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200101124
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Last modified
10/14/2011 12:19:25 AM
Creation date
10/20/2005 7:56:59 PM
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DEEDS
Inst Number
200101124
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20 0 10 1124 <br />against or on account of the Property, and shall pay when due all claims for work done on <br />or for services rendered or material furnished to the Property. Grantor shall maintain the <br />Property free of all liens having priority over or equal to the interest of Beneficiary under the <br />Deed of Trust, except for the lien of taxes and assessments not due, and except as otherwise <br />provided in the following paragraph. <br />Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in <br />connection with a good faith dispute over the obligation to pay, so long as Beneficiary's <br />interest in the Property is not jeopardized. If a lien arises or is filed as a result of non- <br />payment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within <br />fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if <br />requested by Beneficiary, deposit with Beneficiary cash or a sufficient corporate surety bond <br />or other security satisfactory to Beneficiary in an amount sufficient to discharge the lien plus <br />any costs and reasonable attorneys' fees or other charges that could accrue as a result of a <br />foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Beneficiary <br />and shall satisfy any adverse judgment before enforcement against the Property. Grantor <br />shall name Beneficiary as an additional obligee under any surety bond furnished in the <br />contest proceedings. <br />Evidence of Payment. Grantor shall upon demand furnish to Beneficiary satisfactory <br />evidence of payment of the taxes or assessments and shall authorize the appropriate <br />governmental official to deliver to Beneficiary at any time a written statement of the taxes <br />and assessments against the Property. <br />Notice of Construction. Grantor shall notify Beneficiary at least fifteen (15) days before <br />any work is commenced, any services are furnished, or any materials are supplied to the <br />Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on <br />account of the work, services, or materials and the cost exceeds One Thousand Dollars <br />($1,000). Grantor shall, upon request of Beneficiary furnish to Beneficiary advance <br />assurances satisfactory to Beneficiary that Grantor can and will pay the cost of such <br />improvements. <br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property <br />are a part of this Deed of Trust: <br />Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance <br />with standard extended coverage endorsements on a replacement basis for the full insurable <br />value covering all improvements on the Real Property in an amount sufficient to avoid <br />application of any coinsurance clause, and with a standard mortgagee clause in favor of <br />Beneficiary. Policies shall be written by such insurance companies and in such form as may <br />be reasonably acceptable to Beneficiary. Grantor shall deliver to Beneficiary certificates of <br />coverage from each insurer containing a stipulation that coverage will not be canceled or <br />diminished without a minimum of ten (10) days prior written notice to Beneficiary. <br />0 <br />
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