|
2� 17� 1591
<br /> Property �ondxtxon, Alteratxons and Inspection. Trustor will keep th� Prop�rty in g�od �onditian and
<br /> make all repairs �hat are reasanably necessa.ry. Trustar shall nat commit or allow any waste, xmpairment, or
<br /> deteri�rat�on of�he Propexrty. Trustor agrees �hat the nature af the occupancy and use vv�11 not substantially
<br /> �hange without B�nef�crary's prior written consent. Trust�r vvi�I not permi� any change in any �icense,
<br /> restricti�e covenant or easement wi�haut Beneficiary's pr�ar wrztten consen�. Trustor wi�l natify Ben�f�c�ary
<br /> af aII demands, proceedings, �Iaixns, and a��ians against Trustor� and af any loss or damage to the Prop�rty.
<br /> Benef�ciary or Beneficia.ry's agents may, at Benefi�iary's option, enter the Proper�y a�any reasanable time f�r
<br /> �he purpose of inspecting the Proper�y. Beneficiar�y shall give Trust�r notice at the time af or before an
<br /> insp�ct�on �pecifying a reasonab�e purpase for the insp�ction. Any inspection of the Property shall be entirely
<br /> for Benef�ciary's ben�fit and Trustor will �n na way re�y on S�nefi�iary'� inspection.
<br /> Autharity to Perform. �f Trustor faiis to perfarm any duty ar any of th� �o�enant� contained in this Se�urity
<br /> Ins�rument, B�n�ficiary may, without notice, perf�rm ar cause th�m to b� performed. Trustar appaint5
<br /> Beneficiary as attarney in fact ta sign Trustor's name or pay any amount necessary far performance.
<br /> Benefi�iary's ri�ht to perfarm for Trr�stor shal� nat create an obligation to perform, and B�neficiary's fai�ure
<br /> to perfarm wi11 not preclude Beneficiary from exerc�sing any of Beneficia.ry's other rights under the law or
<br /> this Se�urrty 7nstrument.
<br /> Leaseholds; Condaminiums; Planned Unit Developments. Trustor agrees to comply with the pr�visions of
<br /> any lease if this Securxty �nstrument is on a leasehold. If the Propert�y includes a un�t in a condominium or a
<br /> planned unit d�velopment, Trustor wil� perform a11 of Trustor's �uties under the covenants, by-�aws, or
<br /> regula�ions af the candominium or pianned unit development.
<br /> Condemnatf on. Trustor v�i1� gi�� �eneficiary prompt notice af any pending or threat�ned action, by private
<br /> or pu�lic entities ta purchas� �r tak� any flr all of the Propexfiy through candemnation, eminent dama�n, or
<br /> any ather means. Trustor authorizes Beneficiary to intervene �n Trustor's narne in any of the abave described
<br /> act�ons or c�aims. Trustor assigns �o Benef�ciary the proceeds af any award ar claim for damag�s connected
<br /> with a condemnation or other taking of all or any part of the Property. Such praceeds sha11 be considered
<br /> paymen�s and will be applied as pravided in this Securxty Instrument. This as�ignment of praceeds is sub�ect
<br /> to the terms af any pr�or mar�gage, deed of trust, security agreem�nt or other lien documen�.
<br /> Insurance. Trustor shall keep Property insured against loss by f�re, flood, theft and ath�r hazards and risks
<br /> reasonably associated with �he Praper�y due to its�ype and locati�n. This insurance shall be maintained in th�
<br /> amounts and for the periods that Bene�cxary requires. Wha� Benefic�ary requires pursuant to the preceding
<br /> two sentences can chang� during the term of the S��ured Debt. The insurance carrier praviding the insuran��
<br /> sha11 be chosen by Trustor subject ta Senef�c�ary's appro�a.I, which shal� not �e unreasanably withheld. If
<br /> Trustor fails to maintain the coverage descr�bed abo��, B�n�ficiary may, at B�neficiary's option, obtain
<br /> coverage to pratect Benef���ary's rights in th�Praperty accarding to the terms af this Securi�y Ynstrum�nt.
<br /> All insuran��polic�es and renewals shalX be acceptable ta Beneficiary and sha1� in��ude a standard "martgage
<br /> clause" and, where appXica�ie, "Ioss payee clause." Trustor shall immedxately no�ify Beneficiary of ,
<br /> canc�Ilation or t�rmination �f the xnsurance. Beneficiary sha11 have the rYght to hold the po�ic�es and
<br /> renewals. �f Beneficiary requires, Trust�r shall immediately give ta Benefxciary a11 rece�pts af paid premiums
<br /> and renewal notices. Upon loss, Trustflr shall gYve immed�ate notice �o �he insuran�e carrier and Beneficiary.
<br /> Beneficiary may mak�praof of loss if not made xmmed�a�e�y by Trustor.
<br /> Unless atherwxse agreed in wr�ting, aI.I insurance proceeds sha.1� be applied ta the restoration or repair of the
<br /> Prope�-fiy or to the Secured Debt, wh�ther or nat then due, at Ben�ficiary's opt�an. Any appl�cat�on of
<br /> proceeds to princ�pal shall not ex�end or postpone the d�xe date of the schedul�d payment nor change the
<br /> amount af any paymen�. Any excess w��� be paid to the Trustar. �f�he Property is acquired by Beneficiary,
<br /> Trustar's r�ght ta any insuran�e palYc��s and proceeds resulting fram damage ta �h� Property before the
<br /> acquis�tion shall pass to B�neficiary ta the ext�nt of�he Secured D�bt zm�med�ately before the acquisi�zan.
<br /> F�nancxal Reparts and Acld�txonal Documents. Trustor wili pro�ide ta Beneficiary upon request, any
<br /> fYnancial statement Qr �nfarmation Benefi�iary may deem r�asona�Iy necessary. Trustar agrees ta sign,
<br /> deli�er, and file any additional dacun�ents or certificatYons that Ben�ficiary may consider necessary to perfect,
<br /> cnn�xnue, and preserve Trustor's ob�igations under this 5�curity �nstrumen� and Benefi�iary's lien status on
<br /> the Properry.
<br /> 6. �V Y QF TITLE. Trustor warrants tha� Trustar is ❑r will be lawfully se�2ed of the e�tate conv�y�d
<br /> by this Security Znstrument and has the right ta irrevacably grant, convey� and sell the Property to Trust��, in
<br /> trust, w�th power af�a1�. Trustor alsa warrants that �he Proper�y is unencum�ered, ex�ept far en�um�rances
<br /> af record.
<br /> 7. DUE 4N SALE. S�neficiary may, at its option, declare the entire ba.�ance of �he Secured Deb� to be
<br /> immediately due and payable upon�he cr�ation of, or contract far the creatxon af, a transfer �r sale af alI ar
<br /> any part of th� Property. This right is subject�o �h� restri�tions �mposed by federal law �12 C.F.R. 59I}, as
<br /> appli�a�le.
<br /> Se�urity lnstrument-Open-�nd-Cansumer-N� OCP-REDT-NE 71212D��
<br /> VMP�Bank�rs Systemsm' VMP-C455fNE� {��p7y.00
<br /> Wvlt�rs Kluwer Financial Ser�i�es C�1994,201� Page 3 of 5
<br />
|