201605328 - Laserfiche WebLink

Browse

201605323 to in Section 3.07(c) below) to the payment of the Secured Obligations, whether or not due and in such order of application as Beneficiary may determine, or to the repair, replacement, rebuilding, or restoration of the Property, in such manner as Beneficiary may determine. Notwithstanding the foregoing provisions of this paragraph, Beneficiary shall make all Proceeds (after first deducting therefrom Beneficiary's expenses referred to in Section 3.07(c) below) available to Trustor to reimburse Trustor for its reasonable costs of restoration, repair, replacement, or rebuilding of the Improvements, in accordance with any procedures reasonably required by Beneficiary (and shall not be applied toward the payment of the Secured Obligations until after restoration and repair of the Improvements) provided each of the following conditions shall be met: (i) There shall at the time of the casualty and at all times thereafter have occurred no Event of Default or event which with notice, the passage of time, or both, could become an Event of Default; (ii) Trustor shall notify Beneficiary of Trustor's intention to perform such restoration or repair within thirty days of the adjusting of the loss or casualty; (iii) Beneficiary shall receive evidence reasonably satisfactory to Beneficiary that the Improvements have been fully restored or that by application of the Proceeds will be fully restored to their condition prior to the damage or destruction (or as otherwise reasonably approved by Beneficiary), free and clear of all liens other than the encumbrances approved by Beneficiary, except as otherwise expressly permitted herein; (iv) If, in the reasonable judgment of Beneficiary, the Proceeds shall be insufficient to restore the Improvements to their condition prior to the damage or destruction (or as otherwise reasonably approved by Beneficiary), Trustor shall demonstrate to Beneficiary the availability of funds, which together with the Proceeds, shall be sufficient to restore the Improvements to their condition prior to the damage or destruction (or as otherwise reasonably approved by Beneficiary); and (v) There shall, in the reasonable judgment of Beneficiary, remain sufficient time to complete the restoration or repair of the Improvements prior to the maturity date of the Obligations as set forth in the Credit Agreement. At Beneficiary's option, any Proceeds remaining after reimbursing Trustor for the cost of restoring the Improvements may be applied to partial prepayment of the Obligations; provided, however, that such application shall be without any prepayment premium or penalty otherwise applicable and shall not extend or postpone the due dates of the monthly installments payable under the Credit Agreement or change the amount of such installments. Any remaining proceeds not applied to the Obligations shall be paid to Trustor. (c) Reimbursement of Beneficiary's Expenses. Trustor shall promptly reimburse Beneficiary upon demand for all of Beneficiary's expenses incurred in connection with the collection of the Proceeds, including but not limited to reasonable attorneys' fees and expenses. All such expenses, together with interest from the date of demand for payment at the rate specified in the Credit Agreement, shall be additional amounts secured by this Deed of Trust. FNBO /Nova -Tech Leasehold Deed of Trust DOCS/1660400.5 8