201508167 - Laserfiche WebLink

Browse

2� 15�81 �7 tog�ther W�th the aggregate deposxts to be made pursuant to subsection�b}above as�f on�month prior to the da�e on which the ne�.t annua� �nsuranc�prem�um becomes due, shall be sufficient to pay in fu11 the tatal annua� �nsurance prem�um estxmated by Lender to next became due and payab�e wzth r�spect to the Mor�gaged Property. Such depos�ts are ta be held vvith interest at Lender's then current money rnarket rate and are to be used for the payment of taxes and asses�ments(general and sp�cial}and xnsurance pr�miums, respectxve�y, �n the Mortgaged Property n��t due and pa�able vvhen they b�corne due. Lender may, at its opt�on,�tself pay such ta�es,assessments and insurance premiums v�hen th�same become due and pa�abl� �up on submi ssi an of appr�pri ate bi 1�s therefor from Trustor��r shall release suff c�ent fund��a Tru stor for payment of such ta�es,assessments and insurance premiums.If the funds sa d��osited are insufficient to pay any such ta�es,assessments�genera�or special�and premiums far ar�y year whe�.th�same sha11 become du� and payab�e,Trustar sha�I within ten�10�days after receipt af demand therefor,deposit additi�nal funds as may be necessary to pay such taxes,assessments�genera�and sp�cial�and premiums in full. If the funds s� dep�sited e�ceed the amount required to pay such ta�.es,ass�ssments(�eneral and special}and prem�ums for any y�ar, the e�cess shall be app�ied on a subs�quer�t deposit �r depasits. Said depos�ts need n�t be kept s�parate and a�art frorn any ather funds of Lender. S. Lender's Interest In and Use of Deposits. In the event of an Event af Default in any of the provisi�ns conta�ned in this Instrument or the Note secured h�reby, the Lender may at its optxon, vvxthout being required so ta do, apply any monies at the t�me an deposit pursuant to Section 4 hereof, �n an�of Trustar's oblxgatior�s herein or in the Note conta�ned, �n such�rder and manner as Lender ma�el�ct.�Then the Secured�bligatians have been fu�ly paid and perform�d(as ap�licable},any remaining deposits shal�be paid ta Trustor. Such deposits are hereby p�edged as add�tinnal s�curity for the Secured �bligat�ons hereunder and shall be irrev�cab�y applied by Lender for the purposes f�r which made hereunder and shal� not be subj ect t� the directi�n or control of Trustor;prav�ded, havvever,that L�nder shall nat be liab�e f�r any failur�t�appl�to the payment af�a�es,assessments and�nsuranc�premiums any arnount s�deposxted unless Trustar,while not in defau�t hereunder;sha�l have re�uested Lender�n v�riting to rnake application of 5L1Cr1 fUr1C�5 to the paym�nt of vvhich they v�ere deposit�d, accompan�ed by the �711�5 for such ta�es, assessments and insurance premiums. Lender shall not be liahle f�r any act or omiss�on ta�en in gaod fa�th or pursuant to the instructi�n�f any party. 5. InsuranCe. �a� Trust�r sha�� at al� txm�� keep a�� buildings, impravements, fx�tures and artic�es of p�rsanal propert� now or h�reaft�r s�tuated �n the Martgaged Pr�perty insured against loss �r damage by fxre and such ather hazards as may reas�nably be required by Lender.Trust�r al so sha1�at al� t�me� maxntain comprehensxv�pub�ic �iabilit�,praperty damage and�vorl�men's co�npensation insurance covering th�Martga�ed Pro�erty and any employees thereaf,vvith such�imits for personal ir�jury,death and prop�r�y damag�as Lender may reasonably requ�re.�]Vithout lxmxt�ng the genera�ity of the fargorng,Trus�or shal�at all times keep such�nsurance policies as required pursuant to,and in the amaunts specif ed in, th� Loan A�reement. A��po�icies of insurance to be furnished laereunder sha�� be in f�rms, �ompanies, amaunts and deductibles reas�nab�y satisfact�ry �� Lender, with Lender clauses attached ta all po��cies xn favor of and in form satisfactory to Lender �i��c�ud��g a provisions permitting Lender ta collect an�and a��pro�e�ds payable thereund�r and re�u7r�ng��sUrer to provide n�t�ce t� Lender prior to cancellat�on� and shal� contain end�rsements �hat ��o act ar negl�gence of the insured or any�ccupant and no occupancy ar use af the Mo�-tga�ed Prape�-�y for 7 ��I�I��7��i��177�-[�{)�I 1