Fill and Sign the Name and Address of Grantorbeneficiary Form

Second Deed of Trust Page 1 of 10 Prepared by:Return to: State of MississippiCounty of ________________________ Judicial District SECOND DEED OF TRUST Name and Address of Grantor/Beneficiary:Name and Address of Trustee: Name and Address of Secured Party/Beneficiary:Loan Number: __________________ See Legal Description Attached as Exhibit A Indexing Instructions: Second Deed of Trust Page 2 of 10 THIS DEED OF TRUST, made this _________ ___, ____,, between ______________________________, a Mississippi corporation, of the County of ____________, State of Mississippi, herein called Trustor, and ______________________________, of the County of _____________, State of Mississippi, herein called Trustee, and ______________________________, a corporation of the State of _____________ having its principal office in _____________, _____________ herein called Beneficiary. WITNESSETH, Whereas Trustor is justly indebted to Beneficiary in the principal sum of ______________________________ Dollars ($_________________ ), to secure the payment of which Trustor executed and delivered to Beneficiary a promissory note in the original amount of ______________________________ Dollars ($________________) dated _________ ___, ____, and modified by a modification agreement of even date herewith, payable to the order of Beneficiary at its office aforesaid, or at such other place as the holder thereof may designate in writing, said principal sum being payable as set forth in said note, as modified; with interest at the rate set forth therein, the balance of said principal sum with interest thereon maturing and being due and payable on the first day of _________, ____, to which note, as modified, reference is hereby made; and NOW, THEREFORE, in consideration of the modification of said note by Beneficiary, and in consideration of the sum of _____ Dollars ($_____) in hand paid, and other good and valuable consideration, receipt of all of which is hereby. acknowledged, Trustor hereby conveys, sells and warrants unto Trustee the following-described real property situated in _____________ County, Mississippi, described as follows: [Insert Legal Description or state "See Exhibit A"] Together with all rights, ways, privileges, servitudes, interests, easements, improvements, tenements, hereditaments, appurtenances and advantages thereunto belonging or pertaining, and together with the rents, issues and profits thereof (all of said property being herein referred to as "the premises"). Grantor agrees to execute and deliver, from time to time, such further security instruments as may be requested by Beneficiary to confirm the lien of this deed of trust and security agreement. TO HAVE AND TO HOLD the same, unto Trustee and to his successors and assigns forever. As further security for payment of the indebtedness of Trustor and performance of the other obligations, covenants and agreements secured hereby, Trustor hereby transfers, sets over and assigns: (a) To Trustee, all rents, profits, revenues, royalties, bonuses, rights and benefits under any and all oil, gas or mineral leases of the premises or any part thereof, now existing or hereafter made, with the right in Beneficiary to receive and receipt therefor and apply to same to said indebtedness of Trustor either before or after any default hereunder, and Beneficiary may demand, sue for and recover any such payments but shall not be required to do so. Second Deed of Trust Page 3 of 10 (b) To Trustee, all other rents, issues and profits of the premises from time to time accruing, whether under leases or tenancies now existing or hereafter created, reserving to Trustor, however, so long as Trustor is not in default hereunder, the right to receive and retain such rents, issues and profits. It is understood and agreed that any tenant, lessee or other person, his successors and assigns, from whom is due such payment(s) above mentioned in subparagraph (b), is hereby authorized to pay same to Beneficiary upon receipt of its written notice of such default and to continue such payment(s) until notified in writing by Beneficiary to discontinue same. (c) To Beneficiary, all judgments, awards of damages and settlements hereafter made resulting from condemnation proceedings or the taking of the premises or any part thereof under the power of eminent domain, or for any damage (whether caused by such taking or otherwise) to the premises or the improvements thereon or any part thereof, or to any rights appurtenant thereto, including any award for change of grade of streets. Beneficiary is hereby authorized, but shall not be required, on behalf and in the name of Trustor, to execute and deliver valid acquittances for, and to appeal from, any such judgments or awards. Beneficiary may apply all such sums or any part thereof so received, after the payment of all of its expenses, including costs and attorneys' fees, on the indebtedness secured hereby in such manner as it elects, or, at its option, the entire amount or any part thereof so received may be released. IN TRUST, however, to secure to Beneficiary (1) payment of the indebtedness of Trustor as described above; (2) payment of all other moneys secured hereby and (3) the performance of all the covenants, conditions, stipulations and agreements herein contained and contained. Trustor covenants and agrees as follows: 1.To pay all sums secured hereby when due.2. To pay, when due, all taxes, liens and assessments of every type or nature levied or assessed against the premises and any claim, lien or encumbrance against the premises which may be or become prior to this deed of trust. 