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� �� 20a001027
<br /> 2. Payment of/ndebtedness. Trustor shall promptly pay or cause to be paid when due ihe Obligations and all other indebtedness. The "
<br /> Trustor shall also promptly and faithfully'observe all of its obligations under any other deed of trusi encumbering all o�part of the Trust `
<br /> P�operty and, if app/icab/e, any promissory note, guaranty, or othe�term of contractua/indebtedness secured by such other deed of trust,
<br /> whether junior or senior to the lien of this Deed of Trust, and any other obligations secured by a lien on the Trust Property, whethe�arising
<br /> consensually or by operation of law.
<br /> 3. Construction of/mprovements. Tiustor shall complete in good and workmanlike manne�any buildings, improvements or�epairs relating
<br /> thereto which may be begun on the Trust Property or contempl2ted by the Obligations secured hereby, to pay when due all costs and
<br /> liabilities incurred therefor, and not to permit any construction lien against such Trust Property. ln the event construction of buildings,
<br /> improvements or repairs are contemplated, Trustor a/so agrees, anything in this Deed of Trust to the conirary notwithstanding; (a/ to
<br /> promptly commence any such work and to complete the proposed improvements prompily, (b) to complete ihe same in acco�dance with the
<br /> plans and specifications as approved by Beneficiaiy, /cl to comply with all the te�ms of a building loan agreement, if any, between Trusfor
<br /> and Beneficra�y, the terms of which are incorporated herein by�eference and made a pari hereof, (d) to allow Beneficiary to inspect ihe T�ust
<br /> P�operty at all times du�ing construction, and lel to�eplace any work o�materials unsatisfacto�y to Beneficiary within fifteen (15J days after
<br /> written notice from Beneficiary of such fact.
<br /> 4. Funds for Payment of Charges. lf requested at any time or from time to time by the Beneficiary, Trustor shall pay to Beneficiary on the
<br /> first day of each month, o�such other date each month as may be specified by Beneficiary, until the Obligations are paid in full, a sum
<br /> (hereinafter the "Funds") equa/to 1/12ih of the year/y taxes and assessments which may attain priority over this Deed of Trust and ground
<br /> rents on the Trust Property, if any,plus 1/12th of the yearly premium installments for hazard insurance,plus 1/12th of the yearly premium
<br /> installmenis for mortgage insu�ance, ifi any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of
<br /> assessments and bills and reasonable estimates theieof. The Funds shall be held in an institution, the deposits o�accounts of which are
<br /> insured or guaranteed by a federa/oi state agency inc/uding Beneficiary. Beneficiary sha//app/y the Funds to pay said taxes, assessments,
<br /> insurance premiums and g�ound rents. Beneficiary shall not be required to pay Trustor any interesi or earnings on ihe Funds. Beneficiary shall
<br /> give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each
<br /> debit to the Funds was made. The Funds are pledged as additiona!security for the Obligations secured by this Deed of Trust. lf the amount
<br /> of the Funds he/d by Beneficiary, together wiih the future month/y insta//ments ol Funds payab/e prio�to the due dates of taxes,
<br /> assessments, insurance premiums and ground rents, shall exceed the amount requi�ed to pay said taxes, assessments, insurance premiums
<br /> and ground rents as they fall due, such excess shall be, at Trustor's option, either prompily repaid to Trustor or credited to T�ustor against
<br /> future monthly installments of Funds. lf the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessmenis,
<br /> insurance premiums and ground�ents as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency
<br /> within ihirty days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all
<br /> Ob/igations, Beneficiary sha//prompt/y refund to Trustor any Funds he/d by Beneficiary. /f the Trust Properiy is so/d under the power of sa/e
<br /> or ihe Trust Property is otherwise acquired by Beneficiary, Beneficiary shall apply, immediately prior to the sale of the Trust Property or its
<br /> acquisition by Beneficiary, any Funds held by Beneficiary at ihe time of application as a credit against ihe Obligations. lf Beneficia�y executes
<br /> a written waiver of Trustor's obligations under this Section, Trustor covenanis and agrees to pay, before the same become delinquent, all
<br /> taxes, assessments, insurance premiums, g�ound rents, and all other charges whatsoever levied upon or assessed,placed or made against
<br /> ihe Trust Prope�ty. Trusto�furthe�agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipis for the payment
<br /> of such charges. T�usior likewise ag�ees to pay all taxes, assessments and other charges levied upon or assessed,placed or made against,
<br /> or measured by, this Deed of Trust or ihe recordation hereof.
