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201502075
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4/14/2015 12:08:16 PM
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4/3/2015 4:18:23 PM
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DEEDS
Inst Number
201502075
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Section 1.13. Actions by Beneficiary and/or Trustee to Preserve Mortgaged <br />Property. Should Trustor fail to make any payment or to do any act as and in the manner <br />provided in this Deed of Trust, Beneficiary, in its sole discretion, without obligation to do so and <br />without notice to or demand upon Trustor and without releasing Trustor from any Secured <br />Obligation, may make or do the same in such manner and to such extent as Beneficiary may <br />deem necessary to protect the security hereof. In connection therewith (without limiting its <br />general powers), Beneficiary shall have and is hereby given the right, but not the obligation: (i) <br />to enter upon and take possession of the Mortgaged Property; (ii) to direct Trustor to terminate <br />any management agent and to employ such management agent as Beneficiary may determine in <br />its sole discretion; (iii) to make additions, alterations, repairs and improvements to the <br />Mortgaged Property which it may consider necessary or proper to keep the Mortgaged Property <br />in good condition and repair; (iv) to appear and participate in any action or proceeding affecting <br />or which may affect the security hereof or the rights or powers of Beneficiary or Trustee; (v) to <br />pay, purchase, contest or compromise any encumbrance, claim, charge, lien or debt which in the <br />reasonable judgment of Beneficiary may affect or appears to affect the security of this Deed of <br />Trust or be prior or superior hereto; and (vi) in exercising such powers, to pay necessary <br />expenses, including employment of counsel or other necessary or desirable consultants. Trustor <br />shall immediately upon demand therefor by Beneficiary pay all costs and expenses incurred by <br />Beneficiary in connection with the exercise by Beneficiary of the foregoing rights, including, <br />without limitation, costs of evidence of title, court costs, appraisals, surveys and reasonable <br />attorneys' fees. <br />Section 1.14. Survival of Warranties. Trustor shall fully and faithfully satisfy and <br />perform the Secured Obligations. All representations, warranties and covenants of Trustor <br />contained herein shall remain continuing obligations, warranties and representations of Trustor <br />during any time when any portion of the Secured Obligations remain outstanding. <br />Section 1.15. Eminent Domain. Should the Mortgaged Property, or any part thereof or <br />interest therein, be taken or damaged by reason of any public improvement or condemnation <br />proceeding, or in any other manner ( "Condemnation "), or should Trustor receive any notice or <br />other information regarding such proceeding, Trustor shall give prompt written notice thereof to <br />Beneficiary. Beneficiary may participate in any such Condemnation proceedings, and Trustor <br />shall from time to time deliver to Beneficiary all instruments requested by Beneficiary to permit <br />such participation. Trustor shall, at its expense, diligently prosecute any such proceedings and <br />shall consult with Beneficiary and its attorneys and experts, and cooperate with them in the <br />carrying on or defense of any such proceedings. All proceeds of Condemnation awards or <br />proceeds of sale in lieu of Condemnation with respect to the Mortgaged Property and all <br />judgments, decrees and awards for injury or damage to the Mortgaged Property or any part <br />thereof or interest therein shall be paid to Beneficiary and shall be applied first to all costs and <br />expenses incurred by Beneficiary in obtaining the proceeds. Provided no Event of Default has <br />occurred hereunder and no event has occurred which, the passage of time or the giving of notice, <br />or both, would constitute an Event of Default, the balance of the proceeds, if any, shall be <br />applied (i) first, toward altering, restoring or rebuilding the Mortgaged Property, or such portion <br />thereof that may have been altered, damaged or destroyed, and (ii) second, against sums secured <br />hereby in such order as Beneficiary may in its absolute discretion elect. If Beneficiary elects not <br />to apply all of the Condemnation proceeds for the restoration or repair of the Mortgaged <br />Property, Trustor shall not be required to repair or restore that portion of the Mortgaged Property <br />12 <br />20150207: <br />
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