3. If required by Beneficiary, to also make monthly deposits with Beneficiary, in a non-interest bearing account, together with and in addition to interest and principal, of a sum equal to one-twelfth of the yearly taxes and assessments which may be levied against the premises, and (if so required) one-twelfth of the yearly premiums for insurance thereon. The amount of such taxes, assessments and premiums, when unknown, shall be estimated by Beneficiary. Such deposits shall be used by Beneficiary to pay such taxes, assessments and premiums when due. Any insufficiency of such account to pay such charges when due shall be paid by Trustor to Beneficiary on demand. If, by reason of any default by Trustor under any provision of this deed of trust, Beneficiary declares all sums secured hereby to be due and payable, Beneficiary may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurance premiums herein otherwise provided shall not be affected except in so far as those obligations Second Deed of Trust Page 4 of 10 have been met by compliance with this paragraph. Beneficiary may from time to time at its option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to Trustor in writing. While any such waiver is in effect Trustor shall pay taxes, assessments and insurance premiums as herein elsewhere provided. 4. In the event of the passage of any law or ordinance (1) deducting from the value of real estate for the purposes of taxation any lien thereon or (2) under which any tax on this deed of trust or the debt thereby secured would be imposed by the state or any political subdivision thereof, this deed of trust shall be in default. 5. To keep the premises insured against loss or damage by fire, windstorm and such other hazards as may be required by Beneficiary, in form and amounts satisfactory to, and in insurance companies approved by Beneficiary, the policies for which insurance shall be payable to Beneficiary. Whenever required by Beneficiary in writing mailed to Trustor at Trustor's last address known to Beneficiary, such policies shall be delivered immediately to and held by Beneficiary. Any and all amounts received by the Beneficiary under any such policy may be applied by Beneficiary on the indebtedness secured hereby in such manner as Beneficiary may, in its sole discretion, elect or at Beneficiary's option the entire amount so received or any part thereof may be released. Upon foreclosure of this deed of trust or other acquisition of the premises or any part thereof by Beneficiary, said policies shall become the absolute property of Beneficiary. 6.Trustor (i) will not remove or demolish nor alter the design or structural character of any building now or hereafter erected upon the premises unless Beneficiary shall first consent thereto in writing; (ii) will maintain the premises in good condition and repair; (iii) will not commit or suffer waste thereof; (iv) will not cut or remove nor suffer the cutting or removal of any trees or timber on the premises (except for domestic purposes) without Beneficiary's written consent; (v) will comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the premises, and will not suffer or permit any violation thereof; and (vi) will not voluntarily relinquish or permanently transfer any present crop allotments on the security described herein. 7. If Trustor fails to pay any claim, lien or encumbrance which is prior to this deed of trust, or, when due, any tax or assessment or insurance premium, or to keep the premises in repair, or shall commit or permit waste, then Beneficiary at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may procure such abstracts or other evidence of title as it deems necessary, may make such repairs and take such steps as it deems advisable to prevent or cure such waste, and for any of said purposes Beneficiary may advance such sums of money as it deems necessary. 8. Trustor will pay to Beneficiary, immediately and without demand, all sums of money advanced by Beneficiary pursuant to this deed of trust, together with interest on each such advancement at the rate of ______ percent (_____%) per annum, and all such sums and interest thereon shall be secured hereby. 9.If default be made in payment of any installments of principal or interest of said note or any part thereof when due, or in payment, when due, of any other sum secured hereby, or Second Deed of Trust Page 5 of 10 in performance of any of Trustor's obligations, covenants or agreements hereunder, (a) Trustee, at the request of Beneficiary, shall be entitled to immediate possession of said premises, and of the rents, issues and profits thereof, and may proceed to sell the premises hereinbefore described and conveyed at public auction for cash, to the highest and best bidder during legal hours, at any front door of the county courthouse of the county in which said premises are situated after having advertised and given notice of said sale, giving the time, place and terms thereof, together with a description of the premises according to the laws of the State of Mississippi governing sales of lands under trust deeds in force at the time the publication of said notice has begun. If the premises conveyed herein should be situated in two or more counties or in two judicial districts of the same county, then Trustee shall have full power, in case he is directed to foreclose under this instrument, to select in which county, or judicial district, the sale of all the premises shall be made, and his selection shall be binding upon the Trustor and Beneficiary and all persons claiming through or under them, whether by contract or by law. Trustee shall have full power to fix the day, time and place of sale, and may sell said premises in parcels or as a whole, as he may deem best, and without taking possession of the same. He is authorized to appoint an agent or auctioneer to make such sale in his absence, which sale shall be as valid as if made by Trustee. Out of the proceeds arising therefrom, Trustee, shall first pay all the costs and expenses of executing this trust, including a reasonable compensation to himself; next, Trustee shall pay to Beneficiary the balance of the Trustor's indebtedness then remaining unpaid, including attorneys' fees; any surplus thereafter shall be turned over to Trustor. At any sale had by any Trustee hereunder, Trustee may, from time to time, adjourn said sale to a later date without readvertising, by giving notice of the time and place of such continued sale at the time when and where Trustee shall make such