<br /> 5. App/ication of Payments. A//payments received by Beneficia�y as to any debt, /iability or ob/igation owed to Beneficia�y by Trustor may
<br /> be applied by Beneficiary to the payment of the Obligations in any order or.�nanner of application which Beneficiary, in its absolute discretion,
<br /> deems appropriate.
<br /> 6. Charges;Liens. Trustor will keep the T�ust Property free from all liens and encumbrances, whether prior or subordinate to this Deed of
<br /> Trust, other than the/ien of cu�rent rea/estate taxes and insta//ments of officia/assessments with�espect to which no pena/ty is yet
<br /> payable;provided, however, that T�ustor need noi discharge any such lien so long as Trusto�shall agree, in writing, to pay the obligation
<br /> secured by such/ien in a manner acceptab/e to Beneficiary and sha//in good faith contesi such/ien by appropriate/ega/p�oceedings effective
<br /> to prevent the enforcement of the/ien or the/oss of any interest in or part of the T�ust Property, and sha//a/so give such�easonab/e security
<br /> to Beneficiary as may be demanded by Beneficiary to insure compliance therewith. The Beneficia�y may in its sole discretion defend the lien
<br /> of this Deed of Trust and all costs and attorneys'fees incuned by Beneficiary in said defense shall be reimbursed by Trustor or added to the
<br /> Obliga tions.
<br /> 7. Hazard/nsu�ance. Trustor shall keep the buildings and othei imp�ovements now existing or hereafte�erected on the Trust Property
<br /> insu�ed by insurance carriers satisfactory to Beneficiary against loss by fire, hazards included in the te�m "extended coverage"and such
<br /> oihe�hazards, casualties and contingencies, including war damage insurance, as may be required by Beneficiary, in such amounts and for
<br /> such periods as may be�equired by Beneficiaiy. The policy of insurance shall be in form acceptable to Beneficiary and shall not contain a
<br /> defense based on coinsurance, and sha//contain the standardprovision that no aci of the Beneficiary or of the Beneficiary's agents or
<br /> representatives will render the policy void as to the Beneficiary or affect the Beneficiary's right to recove�in case of loss, and the policy or
<br /> policies shall provide that the same may not be canceled or modified without fifteen (15) days prior written notice to Beneficiary, and have
<br /> loss payable p�ovisions in favor of and in form acceptable to Beneficiary. All premiums on insurance policies shall be paid in rhe manner
<br /> provided under the Section entitled "Funds for Payment of Charges"herein or, if not paid in such manner, by Trustor making payment at
<br /> /east fifteen (151 days prior to ihe due date, di�ect/y to the insurance canie�. Beneficiary sha//have the right to ho/d the po/icies and renewa/s
<br /> thereof and Trustor sha//prompt/y furnish to Beneficiary a//renewa/notices and a//paid premium receipts received by it. /n no event sha//
<br /> Beneficiary or Trustee be he/d responsib/e for fai/ure to pay insurance premiums or for any/oss or damage arising out of a de%ct in any
<br /> po/icy or arising out of any fai/ure of any insurance company to pay for any/oss or damage insured against or for fai/ure by Trustor to effect
<br /> the insurance required hereunder. ln the event of loss, Trustor shall give prompt notice by mail to the insu�ance carrier and Beneficiary.
<br /> Beneficia�y may make proof of loss if not made promptly or in proper form by Trusior. All policies of insurance and any and all refunds of
<br /> unea�ned premiums are hereby assigned to Beneficiary as additional security for ihe payment of ihe Obligations. ln the event of Beneficiary's
<br /> exercise of the power of sale contained herein, or in the event of fo�eclosure, a!l right, title and interest of Trustor in and to any insurance
<br /> policy then in force shall pass to the purchaser at the trustee's sale or foreclosure sale. ln case of any loss, the insurance proceeds may, at
<br /> the option of Beneficiary, be app/ied by Beneficiary upon the Ob/igations, or any part thereof, and in such order and amount as Beneficiary
<br /> may determine;or said insurance proceeds, at the option of Beneficiary, may eiiher be used in rep/acing or restoring the Trust Property
<br /> pariia//y or tota//y dest�oyed to a condition satisfactory to Beneficiary;or said insurance proceeds, or any portion thereol, may be re/eased to
<br /> Trustor. Unless Beneficiary and T�ustor otherwise agree in writing, any such application of insurance proceeds shall not extend or postpone
<br /> the due date of any note or agreement evidencing the Obligations, or any insiallmenis called for iherein, or change the amount of such
<br /> installments. lf the Trust P�ope�ty is acquired by Beneficiary pursuant to ihe exercise of the power of sale o�other foreclosure, all right, title
<br /> and interest of Trustor in and to any insu�ance proceeds payable as a result of damage to the Trust Property p�io�to the sale or acquisition
<br /> shall pass to Beneficiary and shall be applied first to the costs and expenses, including atto�neys'fees, incurred in collecting such proceeds,
<br /> then in the manner and in the order provided herein. Notwithstanding anything contained in this Section to the contra�y, if this Deed of Trust
<br /> is on a condominium or a town house and there is a master insurance policy in force covering the common areas and facilities and all
<br /> condominiums and town houses located in ihai development, then, unless otherwise notified in w�iting by the Beneficiary, the Trustor shall
<br /> have no obligation to maintain the insurance required hereunder, and will assign all benefits and proceeds received the�eon to ihe Beneficiary
<br /> and, in the Beneficiary's so/e discretion, name the Beneficiary as the named insured on said po/icy. Whenever such insurance is in force
<br /> (regardless of whether requested by the Beneficiary or notJ the Trustor hereby authorizes the Beneficiary to cancel such insurance whenever
<br /> ihe Beneficiary determines that such insurance does noi adequately protect the Beneficiary's inte�est.
