|
201604426
<br /> Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and
<br /> make all repairs that aze reasonably necessary. Tmsmr shall not commit or allow any waste, impairment, or
<br /> deterioration of the Property. Trustor agrees that the nature of the occupancy and use will not substantially
<br /> change without Beneficiary's prior written consent. Trustor will not pernvt any change in any license,
<br /> restrictive covenant or easement without Beneficiary's prior written consent. Trustor will notify Beneficiary
<br /> of all demands, proceedings, claims, and actions against Trustor, and of any loss or daznage to the Property.
<br /> Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for
<br /> the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or hefore an
<br /> inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely
<br /> for Beneficiary's benefit and Trustor will in no way rely on Beneficiary's inspection.
<br /> Authority to PerForm. If Trustor fails to perform any duty or any of the covenants contained in this Security
<br /> Insuument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints
<br /> Beneficiary as attorney in fact to sign Tmstor's name or pay any amount necessary for performance.
<br /> Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure
<br /> to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or
<br /> this Securiry Instrument.
<br /> Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees ro comply with the provisions of
<br /> any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a
<br /> planned mmit developmern, Trustor will perform all of Trustor's duties under the covenants, by-laws, or
<br /> regulations of the condominium or planned unit development.
<br /> Condemnation. Trustor will give Beneficiary prompt norice of any pending or threatened action, by private
<br /> or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or
<br /> any other means. Tmstor authorizes Beneficiary to intervene in Trustor's name in any of the above described
<br /> actions or claims. Trustor assigns to Beneficiary the proceeds of any awazd or claim for damages connected
<br /> with a condemnation or other taldng of all or any part of the Property. Such proceeds shall be considered
<br /> payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject
<br /> m the terms of any prior mortgage, deed of trust, security agreement or other lien document.
<br /> Insurance. Trustor shall keep Properry insured against loss by fire, flood, thefr and other hazazds and risks
<br /> reasonably associated with the Property due to its type and location. This insurance shall be maintained in the
<br /> amounts and for the periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding
<br /> two sentences can change during the term of the Secured Debt. The insurance canier providing the insurance
<br /> shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If
<br /> Trustor fails to maintain the coverage described ahove, Beneficiary may, at Beneficiary's option, obtain
<br /> coverage to protect Beneficiary's rights in the Property according to the terms of this Securiry Instrument.
<br /> All insurance policies and renewals shall he acceptable to Beneficiary and shall include a standazd "mortgage
<br /> clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of
<br /> cancellation or ternrination of the insurance. Beneficiary shall have the right to hold the policies and
<br /> renewals. If Beneficiary requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums
<br /> and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary.
<br /> Beneficiary may make proof of loss if not made immediately by Trustor.
<br /> Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the
<br /> Property or to the Secured Debt, whether or not then due, at Beneficiazy's option. Any application of
<br /> proceeds to principa] shall not extend or postpone the due date of the scheduled payment nor change the
<br /> aznount of any payment. Any excess will be paid to the Trustor. If the Property is acquired by Beneficiary,
<br /> Trustor's right to any insurance policies and proceeds resulting from damage to the Property before the
<br /> acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately before the acquisition.
<br /> �7nancial Reports and Addifional Documents. Trustor will provide to Beneficiary upon request, any
<br /> financial statemern or information Beneficiary may deem reasonably necessazy. Trustor agrees to sign,
<br /> deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect,
<br /> continue, and preserve Trustor's obligations under this Security Instrument and Beneficiary's lien status on
<br /> the Property.
<br /> 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed
<br /> by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in
<br /> trust, with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances
<br /> of record.
<br /> 7. DUE ON SALE. Beneficiary may, at its option, declaze the enrire halance of the Secured Debt to be
<br /> immediately due and payable upon the creation of, or contrac[ for the creation of, a hansfer or sale of all or
<br /> any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as
<br /> applicable.
<br /> SecuritylnsSmmeni00emEntl-ConsumervNE OCP-RE�T-NE J!2/2011
<br /> VMPOBankers5ystems'" � VMP-C465WE) 11107�.00
<br /> Wolters Kivwer Financial Services m1994,2011 Page 3 of 6
<br />
|