Loading...
HomeMy WebLinkAbout1932 i. ~ together with all the improvements in anywise appertaining, and all the estate, right, title~ interest, and claim, either at ]aw or in equity or otherwise however, of the Grantor. of, in, to, or out of the said land and premisee; ~tt ~rl~ to permit said Grantor to use and cecupy the said described land and premises and to receive the rents, issues, and profits thereof, until default be made in the payment of any indebtedness hereby secured aad in the performance of the conditiona and obligations made and stipulated in the said promisaory note or in the performance of any covenant or agreement contained in this trust; and upon the full payment of all of said note and any extensions or renewals thereof, and interest thereon, and all moneys advanced or expended as provided for in said promissory note or as herein provided. and all other costs, attorney's fees, charges, commissions, and expenses~ at any time before the sale herein provided for to release and re-convey the said land and premises unto and at the cost of the Grantor ar the party or partiea then claiming under said Grantor. . " The Grantor, for himself and his successors and assigns, covenants and agrees as a part of this trust, as follows : 1. That he will pay the indebtedness evidenced by the note secured hereby, all taxes and assess- ~ ments relating to the land and premises herein deacribed, ground rents, all charges against the property, ~ and all other sums which are required to be paid by him under the terms of said promissory note or this ~ Deed of Truat, including costs,.eacpenses and attorney's fees incurred by the Trustees or the holder of ~ said note with respect to this truat, the said note or the land and premises herein described, and in ~ default of any such payment the holder of said note may pay the same, and any sum or sums so paid ~ shall be added to the debt hereby secured, shall be payable on demand, shall bear full legal interest, ~ and shall be secured by this Deed of Trust. 2. That he will keep the said premisea in as good order and condition as they are now and will not commit or permit any waste thereof, reasonable wear and tear accepted; and that he ~vill not act or fail to act in any manner which will jeopardize the lien of this Deed of Trust. ! 3. That he will keep the improvements now eaisting, or hereafter erected on said land, inaured against loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be required by the holder of said note, and will pay promptly, when due, any premiuma on such insurance. All insurance shall be carried in companies approved by the holder of said note and the policies and renewals thereof shall be held by said holder and have attached thereto losa payable clauses in favor of and in form acceptable to the holder of said note. In event of • loss he will give immediate notice bq mail to the holder of said note, who may make proof of losa if not made promptlq by the ~ Grantor, and each insurance company concerned is hereby authorized and directed to make payment for such Ioss directlq to and to the order of the holder of said note, and the insurance proceeds or any ~ part thereof may be applied by such holder at his option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the security property. In the event of sale under the x terms of this Deed of Trust or other transfer of title to said security property in extinguishment of tY?e ~ indebtedness secured hereby, all right, title and interest of the Grantor in and to anq insurance policies ~ then in force shall pass to the purchaser or grantee. ~ 4. That in the event the o~vnership of the security property becomes vested in a person other ~ than Grantor. the holder of said note may, w~thout notice to the Grantor, deal with such successor or ~ ~ successors in interest with reference to this instrument and the indebtedness secured-_hereby in the ~ same manner as with Grantor, and any extension of the time of the payment of the indebtednesa or ~ any other modification of the terms of the indebtednesa at the instance of the then owner shall not ~ reliere the Grantor of his liability on the note hereby secured or from the perfortnance of any of the covenanta and agreementa contained herein whether said extension or modiScation be made with or ~ withont the consent of the Grantor. 5. That the irrevocable power to substitute one or more of the trustees named herein or sub- R stituted therefor is expressly reserved to the holder of the note secured by this Deed of Trust to be 8U~!l~r~JV ~ ~ m~.~a.~`~~~`"~r~~~~~ „.q"y . '~c "'~~~,.~-~}a. ~..:x.~r .:E,..::._':._ .,i .`.~9. _ _ « _ ~N... _ . . _