OCR Text |
Show Should interest not be 50 paid it shall thereafter bear like interest as the principal. Should default be made in payment of any instalment of principal or interest when due the whole sum of principal and interest shall become immediately due at the option of the holder of this note. Principal and interest payable in lawful money of the United States. If action be instituted on this note I promise to pay such sum as the Court may fix as attorney's fees.This note is secured by a DEED OF TRUST to BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a National Banking Association. J. H. Gates Eula B. Gates A. Tp protect the security of this Deed of Trust. (Trustor agrees-. 1. To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. 2 To provide, maintain and deliver to Beneficiary lire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 3. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attor. ncy s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear. «. To pay: M kM ten days before delinquency all taxes and assessments affecting Mid property, including assessments on appurtenant water stoclc; when due. all incmnbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costa, lees and expenses of this Trust. Should Trtistor fail to make any payment or to do any act as herein provided, then Beneficiary or IVuttcc any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof. Beneficiary or Trustee being authorised to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay. purchase, contest or compromise any incumbraiice, charge of lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. ' 5. To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest 1. Jt la tnntuallg ourrrft lljal: I. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release tuch moneys received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or 2. By accepting payment of any sum secured hereby after its due date. Beneficiary do«s not waive his ri«ht either to require prompt payment when due of nil other sums so secured or to declare default for failure so to pay J. At any time or from time to time, without liability therefor and without notice, upon written requat of Beneficiary •nd presentation of this Deed and Hid note for endorsement, and without aKectini the peraonal liability of any penon for payment of the indebtedness aecured hereby, Trustee may: reconvey all or any part of ta.d property; conMnt to the m.kin, of any map or plat thereof; join in (ranting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. 4. Upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees. Trustee ters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the person or persons legally entitled thereto." |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : |