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96097424 <br />beginning upon execution of the promissory note, with the outstanding principal <br />balance and accrued interest, if not sooner paid, due and payable on April 18, 1998; <br />the payment of all other sums, with interest thereon, advanced in accordance <br />herewith to protect the security of this Deed of Trust; and the performance of the <br />covenants and agreements of Borrower herein contained. <br />Borrower covenants that Borrower is lawfully seized of the estate hereby <br />conveyed and has the right to grant and convey the Property, and that the Property is <br />unencumbered except for encumbrances of record. Borrower covenants that <br />Borrower warrants and will defend generally the title to the Property against all <br />claims and demands, subject to encumbrances of record. <br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as <br />follows: <br />1. Payment of Principal and Interest. Borrower shall promptly pay when <br />due the principal and interest indebtedness evidenced by the Note, together with late <br />charges and other accruals as provided in the Note. <br />2. Application and Payments. Unless applicable law provides otherwise, all <br />payments received by Lender under the Note and paragraph 1 hereof shall be applied <br />by Lender first in payment of interest payable on the Note, and then to the principal <br />of the Note. <br />3. Charges and Liens. Borrower shall pay or cause to be paid all taxes, <br />assessments and other charges, fines and impositions attributable to the Project <br />which may attain priority over this Deed of Trust, and leasehold payments or ground <br />rents, if any. <br />4. Hazard Insurance. Borrower shall keep the improvements and personal <br />property now existing or hereafter erected on the Property insured against loss by fire, <br />vandalism and malicious mischief by a policy of standard fire and extended all-risk <br />insurance. The policy shall be written on a full replacement value basis. <br />The insurance policy shall be issued in the name of the Borrower and the <br />Lender, as their interests appear. The insurance policy shall contain an endorsement <br />which provides that any proceeds shall be disbursed and used to repair or rebuild any <br />such improvements so damaged or destroyed. <br />The full replacement value of the improvements to be insured hereunder shall <br />be determined by the company issuing the policy at the time the policy is initially <br />Economic Development Agency Page 2 of 7 <br />Deed of Trust <br />