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201101662 NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor does for Trustor and for Trustor's heirs, representatives, vendees, successors and assigns, the owners of said Property, hereby expressly covenant, agree and warrant to and with the Trustee and Beneficiary, and their successors, vendees and assigns: First: That the Trustor hereby covenants and agrees, to the extent permitted by law, as follows: (a) to pay promptly when due the principal and interest and other sums of money provided for in the Note and in this Deed of Trust; (b) to promptly pay before delinquency all taxes, assessments and other charges imposed by law upon the Property, the Trustor's interest therein, or upon this Deed of Trust or the Note. Trustor shall pay to Trustee on the day monthly payments are due under the note until the note is paid in full a sum equal to one-twelfth of the yearly taxes and assessments that may attain priority over this Deed of Trust and shall pay one-twelfth of the yearly property insurance. (Such payment is herein referred to as "escrow items.") Trustee may estimate the funds due on the basis of current data and reasonable estimates of future escrow items. Trustee shall apply the funds to pay the escrow items. Trustee may not charge a fee for holding and applying the funds. Trustee shall not be required to pay Trustor any interest on earnings in the funds. If the amount of the funds held by Trustee is not sufficient to pay the escrow items when due, Trustor shall pay to Trustee any amount necessary to make up the deficiency in one or more payments as required by Trustee. The initial monthly payment for escrow items shall be $175.00. Upon payment in full of all sums secured by this Deed of Trust, Trustee shall promptly refund to Trustor any funds held by Trustee; (c) to keep the above-described Property and the improvements thereon in good condition and repair and not to commit or suffer waste thereof, and except as authorized in any schedule annexed hereto and forming a part hereof; (d) to maintain and deliver to Beneficiary policies of insurance against such hazards on the buildings and improvements now or hereafter located on or constituting a part of the Property as the Beneficia- ry shall require, in such companies and amounts and with such loss payable clauses as shall be satisfactory to the Beneficiary; that in the event of loss, Beneficiary is expressly authorized to settle or compromise claims under said policies and the proceeds thereof shall be paid to the Beneficiary who may apply the same or any part thereof on the indebtedness secured hereby or toward the reconstruction or repair of said buildings and improvements or release same to the Trustor; (e) to pay any lien, claim or charge against the Property which might take precedence over the lien hereof; (f) to pay on demand all legal expenses, title searches, appraisal or attorneys' fees reasonably incurred or paid by Beneficiary to collect the Note or foreclose or protect the lien of this Deed of Trust; (g) that in the event Trustor shall fail to comply with the provisions of (a) through (f) above, the Beneficiary may expend such funds and take such action as is necessary to remedy such failure and all sums paid by the Beneficiary pursuant hereto with interest at the rate hereinafter provided shall constitute a lien upon the Property, shall be secured by this Deed of Trust, and shall be immediately due and repayable to the Beneficiary; (h) not to sell the Property or any portion thereof without the approval of the Beneficiary in writing; and in the event of any sale herein prohibited, then the entire indebtedness secured by this Deed of Trust shall, at the option of the Beneficiary, become due and payable; (i) that if the Property or any part or parcel thereof shall be taken or damaged under the power of eminent domain, the award for any Property so taken or damaged (including severance damages to the remaining premises) shall be paid to the Beneficiary and applied in full or in part at the option of the Beneficiary in reduction of the indebtedness hereby secured; (j) that the Beneficiary shall have the right to inspect the Property at such reasonable times as the Beneficiary may desire to determine Trustor's compliance with the covenants contained in this Deed of Trust; (k) that the Beneficiary may release from the lien hereof any part or parcel of the Property without requiring any consideration therefor, and (1) that Trustor is lawfully seized of said premises and Property in fee simple, that the same are free from all liens and encumbrances except as may otherwise be specifically noted herein or waived in writing by the Beneficiary; that Trustor will execute or procure any further necessary assurances of title and does hereby warrant generally the title to said Property and will forever defend the same against the claims and demands of all persons whomsoever, and that Trustor's separate estate, whether vested, contingent or in expectancy, is hereby conveyed and Trustor does hereby expressly waive, release all rights and benefits of any homestead, dower, curtesy, appraisement, exemption and stay laws of this state. It is agreed that the interest provided for in