|
201300492
<br /> Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and
<br /> make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, impairment, or
<br /> deterioration of the Property. Trustor agrees that the nature of the occupancy and use will not substantially
<br /> change without Beneficiary's prior written consent. Trustor will not permit any change in any license,
<br /> restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary
<br /> of all demands,proceedings,claims,and actions against Trustor,and of any loss or damage to the Property.
<br /> Beneficiary or Beneficiary's agents may,at Beneficiary's option, enter the Property at any reasonable time for
<br /> the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an
<br /> inspection specifying a reasonable purpose for the inspection.Any inspection of the Property shall be entirely
<br /> for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection.
<br /> Authority to Perform.If Trustor fails to perform any duty or any of the covenants contained in this Security
<br /> Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints
<br /> Beneficiary as attorney in fact to sign Trustor's name or pay any amount necessary for performance.
<br /> Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure
<br /> to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or
<br /> this Security Instrument.
<br /> Leaseholds; Condominiums;Planned Unit Developments. Trustor agrees to comply with the provisions of
<br /> any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br /> planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or
<br /> regulations of the condominium or planned unit development.
<br /> Condemnation.Trustor will give Beneficiary prompt notice of any pending or threatened action,by private
<br /> or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or
<br /> any other means.Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described
<br /> actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected
<br /> with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered
<br /> payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject
<br /> to the terms of any prior mortgage,deed of trust, security agreement or other lien document.
<br /> Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks
<br /> reasonably associated with the Property due to its type and location.This insurance shall be maintained in the
<br /> amounts and for the periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding
<br /> two sentences can change during the term of the Secured Debt.The insurance carrier providing the insurance
<br /> shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If
<br /> Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain
<br /> coverage to protect Beneficiary's rights in the Property according to the terms of this Security Instrument.
<br /> All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage
<br /> clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of
<br /> cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and
<br /> renewals. If Beneficiary requires,Trustor shall immediately give to Beneficiary all receipts of paid premiums
<br /> and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary.
<br /> Beneficiary may make proof of loss if not made immediately by Trustor.
<br /> Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the
<br /> Property or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of
<br /> proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the
<br /> amount of any payment. Any excess will be paid to the Trustor. If the Property is acquired by Beneficiary,
<br /> Trustor's right to any insurance policies and proceeds resulting from damage to the Property before the
<br /> acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition.
<br /> Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any
<br /> financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign,
<br /> deliver,and file any additional documents or certifications that Beneficiary may consider necessary to perfect,
<br /> continue, and preserve Trustor's obligations under this Security Instrument and Beneficiary's lien status on
<br /> the Property.
<br /> 6. WARRANTY OF TITLE.Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed
<br /> by this Security Instrument and has the right to irrevocably grant,convey,and sell the Property to Trustee,in
<br /> trust, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances
<br /> of record.
<br /> 7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br /> immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or
<br /> any part of the Property. This right is subject to the restrictions imposed by federal law(12 C.F.R. 591),, as
<br /> applicable. •Instrument-Opel-End-Consumer-NE OCP-REDT-NE 7/2;2011
<br /> VMPL Bankers System"+ VMP-C66511,16/ 111071.00
<br /> Wolters Kluwer Financial Services L1994,2011 Pare 3 of 6
<br />
|