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<br /> <br />OBLIGATION: <br /> <br />Grantor purchased the above Property from Beneficiary. As part of the terms and <br />conditions for the purchase and sale of the Property Grantor executed that one certain <br />Environmental Agreement of even date herewith. <br /> <br />For value received and to secure perrormance of the obligations of Grantor contained in <br />the Environmental Agreement and in this Deed of Trust and to further secure payment of any <br />actual damages proximately caused to Beneficiary by a breach of the obligations of Grantor on <br />any other agreements executed by Grantor and Beneficiary, Grantor conveys the property to <br />Trustee in trust. <br /> <br />This Deed of Trust will remain in effect until the earlier of the following, after which <br />time Beneficiary shall release this Deed of Trust of record at Grantor's expense if requested to do <br />so by Grantor; (1) fifty (50) years from the date hereof, or (2) any date upon which the <br />Environmental Agreement is terminated. <br /> <br />Grantor warrants and agrees to defend the title to the Property. <br /> <br />Financing <br /> <br />Beneficiary may in its discretion agree that Grantor may pledge the Property as collateral <br />on a loan obtained to remediate the Property in accordance with the terms of the Environmental <br />Agreement. If Beneficiary determines in its sole discretion that such loan will not unduly impair <br />Beneficiary's security then Beneficiary may agree to subordinate this Deed of Trust to a deed of <br />trust granted to secure such loan. After remediation of the Property as provided in the <br />Environmental Agreement, Grantor may at any time and from time to time pledge the Property as <br />collateral for any loan in which event this Deed of Trust shall be subordinate to any deed of trust <br />granted to secure any such loan and Beneficiary will subordinate this Deed of Trust to such <br />pledge provided: <br />a. Beneficiary is not in default under the terms of this Deed of Trust or the <br />Environmental Agreement; <br />b. Beneficiary determines that such loan will not unduly impair Grantor's ability to <br />fulfill its obligations under this Deed of Trust or the Environmental Agreement; <br />and <br />c. the proposed lender agrees to provide notices of default to Beneficiary and a <br />reasonable opportunity for Beneficiary to cure such default. <br /> <br />Beneficiary shall have no obligation to subordinate the Environmental Agreement or the <br />Restrictive Covenants set forth in such agreement and the Environmental Agreement and <br />Restrictive Covenants shall remain superior to any mortgage or deed of trust which covers the <br />Property. <br /> <br />GRANTOR'S ADDITIONAL OBLIGATIONS <br /> <br />Grantor agrees to: <br /> <br />1. Pay all taxes and assessments, if any, on the Property when due and provide <br />Beneficiary with evidence of such payment within thirty (30) days of such payment; <br />2. Except as otherwise provided in this Deed of Trust, preserve the lien's priority as it is <br />established in this Deed of Trust; <br /> <br />06RPD0083 LaPorte Deed of Trust <br /> <br />2 <br />