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<br /> 7lr � 05305
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<br /> � 2 . Payment of Principal and Interest . Trustor shall punctually pay the
<br /> principal of , and interest on , said promissory note including any advances
<br /> thereto as provided herein on the dates and at the place and in the manner
<br /> provided therein and will punctually perform ull agreements , conditions and
<br /> provisions of any other security instrument given in connection with this
<br /> transaction .
<br /> 3 . Preservation and Maintenance of Property • Trustor will not commit any
<br /> waste upon the Property and will , at all times , maintain the same in good •
<br /> order and condition and will make , from time to time , all repairs , renewals ,
<br /> replacements , additions and improvements which are reasonably required to
<br /> i prevenl waste , impairment , or deterioration of said property . No building
<br /> or improvement now ar hereafter erected upon the Property shall be altered ,
<br /> removed or demolished without the prior written consent of Beneficiary :
<br /> 4 . Insurance . Trustor , at its expense , will maintain with insurors approved
<br /> by Beneficiary , insurance with respect to the improvements and personal pro-
<br /> perty , constituting the Property against loss by fire , lightning , tornado ,
<br /> _ and other perils covered by standard extended coverage endorsement , in an
<br /> amount equal to at least one hundred percent of the full replacement value
<br /> thereof ; and insurance against such other hazards and in such anount as is
<br /> ' customarily carried by owners and operators of similar properties and as
<br /> k; Beneficiary may require for its protection . 'Prustor will comply with such
<br /> other requirements as Beneficiary may from time to ticte request for the pro-
<br /> �' tection by insurance of the interest of the respective parties . Ali insur-
<br /> r ance policies maintained pursuant to this Trust Deed shall name Trustor and
<br /> : Beneficiary as insureds , as their respective interests may appear , and pro-
<br /> ;. ' vide that there shall be no cancellation or modification without fifteen days
<br /> prior written notification to Trustee and Beneficiary . In the event any
<br /> � policy hereunder is not renewed on or before fifteen days prior to iCs ex-
<br /> � piration date , Trustee or Beneficiary may procure such insurance in accor-
<br /> � ` dance with the provisions of paragraph seven . Trustor shall deliver to
<br /> <= Beneficiary the original policies of insurance and renewals thereof or memo
<br /> " copies of such policies and renewals thereof . Failure to furnish such in-
<br /> r - i surance by Trustor , or renewals as required hereunder shall , at the opCion :
<br /> : of Beneficiary , constitute a default . All unearned premiums are hereby
<br /> _ assigned to Trustee as additional security and a sale and conveyance of the
<br /> s; Property by the Trustee shall operate to convey to the purchaser the Trustor ' s
<br /> interest in and to all policies of insurance upon the Trust Property .
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<br /> �� S . Taxes and Assessments . Trustor shall pay all taxes and special assessments
<br /> �h levied or assessed against or due upon the Property before delinquency , and
<br /> i will deliver to Beneficiary copies of receipts sho::�ir.g p�y�ent of such taxes
<br /> " and special assessments .
<br /> 6 . Additional Liens . Trustor shall make all payments of interest and prin-
<br /> cipal and payments of any other charges , fees , and expenses contracted to be
<br /> paid to any existing lien holders or prior beneEiciaries under any prior Trust
<br /> Deed , Mortgage or other security agreement , before the date they are delinquent
<br /> and to pay any other claim which jeopardizes the security granted herein .
<br /> 7 . Protection of Beneficiar ' s Security . Should Trustor fail to make any
<br /> payment , fail to do any act as herein provided , or if any action or proceeding
<br /> is commenced which materially affects Beneficiary ' s interest in the Property ,
<br /> � including , but not limited to , eminent domain , insolvency , arrangements or
<br /> a: proceedings involving a bankrupt or decedent , then Beneficiary or Trustee
<br /> bu[ without obligation to do so , and without notice to or demand upon Trustor ,
<br /> and without releasing Trustor from any obligation hereunder , may make or do
<br /> the same , and may pay , purchase , contest or compromise any encumbrance , charge
<br /> or lien , which in the judgment of either appears to affect said Property ; in
<br /> exercising any such powers the Beneficiary or Trustee may incur any liability
<br /> and expend whatever amounts , includinp, disbursements of reasonable attorney ' s
<br /> fees , which in their absolute discretion , may be necessary . In the event �" � ?.f '
<br /> that Trustor shall fail to procure insurance or to pay taxes , and special q ,
<br /> assessments or to m�ce any payments to existing or prior lien holders or bene- � �
<br /> I ficiaries , the Beneficiary may procure such insurance and make such payments .
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