|
5
<br />201304258
<br />incurred in collecting, insuring, preserving or protecting the Property or in any inventories, audits,
<br />inspections or other examination by Beneficiary in respect to the Property. Trustor agrees to pay all costs
<br />and expenses incurred by Beneficiary in enforcing or protecting Beneficiary's rights and remedies under
<br />this Deed of Trust, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once
<br />the Secured Debt is fully and finally paid, Beneficiary agrees to release this Deed of Trust and Trustor
<br />agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from
<br />the time of the advance at the highest rate in effect, from time to time, as provided in the Evidence of Debt
<br />and as permitted by law.
<br />17. CONDEMNATION. Trustor will give Beneficiary prompt notice of any action, real or
<br />threatened, by private or public entities to purchase or take any or all of the Property, including any
<br />easements, through condemnation, eminent domain, or any other means. Trustor assigns to Beneficiary the
<br />proceeds of any award or claim for damages connected with a condemnation or other taking of all or any
<br />part of the Property. Such proceeds shall be considered payments and will be applied as provided in this
<br />Deed of Trust. This assignment of proceeds is subject to the terms of any prior security agreement.
<br />18. HAZARDOUS MATERIALS. Trustor represents, warrants, and agrees that, except as
<br />previously disclosed and acknowledged in writing:
<br />A. Trustor has not and will not cause, contribute to, or permit the release of any
<br />hazardous substance on the Property. Trustor will immediately notify Beneficiary if (1) a release
<br />or threatened release of hazardous substance occurs on, under or about the Property or migrates or
<br />threatens to migrate from nearby property; or (2) there is a violation of any environmental laws
<br />concerning the Property. In such an event, Trustor will take all necessary remedial action in
<br />accordance with environmental laws.
<br />B. Except as previously disclosed, Trustor has no knowledge of or reason to believe
<br />there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any
<br />hazardous substance located on, under or about the Property; or (2) any violation by Trustor or any
<br />tenant of any environmental law. Trustor will immediately notify Beneficiary in writing as soon as
<br />Trustor has reason to believe there is any such pending or threatened investigation, claim, or
<br />proceeding. In such an event, Beneficiary has the right, but not the obligation, to participate in any
<br />such proceeding including the right to receive copies of any documents relating to such
<br />proceedings.
<br />C. As a consequence of any breach of any representation, warranty or promise made
<br />in this section, Trustor will indemnify and hold Beneficiary and Beneficiary's successors or assigns
<br />harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and
<br />remediation costs, penalties and expenses, including without limitation all costs of litigation and
<br />attorneys' fees, which Beneficiary and Beneficiary's successors or assigns may sustain
<br />D. Notwithstanding any of the language contained in this Deed of Trust to the
<br />contrary, the terms of this section shall survive any foreclosure or satisfaction of this Deed of Trust
<br />regardless of any passage of title to Beneficiary or any disposition by Beneficiary of any or all of
<br />the Property. Any claims and defenses to the contrary are hereby waived.
<br />19. INSURANCE. Trustor agrees to maintain insurance as follows:
<br />A. Trustor shall keep the Property insured against loss by fire, theft and other hazards
<br />and risks reasonably associated with the Property due to its type and location and for an amount no
<br />less than the Secured Debt. If Trustor fails to maintain the coverage described herein, Beneficiary
<br />
|