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y, 96314544 <br />TO SECURE to Lender the repayment of the indebtedness evidenced by a <br />promissory note, or even date herewith, and extensions and renewals thereof (herein <br />"Note"), in the principal sum of ONE HUNDRED SEVENTY THOUSAND SIX <br />HUNDRED AND THIRTY-SEVEN DOLLARS ($170,637.00), with interest due on <br />the principal sum at an annual rate of Eight Percent (8.0%), providing for monthly <br />payments of Two Thousand Dollars ($2,000.00) beginning upon execution of the <br />Note; and with monthly payments after the first twelve (12) months subject to <br />adjustment pursuant to the terms of the Note; with the outstanding principal balance <br />and accrued interest, if not sooner paid, due and payable on November 2001; <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: Liens. Borrower shall pay or cause to be paid all taxes, <br />assessments and other charges, fines and impositions attributable to the property <br />which may attain a priority over this Deed of Trust, and leasehold payments or <br />ground rents, if any. Borrower shall give prompt notice to Lender of any default <br />under any mortgage, deed of trust or other security agreement with a lien on the <br />Property. <br />Daniel Woolery Page 2 of 10 <br />Deed of Trust November 15, 1996 <br />