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Deed of TrustPage 1 of 11 Prepared by: Return to: State of Mississippi County of ____________ ____________ Judicial District DEED OF TRUST [Right to Substitute Trustee at Will] Name and Address of Grantor/Beneficiary: Name and Address of Trustee: Name and Address of Secured Party/Beneficiary: See Legal Description Attached as Exhibit A Indexing Instructions: Deed of TrustPage 2 of 11 WHEREAS, the undersigned Grantors, ___________________________, and Wife, ___________________________, whose mailing address is ___________________________, __________, Mississippi __________, hereinafter called "Grantors," owe ___________________________, a Mississippi corporation having its principal office at ___________________________, __________, Mississippi __________, and whose mailing address is ___________________________, __________, Mississippi __________, hereinafter called the "Beneficiary," the sum of __________ Dollars ($__________), evidenced by a Promissory Note of even date herewith, bearing interest from date at the rate of __________ Percent (__________ %) per annum, as follows, to-wit: One Promissory Note of even date herewith in the amount of __________ Dollars ($__________), bearing interest from date at the rate of __________ Percent (__________ %) per annum, due and payable in __________ (__________) monthly installments of __________ Dollars ($__________) each, and one final balloon payment of __________ Dollars ($__________), the first of said monthly installments being due and payable on the first day of __________, ____, and with a similar monthly installment being due and payable on the first day of each and every month thereafter until all of said __________ installments have matured, and said balloon payment falling due on the first day of __________ , ____. And, whereas, the undersigned are anxious to secure the payment of said indebtedness at the maturity thereof; therefore in consideration of ____ and No/100 dollars ($_____) to them paid by __________, Trustee, the receipt of which is hereby acknowledged, the undersigned Grantors, whether one or more, do hereby convey and warrant unto __________, Trustee, the following described real estate, together with any buildings and improvements thereon (or that may hereafter be erected thereon) and the hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter appertaining, and all plumbing, heating, and lighting fixtures and equipment now or hereafter attached to or used in connection with said premises, which said real estate, wit h the improvements thereon (hereinafter called "real estate" or "Property"), is situated in the _______ Judicial District of __________ County, State of Mississippi, and is described as follows, to-wit: See Legal Description Attached as Exhibit A Legal Description: Deed of TrustPage 3 of 11 There is hereby assigned, as additional security for the above-described debt, all our right, title and interest in and to __________ Policy No. __________, which policy, or such other policy as is acceptable to Beneficiary in an amount equal t o at least the unpaid balance of said Note, the undersigned agree to maintain in full force and effe ct throughout the life of this loan. It is the intent of this assignment to assign all right s which the undersigned now have, or may hereafter acquire, in and to said Policy No. __________, to __________ It is understood and agreed that this conveyance is made subject to and that the parties hereto have agreed on and are bound by and will observe and fulfill the following covenants, stipulations, and conditions as obligatory upon the respective parties: 1) In addition to the aforesaid indebtedness and any and all extensions or renewals of the same, or any part thereof, this instrument is intended to secure and does secure any and all debts that the said Grantors may incur with or owe the said Beneficiary during the term of this loan, whether the same be evidenced by note, open account, assignment, endorsement, or otherwise, and said Grantors promise to pay said debts at their maturity. 2)Payment of Principal and Interest . Grantors shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any fut ure advances secured by this Deed of Trust. 3) Funds for Taxes and Insurance . UPON WRITTEN NOTICE AND DEMAND FROM BENEFICIARY To GRANTORS , Grantors shall pay to Beneficiary on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth (1/12) of the yearly taxes and assessments which may attain priority over this Deed of T rust, plus one twelfth (1/12) of yearly premium installments for hazard insurance, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in a n interest or non-interest bearing account or accounts of Beneficiary's choosing, and Beneficiary and Beneficiary's servicing agent are hereby given authority to commingle such Funds with other accounts held or operated by Beneficiary or its servicing agent. Beneficiary shall apply the Funds to pay said taxes, assessments, and insurance premiums. Grantors and Beneficiary may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Grantors, and unless such agreement is made or applicable law requires such interest to be paid, Benefi ciary shall not be required to pay Grantors any interest or earnings on the Funds. If Beneficiary pays Deed of TrustPage 4 of 11 Grantors interest on said Funds, Beneficiary may charge a reasonable fee for handling, analyzing and verifying said Funds and making said tax and insurance premium payments. The Funds are pledged as additional security for the sums secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, and insurance premiums, shall exceed the amount required to pay said taxes, assessments, and insurance premiums as they fall due, such excess shall be, at Grantors' option, either promptly repaid to Grantors or credited to Grantors on monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments and insurance premiums as they fall due, Grantors shall pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from the date notice is mailed by Beneficiary to Grantors requesting payment thereof. Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly refund to Grantors any Funds held by Beneficiary. If under paragraph 21 hereof the Property is sold or the Property is otherwise acquired by Beneficiary, Beneficiary shall apply, no later than immediately prior to the sale of the Property or its acquisition by Be neficiary, any Funds held by Beneficiary at the time of application as a credit against the sums secured by this Deed of Trust. Notwithstanding the foregoing, until receipt by Grantors of such written notice and demand, Grantors shall pay all such taxes, assessments, and insurance premiums direct to the payee(s) thereof, and shall promptly furnish to Beneficiary receipts evidencing such payments. 4) Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary under the Note and paragraphs 2 and 3 hereof shall be applied by Beneficiary first in payment of amounts payable to Beneficiary by Grantors under paragraph 3 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any future advances. 5) Charges; Liens. Grantors shall pay all taxes, assessments, and other charges, fines and impositions attributable to the Property which may attain a priorit y over this Deed of Trust in the manner provided under paragraph 3 hereof. Grantors shall promptly furnish to Beneficiary all notices of amounts due under this paragraph, and in the event Grantors shall make payment directly, Grantors shall promptly furnish to Beneficiary receipts evidencing such payments. 6) Hazard Insurance. Grantors shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, windstorm, earthquake, and other hazards included within the term "extended coverage," and such other hazards as Beneficiary may require (including flood insurance if the Property shall at any time be located in an identified "flood prone area" in which flood insurance has ever been made available pursuant to the United States Flood Disaster Protects Act of 1973, or any similar Act now in effect), and such hazard insurance shall be in such amounts and for such periods as Beneficiary may require; provided, that Beneficiary shall not require t hat the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. Deed of TrustPage 5 of 11 The insurance carrier providing the insurance shall be chosen by Grantors subject to approval by Beneficiary; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 3 hereof or, if not paid in such manner, by Grantors making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Beneficiary and shall include a standard mortgagee clause in favor of, and in form acceptable to, Beneficiary. Beneficiary shall have the right to hold the poli cies and renewals thereof, and Grantors shall promptly furnish to Beneficiary all renewal notic es and all receipts of paid premiums. In the event of loss, Grantors shall give prompt notic e to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not ma de promptly by Grantors. Unless Beneficiary and Grantors otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust i s not thereby impaired. If such restoration or repair is not economically feasible or if t he security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the sum secured by this Deed of Trust, with the excess, if any, paid to Grantors. If the Property is abandoned by Grantors, or if Grantors fail to respond to Beneficiary within thirty (30) days from the date notice is mailed by Beneficiary to Grantors that the insurance carrier offers to settle a claim for insurance benefits, Beneficiary is aut horized to collect and apply the insurance proceeds at Beneficiary's option either to restora tion or repair of the Property or to the sums secured by this Deed of Trust. Unless Beneficiary and Grantors otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 2 and 3 hereof or change the amount of such installments. if under paragraph 21 hereof the Property is acquired by Beneficiary, all right, title and interest of Grantors in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Beneficiary to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 7) In the event the Grantors or any of them, or their vendees of the Property herein conveyed, immediate or remote, should become insolvent, or apply to a bankruptcy court to be adjudicated a voluntary bankrupt, or proceedings be instituted to put them in involuntary bankruptcy, or should any proceedings be taken against the Grantors or their said vendees, immediate or remote, or either of them, looking to the appointment of a receiver, assignee, or trustee, or should any default be made in the payment of the indebtedness secured hereby, or should there be any breach of the covenants or agreements contained herein, then in either or any such case all rents becoming due thereafter on the Property herein conveyed shall, at the option of the Beneficiary, be due and payable to the Beneficiary herein to be applied to the Deed of TrustPage 6 of 11 indebtedness secured hereby, and the whole indebtedness hereby secured may, at the option of said Beneficiary or its assigns, be declared due and payable. 8) The undersigned further represents unto the said Beneficiary for the purpose of obtaining the loan or of obtaining deferred payment on the debt, as the case may be, secured by this instrument, that there are no liens, leases, or encumbrances of any sort against the Property conveyed herein, except, if any, as shown by the records of said County. 