201207637 - Laserfiche WebLink

Browse

20120"�63 3. MAINTENANCE AND COMPLIANCE WITH LAWS. Trustor shall keep the Property in good repair and condition, shall not commit waste or permit impairment or deterioration of the Property, and shall comply with the provisions of any lease if this Trust Deed is on a leasehold. No improvement, now or hereafter erected upon the Property, shall be altered, removed, or demolished without the prior written consent of Beneficiary Trustor shall comply with all laws, ordinances, regulations, covenants, conditions, and restrictions affecting the Property and not commit, suffer, or permit any act to be done in or upon the Property in violation of any law, ordinance, regulation, covenant, condirion, or restriction. Trustor shall complete or restore, promptly and in good worlananlike manner, any improvement on the Property which may be da.maged or destroyed and pay, when due, all claims for labor performed and materials furnished therefor and for any alterations thereof. 4. INSURANCE. Trustor, at its expense, will maintain, with insurers approved by Beneficiary, insurance with respect to the improvements and personal property, consrituting the Property, against loss by fire, lightning, tornado, and other perils and hazards covered by standard extended coverage indorsement, ,in an amount equal to at least one hundred percent (100%) of the full replacement value thereof and insurance against such other hazards and in such amounts as is customarily carried by owners and operators of similar properties. All insurance policies maintained pursuant to this Trust Deed sha11 name Trustor and Beneficiary as insured, as their respective interests may appeaz, and provide that there be no cancellation or modification without at least 15 days' prior written notification to Trustee, and BPr_efic�ary. xna_y. such insurance in accordance with the provisions of paragraph 6 hereof. Trustor shall deliver to Beneficiary the original policies of insurance and renewals thereof or memo copies of such policies and renewals thereof. Failure to furnish such insurance by Trustor or renewals as required hereunder shall, at the option of Beneficiary, consritute a default. 5. TAXES, ASSESSMENTS, AND CHARGES. Trustor shall pay all taxes, assessments, and other charges, including, without limitation, fines and impositions attributable to the Property and leasehold payments or ground rents, if any, before the same become delinquent. Trustor shall promptly fumish to beneficiary all notices of amounts due under this paragraph and, in the event Trustor shall make payment directly, Trustor shall promptly furnish to Beneficiary receipts evidencing.such payments. Trustor shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Trust Deed without regazd to any law that may be enacted imposing payment of the whole or any part thereof upon the Beneficiary. 6. ADDITIONAL LIENS AND PROTECTION OF BENEFICIARY'S SECURITY. Trustor shall make all payments of interest and principal and payments of any other charges, fees, and expenses contracted to be paid to any existing or subsequent lienholder or beneficiary under any existing or subsequent mortgage or trust deed before the date they are delinquent or in default, and promptly pay and discharge any and all other liens, claims, or charges which may jeopardize the security granted herein. If Trustor fails to make any such payment or fails to perform any of the covenants and agreements contained in this Trust Deed, or the Note referred to herein, or in any prior or subsequent trust deed, or if any action or proceeding is commenced which materially affects Beneficiary's interest in the Property, including, but not limited to, eminent domain proceedings, proceedings involving a decedent, notice of sale by Trustee, norice of default by Trustee, trust deed foreclosure action, or if Trustor fails to pay Trustor's debts generally as they become due, then Beneficiary, at Beneficiary's option and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereunder, may make such appearances, disburse such sums, and take such action as is necessary to protect Beneficiary's interest, including, but not limited to, disbursement of reasonable attorneys' fees, payment, purchase, contest, or compromise of any encumbrance, charge, or lien, entry upon the Properiy to make repairs, or declaration of default under this Trust Deed. In the event that Trustor�shalt' fail to procure insurance or to pay taxes, assessments, or any other charges or to make any payments to any existing or subsequent lienholders or existing or subsequent beneficiaries, Beneficiary may procure such insurance and make such payment but shall not be obligated to do so. Any amounts disbursed by Beneficiary pursuant to this Paragraph 6 shall become addirional indebtedness of Trustor secured by this Trust Deed. Such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof and shall bear interest &om the date of disbursement at the ra,te payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 6 shall require Beneficiary to incur any expense or take any action hereunder. 7. ASSIGNMENT OF RENTS. Beneficiary shall have the right, power, and authority during the continuance of this Trust Deed to collect the rents, issues, and profits of the Property and of any personal property located thereon with or without taking possession of the property affected hereby, and Trustor hereby absolutely and unconditionally assigns all such rents, issues, and profits to Beneficiary. Beneficiary, however, hereby consents to the Trustor's collection and retenrion of such rents, issues, and profits as they accrue and become payable so long as Trustor is not, at such time, in default with respect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder. Upon any such default, Beneficiary may at any time, either in person, by agent, or by a receiver to be appointed by a court, without notice and without regazd to the adequacy of any security for the indebtedness hereby secured, (a) enter upon and take possession of the Properiy or any part,thereof and, in its own name sue, for or otherwise collect such rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees, upon any indebtedness secured hereby and in such' order as Beneficiary may determine; (b) perform such acts of repair or protection as may be necessary or proper to conserve the value of the Property; (c) lease the same or any part thereof for such rental, term, and upon such conditions as its judgment may dictate, or terminate or adjust the terms and condirions of existing leases. Unless Trustor and Beneficiary thereof agree otherwise in writing, any application of rents, issues, or profits to any indebtedness secured hereby shall not extend or postpone the due date of the installment payments as proviued ui said pr��issory note or change the amount of such installments. The entering upon and taking possession of the Property, the collecrion of such rents, issues and profits, and the application thereof as aforesaid shall not waive or cure any default or notice of default hereunder or invalidate any act done pursuant to such notice. Trustor also assigns to Beneficiary, as further security for the performance of the obligations secured hereby, all prepaid rents and all monies which may have been or may hereafter be deposited 2