|
20 402263
<br />clear of all liens and encumbrances, except encumbrances of record, and that Trustor(s) will warrant and
<br />defend the property, at Trustor(s) expense, against all claimants whomsoever. Trustor(s) also hereby
<br />waives and relinquishes all rights of dower, homestead, distributive share, and exemption in and to the
<br />above described property.
<br />Trustor(s) and each of them further covenants and agrees with, or certifies to, Beneficiary as
<br />follows:
<br />1. To pay all liens, judgments, or other assessments against the property, and to pay when due all
<br />assessments, taxes, rents, fees, or charges upon the property or under any lease, permit, license, or
<br />privilege assigned to Beneficiary as additional security to this Trust Deed, including those in or on public
<br />domain.
<br />2. To insure and keep insured buildings and other improvements including fixtures and attachments
<br />now on or hereafter placed on the property to the satisfaction of Beneficiary. Such insurance will be
<br />endorsed with a loss payable clause to Beneficiary. On demand, Trustor will furnish said policies or proof
<br />of insurance to Beneficiary. Any sums so received by Beneficiary may be used to pay for reconstruction
<br />of the destroyed improvements or if not so applied may be applied, at the option of Beneficiary, in
<br />payment of any indebtedness matured or unmatured secured by this Trust Deed. Such insurance will be
<br />in an amount at least equal to the lesser of the loan balance, the actual cash value of the collateral, or the
<br />replacement cost of the property, and will at a minimum, cover losses caused by fire, lightning, explosion,
<br />riot, aircraft, vehicles, vandalism, civil commotion, smoke, windstorm, and hail. Trustor(s) will obtain and
<br />keep flood insurance in force to cover losses by flood as required by Beneficiary and by the National
<br />Flood Insurance Act of 1968, as amended, and by regulations implementing the same. Trustor(s) further
<br />agree that Beneficiary is not and will not be liable for any failure by Trustor(s) or by any insurer, for
<br />whatever reason, to obtain and keep this insurance in force.
<br />3. To keep all buildings, fixtures, attachments, and other improvements now on or hereafter placed on
<br />the property occupied and in good repair, maintenance, and condition and to neither commit nor permit
<br />any acts of waste or any impairment of the value of the property. Beneficiary may enter upon the
<br />property to inspect the same or to perform any acts authorized herein or in the credit agreement(s).
<br />4. In the event Trustor(s) fails to pay any liens, judgments, assessments, taxes, rents, fees, or charges
<br />or maintain any insurance on the property, buildings, fixtures, attachments, or improvements as provided
<br />herein or in the loan agreement(s), Beneficiary, at its option, may make such payments or provide
<br />insurance, maintenance, or repairs and any amounts paid therefor will become part of the principal
<br />indebtedness secured hereby, be immediately due and payable and bear interest at the default rate
<br />provided in the note(s) or credit agreement(s) from the date of payment until paid. The advancement by
<br />Beneficiary of any such amounts will in no manner limit the right of Beneficiary to declare Trustor(s) in
<br />default or exercise any of Beneficiary's other rights and remedies.
<br />5. In the event Beneficiary is a party to any litigation affecting the property or the lien of this Trust Deed,
<br />including any action by Beneficiary to enforce this Trust Deed or any suit in which Beneficiary is named a
<br />defendant (including condemnation and bankruptcy proceedings) Beneficiary may incur expenses and
<br />advance payments for abstract fees, attorneys fees (to the extent allowed by law), costs, expenses,
<br />appraisal fees, and other charges and any amounts so advanced will become part of the principal
<br />indebtedness secured hereby, be immediately due and payable and bear interest at the default rate
<br />provided in the note(s) or credit agreement(s) from the date of advance until paid.
<br />6. Any awards made to Trustor(s) or their successors by the exercise of eminent domain are hereby
<br />assigned to Beneficiary; and Beneficiary is hereby authorized to collect and apply the same in payment of
<br />any indebtedness, mature or unmatured, secured by this Trust Deed.
<br />7. In the event of default in the payment when due of any sums secured hereby (principal, interest,
<br />advancements, or protective advances), or failure to perform or observe any covenants and conditions
<br />contained herein, in the note(s), credit agreement(s), or any other instruments, or any proceedings is
<br />brought under any Bankruptcy laws, Beneficiary, at its option, may declare the entire indebtedness
<br />secured hereby to be immediately due and payable and the whole will bear interest at the default rate as
<br />
|