9) The Grantors agree not to abandon said Property, and a breach of this condition shall cause the entire indebtedness secured hereby to become due and payable at the option of the said Beneficiary or its assigns. 10) If the title to all or any part of the Property described herein is sold, conveyed or transferred by act of the Grantors, the indebtedness secured hereby shall, at the option of the Beneficiary or the legal holder of the indebtedness, become immediately due and payable, and a failure to pay the same within ten (10) days a fter such transfer of title shall constitute a default hereunder according to the terms and conditions of this instrument. If the maturity date of said Note is accelerated due to any such sale of the Property, Grantors agree to use as much of the proceeds of any such sale as necessary to pay the remaining principal and interest due on the Note, as wel l as any other sums due pursuant to any document securing said indebtedness for benefit of Beneficiary, and Grantors do hereby grant a security interest in such proceeds to Beneficiary. 11) Should the Grantors fail to pay, as hereinabove stipulated, all taxes, assessments, liens, or judgments, or to insure the Property and pay the premiums therefor, then the said Beneficiary, its successors and assigns, may at its option pa y any such unpaid taxes, assessments, liens, or judgments, and insure said improvements, pay the premiums therefor, and, without notice, at its option, declare the whole debt secure d by this Deed of Trust to be due and payable and proceed to foreclose same at once. Al l taxes, assessments, liens, judgments, and insurance premiums paid by the said Beneficiary, and all necessary expenses incurred by said. Beneficiary in connection therewith, including any expense incurred in defending the title of the Grantors to thi s real estate, where necessary for the protection of the said Beneficiary's inte rests, or in defending this Deed of Trust as a valid first lien on the real estate described or int ended to be described herein, where necessary, or in seeking to have this Deed of Trust reformed by judicial proceedings, where necessary because of mistake therein, shall constitute a part of the debt secured by this Deed of Trust and become immediate ly due and payable to the said Beneficiary. The Grantors agree to pay all necessary and usua l charges incident to the consummation of this loan, and likewise the usual and necessary costs incident to the cancellation upon the record or records of this Deed of Trust after the loan has been paid in full. 12) Grantors covenant that they will keep the Property in good condition and repair at their expense and will not damage or demolish any part or do any act by whi ch Deed of TrustPage 7 of 11 the value of said Property will be impaired. It is further agreed that Grantors will commit no waste on the Property conveyed herein, and that, in event .he undersigned Grantors fail to keep in as good state of repair as they now are the buildings and appurtenanc es hereinabove conveyed, the Beneficiary herein shall have the right at its option to make any needed repairs, betterments, or improvements, and that any expenditure for such purpose will be a legitimate indebtedness against the. undersigned and against the Property embraced in this Deed of Trust, and the cost of any such repairs, betterments, or improvements will become a part of the debt secure by this instrument. 13) It is distinctly understood and agreed that a failure by the Grantors to pay the above Note or any installments of principal, or the interest as it shall bec ome due, or to do or perform any of the agreements set forth herein, shall cause the entire indebtedness to fall due and payable at the option of said Beneficiary, or its assigns, and shall fully empower the said Beneficiary or its assigns to have the Trustee, or any successor in said trust herein, to execute this trust, and said Beneficiary or its assi gns shall not be required to declare such acceleration in writing, or give notice of it. 14) If the Property conveyed herein should be situated in two or more counties or in two judicial districts of the same county, then the Trustee or any succ essor in said trust shall have full power, in case said Trustee is directed to foreclose under this instrument, to select in which county or judicial district the sale of all of the above Property shall be made, and said Trustee's selection shall be binding upon the Grantors and the Beneficiary and all persons claiming through or under them, whether by contract or by law. The Trustee or any successor in said trust shall have full power to fix the day, time, terms, and place of sale, and shall also have full power to conduct any sale hereunder through an agent duly appointed by said Trustee for that purpose, but said appointment of agent need not be recorded. 15)The Grantors waive the provisions of Section 89-1-55 of the Mississippi Code of 1972, and laws amendatory thereof, if any, as far as said section restricts the ri ght of the Trustee to offer at sale more than one hundred and sixty (160) acres at a time , and the Trustee may offer the Property herein conveyed as a whole, regardless of the manner in which it may be described. The Grantors also waive the provisions of Section 89-1-59 of the Mississippi Code of 1972. 16) At any sale made by any Trustee hereunder, the Trustee may from time to time adjourn said sale to a later date without readvertising the sale by gi ving notice of the time, place and terms of such continued sale at the time, when and where the Trustee shall make such adjournment, and at any sale made to enforce the trust herein given, the Beneficiary or any person in interest may become a purchaser and upon payment of the purchase price the Trustee shall execute a deed of conveyance to the purchaser thereof. 