|
201404052
<br /> Property Condition, Alterations and Inspection. '!'rustor will keep the Property in gaad condition and
<br /> makc all repairs that are reasonabiy necessary. Tr�stor shall not commit or allow any waste, impairment, or
<br /> deterioz'ation of the Property. Trustor agrees that the nature of the occupancy and use will not svbstantially
<br /> change without Beneficiary's prior written consent. Trustor wilI not perrait any change ia any license,
<br /> restrictive covenant or easemenE without Beneficiary's prior written consent. Trustor will notify Beneficiary
<br /> of all demands,prnceedings,claims, and actions against Tr�stor, and of any loss or damage to the Property.
<br /> Beneficiary vr Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for
<br /> the pnrpose of inspecting the ProperCy. Beneficiary sha11 give Trustor notice at the time of or before an
<br /> inspection specifying a reasonable purpose for the inspect€on. Any inspection of the Property shall be entirely
<br /> far Beneficiary's benefit and Trustor wall in no way rely an Beneficiary's inspection.
<br /> Authority to Perform. If Tirustor fails to perforrn any duty or any of the covenants contained in this Security
<br /> Tnstrurnent, Bene�ciary 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 ariy amount necessary for performance.
<br /> Seneficiary's right to perform for Tnrsior shall aot create an obligation to perform, and Beneficiary's failure
<br /> to perfarm will not precIude Beneficiary from exercising any of Bene�ciary's other rights under the law or
<br /> this Security Instrument.
<br /> Leaseholds; Condomininms; Planned Unit Dev�lopments. `I'rustor agrees to comply with the provisions of
<br /> any lease if this Secvrity Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br /> planned tanit development, Trastor will perform a!1 of Trustor's duties nnder the co�enants, by-laws, or
<br /> regulations of Che condominium or planned vnit development.
<br /> Condemnation. Trustor will give Beneficiary prompt notice of any pending or tnreatened action, by private
<br /> or public entities to purchase or take any or all of the Property through condeinnaiion, eminent domain, or
<br /> any other means. Trustor authorizes Beneficiary to intervene in'I'r�stor's name in any of the above described
<br /> actions or claims. Trustor assigns to Bene�ciary the proceeds of any award or claim for damages connected
<br /> with a conderanatian or other taking of all or any part of the Proparty. Such proceeds shall be considered
<br /> payments and will be appIied as provided in this Security Tnstrument. This assignmenE of proceeds is subject
<br /> to the terms of any prior mortgage, deed of trust, security agreement or other lien document.
<br /> Insurance. TrusEor shall keep Property insured against Ioss by fire, flood, theft and other hazards and risks
<br /> reasonably associated with the ProperCy due to its type and location. T`his insurance shalt 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 bebt. The insurance carrier providing the insurance
<br /> shatl be chose� by Trustor subject to Beneficiary's approval, which shall not be unreasonably wittiheld. If
<br /> Trustor fails to maintain the coverag� described above, Beneficiary may, at Bene�ciary's option, obtain
<br /> coverage to protect Beneficiary's rights in the Property accordi�g 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, "lass payee clause." Trustar shall im�mediately notify Beneffciary of
<br /> cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and
<br /> renewals. If Bene�ciary requires, Trustor shall immediatety give to Benefciary al!receipts of paid premiums
<br /> and rener�val notices. Upon loss, Tr�rstor shall gi�e immediate notice to the insurance carrier and Beneficiary.
<br /> Beneficiary may Fnake proof of loss if not made immediately by Trustor.
<br /> Unless otherwise agreed in writing, ail insurance proceeds shall be applied to the restoration or repair of the
<br /> Property or to tlie Secured Debt, whether or not then due, at Bene�ciary's option. Any application of
<br /> proceeds to principal shall not extend or postpone the d�e date of the scheduled payment nor change the
<br /> amount of any payment. Any excess will be paid ta the Trustor. If the Property is acguized by Beneficiary,
<br /> Trustor's right to any insurance policies and proceeds resalting from damage to the Progerty before the
<br /> acquisition shali pass to Bene�ciary to the extent of the Secured Debt immediately before the acquisition.
<br /> Ftinancial ReEsorts and Additional llocnments. 'Frustor wi11 provide to Beneficiary upon reGuest, any
<br /> financial statement or information Beneflciary may deem reasonably necessary. Trustor agrees to sign,
<br /> deIiver, and�le any additional documents ar certifications that Beneficiary may consider necessary to pe�rfect,
<br /> continue, and preserve Trustor's obligations under this Security Insirument and Beneficiary's lien status on
<br /> the Property.
<br /> b. WARRANTY OF TITLE. Trustor vvarrants that Trustor is or will he lawfully seized of the estate conveyed
<br /> by ihis Security Instrument and has the right to irrevocably grant,convey, and se11 the Praperty to Trustea,i�
<br /> trust, with power af sale. Trustor also warrants that the Property is unencumbexed, except for encuanbrances
<br /> of record.
<br /> 7. DUE QN SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br /> im�nediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of atl ar
<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.
<br /> Securityinsvument-0pen-End-Consumer-NE OCP-RED7-NE 7l2/2011
<br /> VMP�gankers Systems"� VMP-C4651NE) (31071.09
<br /> WoltOrs Kluwer Financial Services�3994,207 t Page 3 of 6
<br />
|