adjournment. In such sale to enforce the trust, the holder of any note or indebtedness herein secured, or any person in interest, may become the purchaser, and upon payment of the purchase price Trustee shall execute a deed of conveyance, which conveyance shall vest title in such purchaser upon payment of the purchase price. (b) Irrespective of whether Beneficiary accelerates the maturity of all indebtedness secured hereby, Beneficiary, or Trustee, upon Beneficiary's written demand upon Trustee, without notice may enter upon and take possession of the premises or any part thereof, and perform any acts (including the right to rent any part or all of the premises), which Beneficiary deems necessary or proper to conserve the security, and may collect and receive all rents, issues and profits thereof, including those past due as well as those accruing thereafter. Beneficiary shall be entitled also to have a receiver appointed to enter and take possession of the premises, collect the rents and profits therefrom, and apply the same as the court may direct. Beneficiary, Trustee or the receiver may also take possession of, and for these purposes use, any and all personal property contained in the premises and used by Trustor in the rental or leasing thereof or any part thereof. The expense (including but not limited to Trustee's and receiver's fees, counsel fees, costs and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. After payment of all costs and expenses incurred, Trustee shall pay to Beneficiary all rents collected by Trustee, and Beneficiary shall apply the same, and (after payment therefrom of all expenses) any rents collected directly by Beneficiary, on the indebtedness secured hereby in such order as Beneficiary determines. The right to enter and take possession of said property, to manage and operate the same, and to collect the rents, issues and profits thereof, whether by a receiver or otherwise shall be in addition to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or Second Deed of Trust Page 6 of 10 independently thereof. Trustee and Beneficiary shall be liable to account only for such rents, issues and profits actually received, respectively, by either of them. 10. If Trustee or Beneficiary shall be made a party to or shall intervene in any action or proceeding affecting the premises or the title thereto or the interest of Trustee or Beneficiary under this deed of trust, or if Beneficiary employs an attorney to collect any or all of the indebtedness secured hereby or to foreclose this deed of trust by judicial proceedings, or authorizes Trustee to conduct Trustee's sale proceedings hereunder, Trustee and Beneficiary shall be reimbursed by Trustor, immediately and without demand, for all reasonable costs, charges and attorneys' fees incurred by them or either of them in any such case, and the same shall be secured hereby as a further charge and lien upon the premises. 11. If the indebtedness of Trustor secured hereby is now or hereafter further secured by chattel mortgages or deeds of trust, pledges, contracts of guaranty, assignments of leases, or other securities, Beneficiary may at its option exhaust any one or more of said securities and the security hereunder, either concurrently or independently, and in such order as it may determine. 12. No delay by Beneficiary or Trustee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder.13. Trustee covenants faithfully to perform the trust herein created.14. Beneficiary shall have power successively to remove Trustee, or any successor Trustee, and to appoint another Trustee in the place and stead of said Trustee or any successor in trust, and the title herein conveyed to said Trustee shall be vested in said successor, which appointment shall be in writing and shall be duly recorded in the office of the Recorder of Deeds in the county in which the above-described land is situated. No one exercise of this power of appointment, power of sale or any other power or right given in this trust deed shall exhaust the right to exercise such power, but all rights and powers herein given may be exercised as often as may be necessary to achieve the perfect security and the collection of the indebtedness secured by this trust deed until said indebtedness is fully paid and discharged. 15. Without affecting the liability of Trustor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, add without affecting the rights of Beneficiary with respect to any security not expressly released in writing, Beneficiary may, at any time and from time to time, either before or after the maturity of said note, and without notice or consent: a. Release any person liable for payment of all or any part of the indebtedness or for performance of any obligation. b. Make any agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligations, or subordinating, modifying or otherwise dealing with the lien or charge hereof. Second Deed of Trust Page 7 of 10 c.Exercise or refrain from exercising or waive any right Beneficiary may have.d.Accept additional security of any kind.e.Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any part of the property herein described. 16. Any agreement hereafter made by Trustor and Beneficiary pursuant to this deed of trust shall be superior to the rights of the holder of any intervening lien or encumbrance. 17. When all indebtedness of Trustor secured hereby has been paid, this deed of trust and all assignments herein contained shall be void, and Beneficiary will execute and deliver to Trustor an instrument sufficient in form and substance to enable Trustor to cause this instrument to be satisfied or discharged of record, and it is agreed that all recording and other expenses incurred in effecting such satisfaction or discharge shall be borne by Trustor. 18. The covenants and agreements herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors and assigns of the parties hereto. Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. 