<br /> 8. Preservation and Maintenance of Tiust Property. Trustor will keep the buildings and other improvements now o�hereafter erected on the
<br /> Trust P�operty in good repair and condition, ordinary depreciation excepted, and shall provide all utility services necessary for the operation
<br /> and preservation of the Trus[Property. Trustor will not commit or permit waste, will noi alter the design or structural character constituting
<br /> any building now or hereafter erected on and constituting the Trust Property wiihout the prior written consent of Beneficiary, will not do any
<br /> aci or thing which would unduly impair or depreciate the value of the Trust Property and will not abandon the Trust Property. Trustor will not
<br /> remove any fixtu�es constituting the Trust P�operty unless the same are immediately replaced with like property subject to the lien and
<br /> security inte�est of this Deed of Trust and of at least equal value and utility. T�usior will comply with all present and futu�e ordinances,
<br /> �egulations and requirements of any governmental body which are applicable to the Trust Property and to the occupancy and use thereof. lf
<br /> this Deed of Trust is on a unit in a condominium or a planned unit deve%pment, Trustor shall perform all of Trustor's obligations under the
<br /> declarations or covenants creating or governing the condominium or the planned unii development, the bylaws and�egulations of the
<br /> condominium or planned unit development, and the constituent documents.
<br /> 9. lnspection. Bene/iciary o�iis agents may, at all reasonable times, enter upon the Trust P�operty for the purpose of inspection including,
<br /> but not/imited to environmenta/testing. Beneficiary sha//have no duty to make such inspeciion and sha//not be/iab/e to Trustor or to any
<br /> person in possession if it makes or fails to make any such inspection.
<br /> 10. Protection of Security. lf Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust, or if any action
<br /> or proceeding is commenced which does or may adversely affect the Trust Properiy or the inferest of Trustor or Beneficiary therein o�the
<br /> title of Trustor thereto, then Beneficiary, at iis option, may perfo�m such covenants and agreements, make such appearances, defend against
<br /> and/or investigate such action or proceeding and take such other action as Beneficiary deems necessary to protect its interest including, but
<br /> not/imited to, disbu�sement of reasonab/e attorneys'fees and entry upon the Trust Property to make repairs. Any amounts disbursed or
<br /> incurred by Beneficia�y pursuant to this Section, including, but not limited to, reasonable attorneys'fees, with interest the�eon, shall
<br /> consiitute additional Obligations secured by this Deed of Trusi. Beneficiary is hereby given an irrevocable powe�o!attorney Iwhich power is
<br /> coupled with an interest for pu�poses of securityl to ente�upon the Trust P�operty as the Trustor's agent and in the Trustor's name to
<br /> perform any and all covenants and agieements to be peifo�med by the Trustor as he�ein provided. Unless Trustor and Beneficiary agree to
<br /> othe�terms of payment, such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof, and shall bear
<br /> interest from rhe date of disbursement or the date incu�red at the rate set fo�th in the Note or the rate provided in the most recent obligation
<br /> covered by the Guaranty, unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall
<br /> bear inte�est at the highest rate permitted by applicab/e law. Nothing contained in this paragraph shall requi�e Beneficiary to incur any
<br /> expense or take any action hereunder. Beneficiary shall, at its option, be subrogated to any encumbrance, lien, claim or demand and to all
<br /> rights and securities for the payment thereof paid or discharged by Beneficiary under the provisions hereof and any such subrogation rights ^ l�
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