby secured; (j) that the Beneficiary sha1X have the
<br />right to insp�ct the Prope�ty 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 Ben�ficiary may release from the lien hereof any
<br />part or parcel of the Praperty withou� requiring any consideration therefor,
<br />and (1) that Trus�ar is lawfully s�ized of said p�emises and Property in fee
<br />simple, that the same are free from all liens and encumbrances except as may
<br />atherw�se be specifical.l.y 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 gen.erally the title to said Prop�rty and will
<br />forever defend the same against the claims and demands of all persons
<br />whomsoever, and that Trustor's separate estaCe, whether vested, contingent or
<br />in expec�.ancy, is hereby con and Trustor does hereby expr�ssly waive,
<br />release all rights and bene�its of any homestead, dower, curtesy, appraise-
<br />ment, exemption and stay laras of this state. It is agreed that the interest
<br />provided for in subsection. (g) above shall b� at the same rate as specified
<br />in the Note s�cured hereby on the principal �.hereof after d�faul� and
<br />ma�urity.
<br />SECOND In th� event Trustor, without the prior written consent of
<br />B�n��iciary, shall sell, tran��er or convey o� contrac� to se11, transfer or
<br />convey �.he Property, or any pa�t thereof or any interest therein, the entire
<br />balance of �he indebtedness hereby secured shall become and be immediately
<br />due and payable at the option of Seneficiary; provided, however, Beneficiary
<br />may waive such ap�ion ta accelera�.e if, prior ta such sa1e, transter or
<br />conveyan.ce o� contract therefor, Seneficiaary and the persan to whom the
<br />property is to be sold or transferred reach an agreemen� in writing tha� �he
<br />credit of such person is satisfactory to Beneficiary and tha� the interest
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