17)The attorneys' fees provided for in the above-described Note and the Trustee's fee provided for in this Deed of Trust are hereby made liens on the above- described Property, and the Grantors hereby promise to pay the same should they become due under the terms of the said Note and this Deed of Trust. Deed of TrustPage 8 of 11 18) Grantors agree to protect and preserve the herein-described real estate and not to (i) use or permit the use of the Property as a land fill or dump, (ii) store or bury or permit the storage or burying of any hazardous substances which require the issuance of a permit by the Environmental Protection Agency or any state or local agency governing the issuance of hazardous substances permits for disposal sites, or (iii) request or permit a change in zoning or land use classification except to the extent such zoning or land use change is for commercial use. 19) Grantors shall, at Grantors' 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 substances, pay immediately when due the cost of removal of any such substances, and keep the real estate herein described free of any lien i mposed pursuant to such laws, rules, regulations and orders. In the event Grantors fail to do so, after notice to Grantors and the expiration of the earlier of (i) any applicable c ure period, or (ii) 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 substances, 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 rate provided for in said Note. Grant ors shall give to Beneficiary and its agents and its employees access to the rea l estate and hereby specifically grant to Beneficiary a license, effective upon expiration of the applicable cure period, to remove the hazardous substances. Grantors shall indemnify Beneficiary and hold Beneficiary harmless from and against all loss, cost, damage a nd 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 t o the presence or removal of any hazardous substances, referred to in this paragraph, or compliance with any federal, state or local laws, rules, regulations or orders relati ng thereto. The agreement to indemnify Beneficiary shall survive payment of the Note of Grantors and a release of this Deed of Trust by Beneficiary. Grantors acknowledge that Beneficiary has no role in the management of the real estate described herein or the improvements thereon. As used in paragraphs (18) and (19) above, the term "hazardous substances" shall mean all hazardous and toxic substances, wastes or materials, any pollutants or contaminants (including asbestos and raw materials which include hazardous constituents), or any other similar substances, or materials which are included under or regulated by any local, state or federal law, rule or regulation pertaining to environm ental regulation, contamination or clean-up, including the Comprehensive Environmental Response, Compensation, and Liability Act as amended, and the Resource Conservation and Recovery Act as amended, and/or any state lien or state superlien or environmental clean-up statutes. 20) Grantors hereby grant to Beneficiary, its successors and assigns and their officers and agents, the right to inspect the lands herein described during normal daylight Deed of TrustPage 9 of 11 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. 21) This conveyance is in trust. Should the Grantors pay said indebtedness and interest owing thereon at maturity, as the Note or the interest shall fall due, and fully keep and perform all of the conditions, agreements, and obligations imposed upon the said Grantors by the terms of this instrument, this conveyance shall be void; otherwise, at the request of said Beneficiary, or any owner of said Note, or either of them, the said __________, Trustee, or any successor or successors appointed in said Trustee's place, shall sell said Property to satisfy the indebtedness aforesaid then unpaid, after having published notice of the day, time, place and terms of sale in some newspaper publishe d in said county, for three (3) consecutive weeks preceding the date of said sale; and by posting one notice thereof at the courthouse of said county for said time; and out of the proceeds arising from such sale the cost and expenses of executing this Deed-of Trust shall first be paid, including a __________ Percent (____%) Trustee's fee, which is hereby agreed to be a reasonable Trustee's fee, and the attorneys' fees prescribed in said Note; next the amount of said indebtedness then remaining unpaid; and, lastly, any balance remaining shall be paid to the undersigned. 22) The said Beneficiary, or any owner or holder of said Note, or either of them, is hereby authorized to appoint successive Trustees in the place of said __________, Trustee, or his successor or successors, at any time, if said Beneficiary or any owner or holder of said Note, or either of them, shall for any reason desire so to do. Witness our signatures this ____ day of __________, ____ . __________ __________ STATE OF MISSISSIPPI COUNTY OF __________ Personally appeared before me, the undersigned authority in and for the said County and State, on this day of __________ , __________ , within my jurisdiction, the within-named __________, who acknowledged that he executed the above and foregoing instrument. My Commission Expires: Notary Public Deed of TrustPage 10 of 11 STATE OF __________ COUNTY OF __________ Personally appeared before me, the undersigned authority in and for the said County and State, on this _____day of __________, ______, within my jurisdiction, the within-named __________, who acknowledged that she executed the above and foregoing instrument. My Commission Expires: Notary Public Deed of TrustPage 11 of 11 EXHIBIT A