ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT B The terms, covenants and restrictions of said Agreement and Promissory Note are incorporated herein by reference. Any capitalized term not otherwise defined in this Deed shall have the meaning ascribed to such term in the Agreement. ARTICLE I. ACQUISITION, REHABILITATION, MAINTENANCE AND MODIFICATION OF THE PROPERTY Section 1.01 Acquisition and Rehabilitation. A. Acquisition. Acquisition of the Property shall follow the procedures set forth in the Agreement. B. Commencement of Rehabilitation. The parties agree that if the rehabilitation of the improvements are not carried on with reasonable diligence after acquisition of the Property, Beneficiary, after due notice to Trustor or any subsequent owner, is hereby invested with full and complete authority to protect such improvements from depredation or injury and to preserve and protect the personal property therein, and to continue any an all outstanding contracts for the rehabilitation of said building(s), to make and enter into any contracts and obligations wherever necessary, either in its own name or in the name of Trustor, and to pay and discharge all debts, obligations and liabilities incurred thereby. All such sums so advanced by Beneficiary shall be added to the principal of the indebtedness secured hereby and shall be secured by this Deed of Trust and shall be due and payable on demand. C. Maintain Property. The Trustor agrees that at all times prior to the date upon which the Loan Amount has been fully repaid to the Beneficiary and all other obligations the performance of which is secured by this Deed of Trust have been satisfied (the "Expiration Date") and the property sold to a qualified Low or Moderate Income Household, the Trustor will, at the Trustor's own expense, maintain, preserve and keep the Property or cause the Property to be maintained, preserved and kept in a condition substantially similar to other residential property similar in size, character, and quality to the Property consisting only of those uses allowed by the Agreement. The Trustor will make or cause to be made all repairs, replacements and renewals deemed proper and necessary by Trustor. The Beneficiary shall have no responsibility in any of these matters or for the making of improvements or additions to the Property. D. Protect Against Liens. Trustor agrees to pay fully and discharge (or cause to be paid fully and discharged) all claims for labor done and for material and services furnished in connection with the Security, diligently to file or procure the filing of a valid notice of completion upon completion of construction or any part of the Security, diligently file or procure the filing of a notice of cessation upon the event of a cessation of labor on the work or construction on the Security for a continuous period of thirty (30) days or more, and to take all other reasonable steps to forestall the assertion of claims of lien against the Security or any part thereof. Section 1.02 Granting of Easements. Trustor may grant easements, licenses, rights-of- way or other similar rights or privileges in the nature of easements with respect to any property or rights included in the Security without the prior written approval of the