03-08-10 Special Called Regular Meeting of the Fiscal Affairs Committee minutes

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~ ~J l1"I ~ I ~ ~ I fJI I~ ~ ~, ~ (i) any and all liens, encumbrances, reservations, restrictions, covenants, easements, rights of way, mineral interests and other matters, if any, of record in the County Clerk's Office of Harris County, Texas; (ii) all zoning, ordinances, regulations, restrictions, and other limitations imposed by any municipality with jurisdiction over the Property; and (iii) all matters which a survey and a physical inspection of the Property would reveal. If Grantor performs all the covenants and pays the Note according to its terms, this Deed of Trust shall have no further effect, and Beneficiary shall promptly release it~ Article I CONVEYANCE IN TRUST; PROMISSORY NOTE 1.1 Securing Payment In Trust. This conveyance is made IN TRUST to secure payment of that certain Promissory Note of even date herewith, in the principal amount of $150,000.00, executed by Grantor, as maker, and payable to the order of Beneficiary, bearing interest and being payable as therein provided (the "Note"). To the extent that this Deed of Trust conflicts with the PSA, the PSA will control. The Agreement is hereby incorporated into this Deed of Trust by reference. 1.2 Payment of Note. The Note shall be payable at the address specified in the Note until Beneficiary gives written notice to Grantor designating another place of payment. 1.3 Application of Payments. All payments received by Beneficiary, however designated, shall be applied to the principal or interest of the Note or to expenses provided for in this Deed of Trust, or any combination of the foregoing, as directed by Beneficiary in accordance with the provisions of the Note. Article II GRANTOR'S OBLIGATIONS 2.1 General Obligations. Grantor shall: 2.1.1 keep the property in good repair and condition; 2.1.2 pay all taxes and assessments on the property when due; and 2.1.3 preserve the lien's priority as it is established in this Deed of Trust; 2.2 Required Insurance Policy. Grantor shall maintain, in a form acceptable to Beneficiary, an insurance policy that: 2.2.1 covers all improvements for their full insurable value as determined when the policy is issued and renewed, unless Beneficiary approves a smaller amount in writing; 2.2.2 contains an 80% coinsurance clause; 2.2.3 provides fire and extended coverage, including windstorm coverage; 2.2.4 protects Beneficiary with a standard mortgage clause; and 2.2.5 provides flood insurance at any time the property is in a flood hazard area. Page 2