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201508057
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Last modified
7/21/2017 2:02:13 PM
Creation date
11/24/2015 1:01:30 PM
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DEEDS
Inst Number
201508057
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2� 15�8�57 <br /> such excess funds shall be deliUered to the Beneficiary for application against th� <br /> Se�ured Indebtedness. <br /> Proceeds payabl� for rental value coverage shall be endorsed and paid to the Trustar,but only <br /> on condition that no E��nt of Default�xists hereunder. <br /> In no e�ent shall Beneficiary be held responsible for fai�ure ta pay far any insurance required <br /> hereby ar f�r any loss �r darnage gro�ving out of a defect in any policy thereof or grawing out of any <br /> failure af any insurance cflmpany to pay for any loss or damage insur�d against or for failure by <br /> Beneficiary to obtain such insurance or to collect the proceeds thereof. <br /> �ection�.4 - Condemnativn. If the Mor�gaged Property, or any part thereof,or any in�erest <br /> �herein, ar any rights appurtenant thereto, inc�uding, but not limited ta, access, light, air and view, be <br /> condemned under any power of eminent domain or acquired fflr any public or quasi-public use or in <br /> the even�vf sale in lieu thereaf, the Trustor shall prflrnptly give the BenefiCiary wri�ten notice thereof, <br /> gen�rally describing the nature of such taking, damage, sale, proceed�ngs or negotiations and the <br /> nature and extent of the taking, damage or sale whieh has resulted or might result therefirom, as the <br /> case may be, together with a capy of each and every document re�ating tihere�o recei�ed by Trustor, <br /> and Beneficiary shall have the right to participate in such proceedings or negotiati�ns. Should any af <br /> the Mortgaged Property be taken or damaged by exercise of the power of candemnatian or �minent <br /> domain, or be sald by private sale in.lieu or in anti�ipation thereof, Trus�or does her�by irre�ocably <br /> assign, set aver and transfer to Beneficiary any award,payment ar ather consideratian for the property <br /> so taken,damaged or sold up to the amount of the then outstanding Secured Indebtedness. Beneficiary <br /> is hereby autharized ta�nter�ene in any such action in the name af Trustor,provided that Trustor may <br /> contro� such litiga�ion and take such action as it may reasonably and in gaod faith deem appropria�e ta <br /> adj ust and collect for any suGh claim or action far so lvng as it is, in the reasonable opini�n of <br /> Beneficiary, diligent�y pursuing its rights; atherwise Benef ciary shall be authorized to campromise <br /> and settle any such ac�ion or c�aim, and to collect and receive from th� condemning authorit�es and <br /> g�ve praper receipts and aequittances for such prflceeds. Any reasonable exp�nses incurred by <br /> Benef ciary in intervening in such action or compromising and settling such action or claim, ar <br /> collecting such proceeds shall be reimbursed ta Beneficiary first aut of the proceeds. The net proceeds <br /> of any condemnation award sha�l be used, at �he sole opti�n af Beneficiary, to pr�pay the Secured <br /> Indeb�edness or restare the Mor�gaged Property. If the Secured Indebtedness is repaid in full, the <br /> balance of any su�h net proceeds shall b�paid over to the Trustor. <br /> Section 2.5 -Conditian of Mart a �d Pro ert . <br /> A. Trustor agrees to properly care for and keep the Mortgaged Proper�y in good ord�r, <br /> condition and repair and �o maintain any buildings and impro�ements on Che <br /> Premises in gaod order, condition and r�pair. �Vithout the prior written consent af <br /> B�neficiary, Trustar agrees not t� �ause or permit any building vr impro�ement <br /> which constitutes a part of the Premises �fl be removed, demolished or structurally <br /> altered, �n whole or in part,or any fix�ure nr piece of equipment which constitutes a <br /> portion �f the Mortgaged Pr�perty to be remo�ed, damaged or destroyed, except <br /> for Permit�ed Equipment Transfers �as defined in the Loan Agreernent} and other <br /> replacements permi��ed her�by. Trustor agrees nat to cause or permit any was�e to <br /> any building, improvement, fixture or equipmen�at any time constituting a por��on <br /> of the Mor�gaged Property. Trustor agrees to complete,restore and reconstruct in a <br /> gaod and workmanlike manner to the condition required h�reby any improvement <br /> S <br />
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