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<br />��"`� �` S. It is mutually agraed that:
<br /> -- � g'T- �1433�
<br /> �^.f,�� 1. Application ot Insurance or Condemnatlon Proceeds. All sums paid under any
<br />� �'� insurance poltcy or condemnadon award shall be paid to the &neficiary. Beneficiary agrees to
<br /> . - ...
<br /> `� 'f""' allow the use af sums paid for rcpair and reconstruction af the Property provided:
<br /> _ ';�,a;.
<br /> _.:ri�"���`
<br /> �°�''���� (a) there exists no default or other event which with the passing of titme or the giving of
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<br />_.:��,�� notice or both would constitute a default under the Note or tbis lleed of Trust;
<br />_ -==�`°�;' (b) all proceeds end addidonal€unds c�eposited by the Trustor with Beaeficiary prior to
<br />�,�;�;_M���; the c.ommencement of any repair or reconstruction are adequate,as determined by
<br /> Beneficiary,to complete repair and reconstruction of the Property pursuant to plans
<br /> ''U��` and specifications appruved by Beneficiary;
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<br />.'Y`:�.r�V�}tS�
<br /> (c) if,in Beneficiary's determinadon,the loan to value rado, upon completion of repair
<br /> ..�:iJr,s�;
<br /> ,:,.;,i� or restoradon,w1U exceed seventy-five percent (759b),the balance due on the Note
<br />-=:;:�;:'� shall be red�uced to an amount which, reduas the loaa to value zatio, as calculated
<br />����:?:�_ by Beneficiary� to no more than sevenry-five percent(759b). Ia such a case, the
<br />-�_�:"�s�'• ' remaining monthly payments of principal and interest may be adjusted to amortize
<br /> W,.'cE�_- .
<br /> Y-�'�"-:-- the:edur.ed pr3acig�.1 b�anc�aver tbe remaining terrn af the I.a�n, at L'eB�fici:ry's
<br />`��'�-�'''� ` discretion. An amount re aid under this ravision ma be aid without a
<br /> _���;� Y P P P Y P
<br /> -"'�'"`';� prepayment chazge, provided howe�rer, any addidonal amount Trustor desires to
<br /> `��w"`�'°� re a , if an . shall be sub ect to a licable re a ent char es.
<br />_�:.;:;�,,:s,,. P F Y Y .1 PP P P Y� �
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<br /> i_ v�.s.
<br /> _=°`� y (d) disbursement procedures acceptable to Beneficiary are in place;
<br />��`� .c
<br />._�.,,..�--f�,,. _
<br /> ,..�.K� (e) Beneficiary shall have received acceptable estoppels,consents and assurances fram
<br />��=�,��__;�� municipal authorities, tenants in the Property, and others, as Beneficiary may
<br /> ;r<_��r_s�� , requ�st; and
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<br /> `'�-"-��� (fl Beneficiary has receiveci evidence satisfactory to it,tbat reconstrucrion and/or repair
<br />_,:.: ,r...r
<br /> -_ � _ can be completed at least three(3)months prior to the date the Note secured by this
<br />_ �:�� �c�ti af Trust is due and paya�,te.
<br /> �_�.;";��.
<br /> -•�•�;-,:
<br />_��-�� If the above conditions are not sadsfied as to th� application of the proceeds or any awazds,
<br /> :,Y"',�``��- Beneficiary shall apply the same(after first deducting therefrom Beneficiary's reasonable expenses
<br />-;"'`�"�''��� incuned in collecting the same, including but not lunited to reasonable attorneys' fees) to the
<br />- `� '���• reduction of the outstanding principal balance �f the Loan (the "Principal Balance") without a
<br /> „ prepayment charge or to payment of the restoration, repair, replacernent or rebuilding of the
<br /> property that is darnagetl, destroyed or taken in such ma�er as B�eneficiary may determine. =
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<br /> � Dcod of 1tusG Assfgnmrnt ot Retit�,Security Agreement u�d Fixture Filing(NB-9r97) ;
<br /> PAGH I1
<br /> P:ICLOSING\ABSNDIKIDOCS\19971PAZOLI'S\97042314\DOT.W P6
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