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occupancy of such building or buildings for the purposes for which they were or are to be <br />erected, including all other goods and chattels and personal property as are ever used or <br />furnished in operating a building, or the activities conducted therein, similar to the one <br />herein described and referred to, and all renewals or replacements thereof or articles in <br />substitution therefor, whether or not the same are, or shall be attached to said building or <br />buildings in any manner; and all of the foregoing, together with the Property, is herein <br />referred to as the "Security "; <br />To have and to hold the Security together with acquittances to the Trustee, its <br />successors and assigns forever; <br />TO SECURE to the Beneficiary (a) the repayment of the sums evidenced by a <br />promissory note to the Beneficiary executed by Trustor of even date herewith in the <br />principal amount of One Million Four Hundred Twenty Two Thousand Dollars <br />($1,422,000.00) (the "City Loan Note "); (b) the performance of the covenants and <br />agreements of Borrower contained in a certain Loan Agreement as hereinafter defined; and <br />(c) the payment of all other sums, with interest thereon, advanced in accordance herewith to <br />protect the security of this City Deed of Trust; and the performance of the covenants and <br />agreements of Trustor contained herein. <br />TRUSTOR AND THE BENEFICIARY COVENANT AND AGREE AS FOLLOWS: <br />1. The Loan Agreement. This City Deed of Trust is executed and delivered, <br />along with the City Loan Note and the Loan Agreement, to benefit the Property. A copy of <br />said Loan Agreement is on file as a public record with the Beneficiary and is incorporated <br />herein by reference (the "Agreement "). Trustor acknowledges that but for the execution of <br />this City Deed of Trust, the Beneficiary would not enter into the Agreement or City Loan <br />Note secured by this City Deed of Trust. <br />2. Trustor's Estate. Truster is lawfully seized of the estate hereby conveyed and <br />has the right to grant and convey the Security; that other than this City Deed of Trust, the <br />Security is not encumbered except for obligations secured by deeds of trust, or any other <br />security agreement, to secure financing or refinancing for the purchase and rehabilitation of <br />the Property. <br />3. Repayment of the Loan. Truster will promptly repay, when due, the <br />principal and interest, as required by the City Loan Note secured by this City Deed of Trust. <br />4. Subordination. This obligation secured by this City Deed of Trust shall be <br />subordinated to the Senior Loan and to the City Deed of Trust and Note. <br />5. Prior Mortgages and Deeds of Trust; Charges; Liens. Trustor shall perform <br />all of Trustor's obligations under any mortgage, deed of trust or other security agreement <br />with a lien which has priority over this Instrument, including Trustor's covenants to make <br />payments when due (subject to an applicable notice and cure provisions). Trustor will pay <br />all taxes, assessments and other charges, fines and impositions attributable to the Security <br />251 -59 <br />