19. In the event the Trustor, without the prior written consent of the Beneficiary, shall sell, convey or alienate, or mortgage or encumber the premises or any part thereof, or any interest therein, or shall be divested of his title or any interest therein in any manner or way, whether voluntary or involuntary, this deed of trust shall be in default. 20. In the event that any owner of the premises shall file, or there shall be filed against such owner during the period of his ownership, a petition in bankruptcy or insolvency or a petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the bankruptcy laws of the United States or under any such applicable federal, state or other statute or law, or a receiver, trustee or liquidator shall have been appointed with respect to any such owner, then in any such event, this deed of trust shall be in default. 21. Trustor agrees to protect and preserve the security, and with respect to the herein- described real property not to (i) remove or permit the removal of sand, gravel, topsoil or timber, (ii) engage in borrow pit operations, (iii) use or permit the use of the property as a land fill or dump, (iv) store or bury or permit the storage or burying of any hazardous or toxic waste products which require the issuance of a permit by the Environmental Protection Agency or any state or local agency governing the issuance of hazardous or toxic waste permits for disposal sites, (v) request or permit a change in zoning or land use classification except to the extent such zoning or land use change is for residential, commercial or agricultural use or, (vi) transfer or permit the transfer of any crop allotments or crop basis. Second Deed of Trust Page 8 of 10 22. Trustor shall, at Trustor's sole cost and expense, comply with all federal, state and local laws, rules, regulations and orders with respect to the discharge and removal of hazardous or toxic wastes, pay immediately when due the cost of removal of any such wastes, and keep the real estate herein described free of any lien imposed pursuant to such laws, rules, regulations and orders. In the event Trustor fails to do so, after notice to Trustor and the expiration of the earlier of (a) any applicable cure period, or (b) the cure period permitted under the applicable law, rule, regulation or order, Beneficiary may either declare this deed of trust to be in default or cause the real estate to be freed from the hazardous wastes or contaminants, and the cost of the removal shall be so much additional indebtedness secured hereby and shall become immediately due and payable without notice and with interest thereon at the default rate provided for herein and in the Trustor's note. Trustor shall give to Beneficiary and its agents and its employees access to the real estate and hereby specifically grants to Beneficiary a license, effective upon expiration of the applicable cure period, to remove the hazardous wastes or contaminants. Trustor shall indemnify Beneficiary and hold Beneficiary harmless from and against all loss, cost, damage and expense (including, without limitation, attorneys' fees and costs incurred in the investigation, defense and settlement of claims) that Beneficiary may incur as a result of or in connection with the assertion against Beneficiary or any claim relating to the presence or removal of any hazardous waste or contaminant, referred to in this paragraph, or compliance with any federal, state or local laws, rules, regulations or orders relating thereto. The agreement to indemnify Beneficiary shall survive payment of the note of Trustor and a release of this deed of trust by Beneficiary. 23. Trustor hereby grants to Beneficiary, its successors and assigns and their officers and agents, the right to inspect the lands herein described during normal daylight hours for the purpose of assuring Beneficiary there has been no breach of the above-described covenants and agreements. In the event of any breach of the above-described agreements, this deed of trust shall be in default. 24. In the event the Trustor, without the prior written consent of Beneficiary, shall sell, convey, alienate, mortgage or encumber the real property or any part thereof, or any interest therein or shall be divested of any title or any interest therein in any manner or way, whether voluntary or involuntary, or in the event of any merger, consolidation or dissolution of Trustor, or a transfer of _____________ percent (___%) or more of the voting stock in the corporate Trustor within a twelve-month period, this deed of trust shall be in default. Beneficiary shall not be required to allege or prove an impairment of its security and Beneficiary may pursue all legal and equitable remedies for a default in payment without such allegation or proof. 25.Trustor hereby waives its rights, if any, to require that the real property be sold as separate tracts or units in the event of foreclosure. 26. Notwithstanding anything herein to the contrary, this Deed of Trust is second and subordinate to the lien of that certain Deed of Trust in favor of Beneficiary from Trustor and recorded in Book ______at Page ______of the land records of the Chancery Clerk of _____________ County, Mississippi, and all provisions of this Deed of Trust shall be construed in accordance with the fact that this Deed of Trust is a second deed of trust. Second Deed of Trust Page 9 of 10 IN WITNESS WHEREOF, Trustor has executed this deed of trust the day and year first above written. ______________________________ By: ______________________________,President STATE OF MISSISSIPPI COUNTY OF __________________ Personally appeared before me, the undersigned authority at law in and for the jurisdiction aforesaid, ______________________________, personally known to me to be the President of ______________________________, a corporation, and who acknowledged to me that he signed, executed and delivered the above and foregoing instrument on the day and date therein stated in the name of, and for and on behalf of and as the act and deed of said corporation, having first been duly authorized so to do. GIVEN under my hand and seal, this _________ ___, ____.NOTARY PUBLICMy Commission Expires: Second Deed of Trust Page 10 of 10EXHIBIT A