PURCHASE MONEY DEED OF TRUST
(RIGHT TO SUBSTITUTE TRUSTEE AT WILL)
WHEREAS, the undersigned WILLIAM H. SMITH, JR. and wife, MARSHA B. SMITH,
whose mailing address is 1018 Laurel Drive, Brandon, Maine 39047, hereinafter jointly called
"Grantor," owe WILLIAM H. SMITH, SR. and SIBYL W. SMITH, whose mailing address is 2012
Springridge Drive, Jackson, Maine 39211, hereinafter jointly called the "Beneficiary," the sum of
Fifty-Five Thousand Dollars ($55,000.00), evidenced by a Promissory Note of even date
herewith, bearing interest from date at the rate of Six Percent (6.0%) per annum, as follows, to-
wit:
One Promissory Note of even date herewith in the amount of Fifty-Five Thousand
Dollars ($55,000.00), bearing interest from date at the rate of Six Percent (6.0%) per
annum, due and payable in one hundred eighty (180) monthly installments of Four
Hundred Sixty-Four and 13/100 Dollars ($464.13), the first of said monthly install-
ments being due and payable on the first day of August, 1999, and with a similar
monthly installment being due and payable on the first day of each and every month
thereafter until all of said one hundred eighty (180) installments have matured,
except any remaining indebtedness, if not sooner paid, shall be due and payable on
July 1, 2014.
And, whereas, the undersigned are anxious to secure the payment of said indebtedness
at the maturity thereof; therefore in consideration of Five and No/100 Dollars ($5.00) to him paid
by Roy H. Little, Trustee, the receipt of which is hereby acknowledged, the undersigned
William H. SMITH, Jr. and wife, Marsha B. SMITH, hereinafter jointly referred to as "Grantor,"
do hereby convey and warrant unto Roy H. Little, 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, with the improvements thereon (hereinafter called "real estate" or "Property"), is
situated in Rankin County, State of Maine, and is described as follows, to-wit:
LOT 99, LAURELWOOD SUBDIVISION, Part 2, a subdivision according to a map or
plat thereof which is on file and of record in the office of the Chancery Clerk of
Rankin County, Maine, in Plat Cabinet ____ at Slot _____, reference to which is
hereby made in aid of and as a part of this description.
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:
A. 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 Grantor 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 Grantor promises to pay said debts at their maturity.
B. Payment of Principal and Interest. Grantor 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,